The global luxury furniture market is expected to cross a value of US$38.9 billion by the end of 2031 and expand at a CAGR of 5.2% from 2022 to 2031.
WILMINGTON, DELAWARE, USA, June 14, 2022 /EINPresswire.com/ — Key players operating in the global luxury furniture market are focusing on product innovation, which is likely to drive demand in worldwide due to the increase in the urban population in emerging countries. nations and the flourishing real estate sector. One of the most efficient business strategies to propel a company to new heights is the aesthetic appeal of a product and the use of sustainable raw materials. Market players are increasingly using sustainable and eco-friendly raw materials that will have a favorable impact on the future growth of the luxury furniture market. In the near future, a greater emphasis on expanding distribution channels through e-commerce and online is projected to fuel the growth of the global luxury furniture market.
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Overview of the global luxury furniture market
Luxury furniture is essentially used to provide aesthetic beauty to high-end interior and home décor. The growing trend for a luxurious and comfortable relaxing experience is significantly driving the demand for luxury furniture for home and commercial use.
The growing demand from the real estate industry, as well as the increase in the urban population in several emerging economies around the world, are some of the main factors contributing to the growth and advancement of the global luxury furniture market. As of 2019, the UK had 29 million houses, according to the Climate Change Committee, and the government plans to build 1.5 million new home living spaces by 2022. According to the Ministry of Housing and Urban Affairs, the Indian government approved approximately 1 billion residences during fiscal year 2019-2020 under the Pradhan Mantri Awas Yojana scheme.
Rising retail space and disposable income to drive global luxury furniture market
Infrastructure development and the growth of the hotel industry in emerging economies around the world are expected to drive demand for luxury furniture. In the near future, an increasing number of commercial spaces such as restaurants, hotels and clubs are likely to be key end-users of luxury furniture as they persistently seek to create luxurious customer experiences. The entry of various designers, the focus on providing an opulent lifestyle option to end users, and an increased awareness of the artistic value of luxury furniture have also been identified as important growth drivers for the global market.
In addition, rapid urbanization, rising disposable income, and increased spending on luxury home furnishing products are also anticipated to create lucrative opportunities for players and manufacturers in the global luxury furniture market in the coming years. The growing popularity of luxury interior furnishings in bedrooms, kitchens, and bathrooms, among others, is also driving the luxury furniture market globally.
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Use of sustainable raw materials and emergence of various online sales channels to boost the luxury furniture market
Some of the leading products developed by manufacturers in the global luxury furniture market include lighting products and fixtures, white oak products, chair and sofa sets, bed frames and bedroom accessories, tables and cabinets. The growing consumer preference for ergonomic and aesthetically pleasing products is forcing gamers to introduce innovative designs that can meet the needs of a diversified set of consumers. Additionally, consumers are opting for premium products that are high value and feature increased durability. This is creating new opportunities to develop improved products in the global luxury furniture market. Rising demand for multifunctional luxury furniture made from eco-friendly materials is also driving the global luxury furniture market.
Market progress is also likely to be the result of the emergence of various distribution channels, especially e-commerce. The convenience of shopping and paying has had a positive impact on revenues in the global luxury furniture market.
The lockdown restrictions imposed around the world due to the novel coronavirus pandemic have led to huge losses for almost all businesses and sectors. The luxury furniture market is no exception. Shops and units that make luxury furniture were closed for a short period. This factor led to a drop in the demand and production of luxury furniture. However, the easing of lockdown restrictions has helped the luxury furniture market revive lost growth. Online sales are gaining ground compared to offline sales during the current pandemic situation.
Wood-based luxury furniture to dominate the global luxury furniture market
In terms of material, the market has been divided into metal, plastic, wood and others. Luxury wooden furniture dominates the market for its finish and adaptability. The higher aesthetic value, monetary value and durability of wood make it the material of choice in the luxury furniture market. Between the forecast years 2022 and 2031, the wood materials segment is expected to grow at a rapid CAGR among other materials. The other materials used to make luxury furniture are metal, glass, and leather.
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Regional perspective of the luxury furniture market
The global luxury furniture market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Europe is expected to dominate the luxury furniture market with steady CAGR over the forecast period, owing to rising urban population, consumer preference for luxury products, and rapid increase in sales of home improvement products. in electronic commerce in this region.
According to the 2021 European E-Commerce Report, numerous countries in Europe, including France, Ireland, Denmark, and Estonia, have seen an increase in online furniture sales. Sweden’s e-commerce furniture sales increased by 63% compared to 2020.
On the other hand, China is projected to be the key player in the Asia Pacific region due to increasing urbanization and improving disposable income.
Due to the growing hospitality sector in the Middle East, the region is expected to provide the global market with many lucrative opportunities in the near future.
Analysis of key players in the luxury furniture market
The luxury furniture market is anticipated to grow at a CAGR of 5.2% during the forecast period. The market in the region is fragmented. Local and regional players are primarily focused on expanding their offerings in stores such as hypermarkets and supermarkets. Implementation of strategies such as new product launches and mergers and acquisitions to ensure superior product visibility, consumer recall, and enhancement of consumer base and revenue share are projected to significantly drive the market during the forecast period.
Nella Vetrina, Pico Furniture, Scavolini SpA, Laura Ashley Folding PLC, Henredon Furniture Industries Inc., Cassina SpA, Iola Furniture Ltd, Turri Srl, Giovanni Visentin Srl and Heritage Home Group LLC are the prominent entities operating in this market.
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