Luxury Furniture Market Share, Size, Trends, Industry Analysis Report, By Material (Leather, Glass, Wood, Metal, Plastic), By Furniture; By Design; By Product; By Distribution Channel; By Region; Segment Forecast, 2022 - 2030
- Published Date:Sep-2022
- Pages: 114
- Format: PDF
- Report ID: PM1281
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global luxury furniture market is valued at USD 21.43 billion in 2021 and is projected to grow at a CAGR of 5.6% during the forecast period. The real estate industry has been showing steady growth on a global level, and people's growing environmental awareness has led to an increase in demand for eco-friendly luxury furniture. The rising trend of modular kitchens is also boosting the demand for the luxury furniture market, Major manufacturers in the luxury furniture market put extreme efforts into new and elegant product innovations and buy luxury goods that represent status symbols.
The research report offers a quantitative and qualitative analysis of the Luxury Furniture Market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
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Credit cards, EMI options, exchange facilities, competition between ecommerce website providing heavy discounts, and an increase in the number of new showroom launches for luxury furnishings continue to lead the market in terms of revenue and market share. The COVID-19 pandemic is having a negative impact on the luxury furniture market. Supply chain disruptions, raw material unavailability, and strict restrictions on the transportation of goods during the pandemic have impacted the luxury furniture market. Additionally, long delays and obstructions at borders are impacting the transition and secure delivery of delicate furniture products around the world.
In addition, increasing infrastructure facilities related to residential real estate, offices, hotels, restaurants, gardens, and public halls are increasing the demand for outdoor furniture. The UK has 29 million homes in 2019, according to the Organizing Committee for Climate Change, and the UK government says it will build 1.5 million new homes by 2024, stimulating demand for housing and is expected to drive the growth of the interior decoration business.
The global economy has been severely impacted by the COVID-19 pandemic, in addition to the regional luxury furniture market. The market value decreased by $54000 million. The luxury furniture market has been severely impacted by the pandemic in 2020 and early 2021. Although, the market is predicted to expand the demand for luxury furniture via e-commerce channels during the forecast period. Such important changes in business and marketing strategies accompanying vaccination campaigns are supposed to reinforce the growth of the global luxury furniture market during 2022-2030.
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Industry Dynamics
Growth Drivers
Growing consumer preference for high-quality and fashionable furniture and rising incomes of the population are expected to boost the demand for luxury furniture both indoor and outdoor products. The rise in socialization and public gatherings are also notable for boosting the utilization of luxury furniture The skyrocketing trend of e-commerce websites and apps is expected to boost online furniture shopping activity proportionally Strengthen the luxury furniture business. By 2025, the development of multifunctional furniture is anticipated to accumulate the development of the industry.
Report Segmentation
The market is primarily segmented based on material, furniture type, distribution channel, and Regions.
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Material |
Furniture Type |
By Design |
By Product |
By Distribution Channel |
By Region |
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Luxury Furniture Market, By Material
By source, Wood furniture signifies the market due to its durability and desired styling. With its high decorative utility, economic advantage, and robustness, wood is always the most admired material in the luxury furniture market. The fine design attributes of rich and delicate lines have recognized wood furniture stores to make a strong stance in the market's material segment.
The glass and stone section is anticipatory to grow at a CAGR of XX% and XX% respectively during the forecast duration. Glass is widely used in furniture workshops and factories to transform design concepts into real furniture. Modern furniture with powder coating, chrome plating and anodizing is driving the market demand for this segment. Innovative and advanced level developments in other materials used in luxury furniture design, such as marble and stone, are expected to enhance the demand for this fragment. Factors such as comparatively high demand for these materials, cheap maintenance expense, and long-lasting life are expected to provide lifelong beauty and attractive design. These factors are anticipated to drive the development of these segments during the projection period.
The domestic/Residential segment dominated the market in 2022 with a 5.6% share
Increased demand for luxury furniture in households and use of the luxury amenities by architects and real estate developers to attract rich consumers. Adaptable multifunctional home furnishing utensils are becoming more and more frequent in a big variety of luxury residence interiors, and style leather sofas and designer foldable sofas of the new era with led treatment are much favored for their luxurious appeal and astonishing design are such factors are driving the growth of the industry
The commercial fragment is expected to grow at a CAGR of XX% during the forecast period. The hospitality industry uses high-end furniture commercially, and big hotels and restaurants install high-end furniture with luxury interior design as well to provide customers with a better overall service experience. Modular furniture is a well-known and effective way to optimize expensive commercial spaces. Rapid growth in the office sector, especially in software, IT parks/business parks, hospitals, and shopping malls are accountable factors that are expected to drive the growth of the commercial segment.
Europe signify the market with an 5.6% share in 2021
Europe had the largest market share in 2021. The prominent reason for this is the presence of various branded manufacturers of luxury furniture in the region. A noteworthy increase in the disposable income of the residents has led to changes in consumer purchasing behavior as more consumers prefer to buy luxury furniture.
North America is anticipated to witness significant growth. This is predominantly due to expansion of the megastructure, silicon valley, and other business-related buildings in the region. The United States is the huge contributor to revenue in the territory.
Asia Pacific is expected to grow at a healthy CAGR during the projection period. China is the giant and exclusively growing furniture market in the Asia-Pacific region due to its standard lifestyle and increasing per capita income. Online sales are becoming more and more popular, partly influenced by the concept of showroom culture. These multiple factors are expected to propel market growth over the forecast duration.
Competitive Insight
Some of the dominant players operating in the global luxury furniture market include IKEA Systems, Valderamobili, Meco Corp, Duresta Upholstery, La-Z-Boy, Laura Ashley Holding, Henredon Furniture, Nella Vetrina, Iola Furniture, MUEBLE DE, Leggett & Platt, Scavolini, Giovanni Visentin, Twin Cities Closet, and Turri, Muebles Pico, and Others.
Recent Developments
In January 2022, Muebles and Rimontgo, luxury furniture realtors in Spain, formed a partnership venture to function together on multiple mammoth construction projects, to increase its customer base.
In March 2021, Gordon Brothers, British heritage brand Laura Ashley, investment organization, and global advisory restructuring owner, will release its Spring 2021 collection on the internet and in pick NEXT plc stores. Finest products include indoor and outdoor furniture, signature prints, mirrors, lighting, upholstery, wallpaper, and stylish curtains.
In July 2020, Cassina partnered with the Mobilia, to emerge as exclusive provider of the Cassina collection in Australia. Mobilia is also elaborating its scope to the easternmost region of the Australia to lodge these new engagements.
Luxury Furniture Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 21.43 billion |
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Revenue forecast in 2030 |
USD 34.69 billion |
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CAGR |
5.6% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Material, End-Use, Furniture Type, By Design, Product Type, Distribution Channel, and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
IKEA Systems B.V., Valderamobili s.r.l, Meco Corporation, Duresta Upholstery Ltd, La-Z-Boy Incorporated, Laura Ashley Holding Plc, Henredon Furniture Industries Inc., Nella Vetrina, Iola Furniture Limited, MUEBLE DE ESPAÑA, Leggett & Platt Inc., Scavolini S.p.a., Giovanni Visentin s.r.l., Twin Cities Closet Company, and Turri S.r.l., Muebles Pico, and Others. |
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