Luxury Furniture Market - Growth, Trends, and Forecasts (2020 - 2025)
The growing real estate industry and the rising urban population in the developing economies are some of the major factors fuelling the growth of the global luxury furniture market. Additionally, increasing expenditure on domestic luxury furniture products has influenced the demand for luxury furniture products, which is likely to provide opportunities for the growth of the global luxury furniture market during the forecast period. The rise in the hospitality and infrastructure industry in developing economies is also playing a key role in driving the demand for luxury indoor furniture from the offices as well as the hotel segment. The growing popularity of luxury indoor furniture such as bedroom, bathroom, kitchen, and others is likely to augment the sales of luxury furniture in the domestic segment.
The market is witnessing an increase in demand for luxury furniture made from premium wood such as mahogany and alder. Moreover, furniture manufacturers are focusing on innovation of luxury furniture designs with the help of other materials such as leather, glass, metal, etc in order to attract the consumers which are likely to play a major role in fuelling the growth of luxury furniture market in the upcoming years.
Key Market Trends
Growing Urbanization is Driving the Market
Due to the increasing urbanization, individuals are increasingly focusing on aesthetics and urbane lifestyles are further leading to higher usage of highend furniture products. Urbanization is augmenting the growth of the market study with all major countries across the world witnessing a ride in their urban population which fuels the demand for premium products like luxury furniture. In 2019, North America was the most urbanized continent worldwide, with the majority of the population residing in urban areas. Luxury furniture made from wood and metal is gaining popularity among the consumers due to its high aesthetic value and durability. The rise in ecofriendly and multifunctional luxury furniture is also supporting market growth in developed economies.
Europe to Witness Significant Growth Rate in Luxury Furniture Market during the Forecast Period
Europe is one of the biggest and most rapidly growing segments in the luxury furniture market. In Europe, many key players in the luxury furniture market are launching their own online platform and also entering into partnerships with the ecommerce retail stores in order to strengthen their distribution network which is likely to drive the luxury furniture market growth in the regional. The growing expansion of luxury furniture manufacturers from Europe in developing countries of AsiaPacific is likely to change the market dynamics in the upcoming years. Moreover, the rise of the bulk of international trade of luxury furniture in Germany, Italy, Poland, and China with the United States, Germany, the United Kingdom, France, and Canada is expected to play a major role during the forecast period.
The global luxury furniture market is highly competitive with the presence of major key players such as Duresta Upholstery Ltd, Valderamobili s.r.l., Scavolini Spa, Nella Vetrina, Muebles Picó S.A., Iola Furniture Limited, Grayson Luxury, and Cassina S.p.A. The companies in the luxury furniture market are focusing on improving product design and manufacturing technology along with research on aestheticfunctional solutions and materials selection with the help of acquisition and expansion of several local vendors.
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