Luxury Furniture Market by Distribution Channel, Application, and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR43980
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The luxury furniture market has the potential to grow by USD 7.00 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 4.53%.

This luxury furniture market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by distribution channel (offline and online), application (residential and commercial), and geography (Europe, North America, APAC, MEA, and South America). The luxury furniture market report also offers information on several market vendors, including Club House Italia S.p.A, Giorgio Armani Spa, Herman Miller Inc., Minotti S.p.A., MUEBLES PICO SA, Natuzzi SpA, Opera Contemporary, Reflex S.p.a., Rugiano Srl, and Vaughan Bassett among others.

What will the Luxury Furniture Market Size be in 2021?

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Luxury Furniture Market: Key Drivers and Trends

The increasing number of new luxury furniture showroom launches is notably driving the luxury furniture market growth, although factors such as frequent product recalls may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the luxury furniture industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

This luxury furniture market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Luxury Furniture Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Club House Italia S.p.A
  • Giorgio Armani Spa
  • Herman Miller Inc.
  • Minotti S.p.A.
  • MUEBLES PICO SA
  • Natuzzi SpA
  • Opera Contemporary
  • Reflex S.p.a.
  • Rugiano srl
  • Vaughan Bassett

 

This statistical study of the luxury furniture market encompasses successful business strategies deployed by the key vendors. The luxury furniture market is fragmented and the vendors are deploying growth strategies such as product innovation and sustainability to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The luxury furniture market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Luxury Furniture Market?

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35% of the market’s growth will originate from Europe during the forecast period. Germany, UK, and Italy are the key markets for luxury furniture in Europe. Market growth in this region will be faster than the growth of the market in South America and MEA regions.

The rising trend of online retailing will facilitate the luxury furniture market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Distribution Channel Segments in the Luxury Furniture Market?

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The luxury furniture market share growth by the offline segment will be significant during the forecast period. The tangential factor associated with the offline distribution of luxury furniture makes it the most preferred means for the distribution of luxury furniture items by vendors, manufacturers, and distributors. The growth in the offline distribution of luxury furniture is augmented by a significant increase in the number of vendors expanding and operating their offline stores across both developed and developing regions. Such expansion has led to the growth of the global luxury furniture market through the offline distribution channel. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the luxury furniture market size and actionable market insights on post COVID-19 impact on each segment.

 

Luxury Furniture Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4.53%

Market growth 2021-2025

$ 7.00 billion

Market structure

Fragmented

YoY growth (%)

3.58

Regional analysis

Europe, North America, APAC, MEA, and South America

Performing market contribution

Europe at 35%

Key consumer countries

US, Germany, UK, Italy, and China

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Club House Italia S.p.A, Giorgio Armani Spa, Herman Miller Inc., Minotti S.p.A., MUEBLES PICO SA, Natuzzi SpA, Opera Contemporary, Reflex S.p.a., Rugiano srl, and Vaughan Bassett

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period

Customization purview

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What are the Key Factors Covered in this Luxury Furniture Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive luxury furniture market growth during the next five years
  • Precise estimation of the 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 Europe, North America, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of luxury furniture market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The luxury furniture market growth will increase by $6.43 billion during 2019-2024.
The luxury furniture market is expected to grow at a CAGR of 4.12% during 2019-2024.
Technavio has segmented the luxury furniture market by distribution channel (Offline and Online) ,application (Residential and Commercial) , and geographic (Europe, North America, APAC, MEA, and South America).
Club House Italia Spa, Giorgio Armani Spa, Herman Miller Inc., Knoll Inc., Minotti Spa, MUEBLES PICO SA, Natuzzi Spa, Opera Contemporary, Reflex Spa, Rugiano Srl are a few of the key vendors in the luxury furniture market.
Europe will register the highest growth rate of 38.88% among the other regions. Therefore, the luxury furniture market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the luxury furniture market growth are:
  • Increasing number of new luxury furniture showroom launches
  • Rapid emergence of eco-friendly and organic luxury furniture
The luxury furniture market vendors should focus on grabbing business opportunities from the offline segment as it accounted for the largest market share in the base year.
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