Infrastructure development in emerging economies to continue to spur profitable opportunities in luxury furniture market; manufacturers lean on adopting more eco-friendly furniture materials to garner competitive gains among customers
Wood-based luxury furniture to remain popular during forecast period; rise in online retailing of home improvement products catalyzes massive uptick in sales particularly in Europe
ALBANY, N.Y., June 22, 2022 /PRNewswire/ -- The luxury furniture market size has expanded on the back of growing proclivity of premium home improvement products that are a combination of aesthetics, durability, and made of eco-friendly materials. Top luxury furniture manufacturers have reaped vast revenue gains from rise in demand in commercial facilities including but not limited to hotels and restaurants. Advancing at CAGR of 5.2% from 2022 to 2031 (forecast period), the global luxury furniture market is projected to surpass US$ 38.9 Bn by 2031.
Most prominent manufacturers are increasingly focusing on strengthening their distribution channels, mainly by increasing their emphasis on online retailing. Luxury furniture market statistics 2022 suggest that expanding e-commerce industry is imparting robust impetus to the expansion of the luxury furniture market. Key players are expected to benefit from the popularity of luxury furniture among customers in emerging economies, and have witnessed sizable prospects in the hospitality industry.
The continuing expansion of hypermarkets and supermarkets has boosted the prospects of the luxury furniture market. A growing number of players are leaning on unveiling new designs and are adopting innovative promotional mix strategies to attract demand. Many global furniture manufacturers are keen on promoting luxurious experience as a key customer proposition.
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Key Findings of Luxury Furniture Market Study
Firms Find Enormous Opportunities in Commercial Spaces: The demand for home decoration products has been growing in residential sector. On the other hand, the commercial sector especially has been at the forefront of generating lucrative opportunities to market players, find the authors of the TMR study on the luxury furniture market. The demand is expected to rise at advance at an attractive clip, given the inclination toward adopting premium furnishing products to attract customers in commercial facilities.
Rise in Demand for Wood-based Luxury Furniture to Steer Steady Revenue Streams: The demand for wood-based furniture has been rising in the luxury furniture market. Wood forms one of the popular raw materials, notes the study on the luxury furniture market. Furthermore, wood products attract customers with its high aesthetic value, remarkable value of money due to their durability, and unique façade.
Inclination toward Eco-friendly Materials Underpins Incredible Avenues: Use of eco-friendly and sustainable raw materials has become one of the major attractiveness of products in luxury furniture market. Furniture manufacturers are promoting their sustainability practices with the adoption of eco-friendly raw materials for the furniture pieces.
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Luxury Furniture Market: Key Drivers
Rise in disposable income of populations in several of the emerging economies is a key driving force for the demand for luxury indoor furniture. This is a key driver of the luxury furniture market. Among residential users, the rapid pace of urbanization has spurred the demand for domestic luxury furnishing products.
Strides made by the e-commerce sector are propelling the prospects of the luxury furniture market
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Luxury Furniture Market: Regional Growth Dynamics
The Europe luxury furniture market has been lucrative one, and held a major share globally. The regional market is forecast to advance at a promising CAGR during 2022-2031. Substantial online sales of home improvement products and abundant demand in urban population have spurred the revenue growth.
Asia Pacific is a potentially profitable luxury furniture market. The revenue potential has been high especially in China.
The Middle East is anticipated to witness sizable growth opportunities during the forecast period. The expansion will be underpinned by rise in demand in the hospitality sector.
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Luxury Furniture Market: Key Players
Some of the key players in the market are Heritage Home Group LLC., Giovanni Visentin srl, Turri S.r.l, Iola Furniture Ltd, Cassina S.p.A, Muebles Pico, and Nella Vetrina.
Luxury Furniture Market Segmentation
Outdoor Furniture Market - The outdoor furniture market accounted over US$ 17 Bn in 2020, which is expected to expand at a CAGR of 6% in terms of value during the forecast
Online Home Decor Market - The online home decor market accounted for US$ 151.1 Mn in 2019, which is expected to expand at a CAGR of ~8% in terms of value throughout the forecast period
Kids Furniture Market - The kids furniture market is estimated to exceed US$ 109 Bn in 2019, and expand at a CAGR of ~6% in terms of value during the forecast period
Online Premium Home Improvement Market - The North America online premium home improvement market is expected to cross value of US$ 1 Bn by the end of 2031, expand at a CAGR of 6.2% from 2022 to 2031
Premium Range High Chair Market - The global premium range high chair market is expected to surpass the value of US$ 368.2 Mn by the end of 2031, expand at a CAGR of 4.7% from 2021 to 2031
Midrange High Chair Market - The global midrange high chair market is expected to cross the value of US$ 661.2 Mn by the end of 2031, expand at a CAGR of 5.5% from 2021 to 2031
Outdoor Structures & Beach Chair/Camping Chair Market - North America outdoor structures & beach chair/camping chair market is estimated to reach the value of US$ 3 Bn by 2030, expanding at a CAGR of ~5% during the forecast period
Luxury Hotels Market - luxury hotels market is expected to exceed the value of US$ 304.6 Bn by the end of 2031, it is estimated to expand at a CAGR of 6.2% from 2021 to 2031
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