The global luxury furniture market size will grow by USD 7.58 billion during 2019-2023. The market research report provides a detailed analysis of the market by material (wood, metal, and others), application (residential luxury furniture and commercial luxury furniture), distribution channel (offline and online), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors including Herman Miller Inc., HNI Corp., Inter IKEA Group, Muebles Picó SA, and Steinhoff International Holdings NV.
Key insights on the Luxury Furniture Market – Global Forecast 2019 - 2023
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Industry Overview
The awareness about the negative impact of deforestation and toxic furniture finishes on the environment is growing among consumers. The awareness has driven vendors to focus on the development of eco-friendly furniture using green technology. The demand for eco-friendly and organic luxury furniture manufactured from biodegradable, sustainable, and renewable raw materials such as North American Hardwood and bamboo is increasing among consumers. Frequent product launches are also contributing to the rising popularity of eco-friendly luxury furniture. The rapid emergence of eco-friendly and organic luxury furniture has been identified as one of the critical luxury furniture market trends that will fuel the growth of the market.
The demand for small, portable, multi-purpose, foldable, and technologically-influenced luxury furniture is increasing especially among single and two-person households. These multi-functional luxury furniture help in maximizing space and minimizing clutter by reducing the number of isolated pieces of furniture in a room. Wall beds, chairs that fold into couches, beds that transform into a full bookshelf, and desks that transform into dining tables allow users to quickly re-configure an entire area. Such benefits of multi-functional luxury furniture will boost its popularity among end users and fuel market growth at a CAGR of about 5% during the forecast period.
Top Companies Luxury Furniture Market
The luxury furniture market is fragmented. To help clients improve their market position, the research report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. Moreover, the report also includes information on the upcoming luxury furniture market analysis and challenges that will influence market growth and would enable companies to create strategies to make the most of future growth opportunities.
The report offers a detailed analysis of several leading luxury furniture manufacturers, including:
- Herman Miller Inc.
- HNI Corp.
- Inter IKEA Group
- Muebles Picó SA
- Steinhoff International Holdings NV
Market Segmentation
Luxury Furniture Market by Application
- Residential luxury furniture
- Commercial luxury furniture
The residential luxury furniture market segment will account for the highest market share. The growing demand for multi-functional and multipurpose residential furniture, the increasing number of housing schemes, and the rising influence of the online retailing of residential luxury products are some of the factors boosting the demand for residential luxury furniture. The report provides an accurate prediction of the contribution of all the segments to the growth of the luxury furniture market size.
Luxury Furniture Market by Region
- APAC
- Europe
- MEA
- North America
- South America
With a complete study of the growth opportunities for companies, it has been identified that Europe will account for the highest share of the luxury furniture market throughout the forecast period. Factors such as the increasing number of single-occupancy households and the rising trend of online retailing are contributing to the luxury furniture market growth in the region.
Major Highlights of the Luxury Furniture Market - Global Forecast 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the luxury furniture market during the next five years
- Precise estimation of the global luxury furniture market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the luxury furniture industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of luxury furniture companies
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