Global Luxury Furniture Market Growth (Status and Outlook) 2024-2030
Luxury Furniture market size was valued at US$ 31450 million in 2023 and is estimated to reach US$ 42100 million by 2030 with a CAGR of 4.3% during review period.
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According to Publisher’s latest study, the global Luxury Furniture market size was valued at US$ 31450 million in 2023. With growing demand in downstream market, the Luxury Furniture is forecast to a readjusted size of US$ 42100 million by 2030 with a CAGR of 4.3% during review period.
Market Overview
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The research report highlights the growth potential of the global Luxury Furniture market. Luxury Furniture are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Luxury Furniture. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Luxury Furniture market.
Luxury furniture is a work of art, designed and completed with the highest level of finish, well balanced and of superlative quality. It is usually made from very best materials such as top quality wood, top quality leather and top quality glass.
Key Features:
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Manmayi Raval
Research Consultant
Market Drivers: Growing Disposable Incomes: Consumers are now able to spend more on high-end furniture due to rising disposable incomes, especially in emerging markets.
Urbanization and Real Estate Development: The demand for luxury furniture is being driven, particularly in metropolitan areas, by the rapid urbanization process and the expansion of the real estate industry.
Focus on Interior Design and Home Decor: The market for luxury furniture is expanding due to the increased popularity of interior design and home remodeling, which is being driven by lifestyle influencers and social media.
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Growth of the Hospitality Sector: To improve visitor experiences, the hospitality sector—which includes hotels, resorts, and opulent apartments—is expanding, which is pushing up demand for high-end furnishings.
Technological Advancements: A larger range of consumers is being drawn in by innovations in furniture design and production technology, such as sustainable materials and smart furniture.
Brand awareness and Customer Loyalty: The market is growing as a result of strong brand awareness and consumer loyalty to well-known luxury furniture brands.
Challenges: Expensive Costs: The pricey nature of luxury furniture, which includes fine materials and elaborate craftsmanship, can hinder market expansion, especially for middle-class buyers.
Economic concerns: The demand for high-end furniture may be impacted by changes in consumer expenditure and economic concerns.
Disruptions in the Supply Chain: Production and market expansion may be impacted by disruptions in the supply chain for completed goods and raw materials, which are made worse by international crises and geopolitical conflicts.
Competition from Local Manufacturers: Local manufacturers compete with the market by providing comparable designs at less costs, which may have an impact on the market share of well-known luxury brands.
Environmental Concerns: The furniture industry faces difficulties due to the environmental effects of furniture production, such as waste management and deforestation.
Market Forecasts and Future Outlook: From 2024 to 2030, the global market for luxury furniture is anticipated to expand rapidly due to factors such as expanding urbanization, rising disposable incomes, and an increasing focus on interior design and home décor. For growth to continue, issues like high prices and economic uncertainty must be resolved. There are plenty of chances in this sector to innovate, grow into new markets, and create eco-friendly and sustainable products.
Opportunities: Sustainable and Eco-Friendly Materials: Reclaimed wood and recycled metals are examples of sustainable and eco-friendly materials that might draw in ecologically conscientious customers.
Entry into Emerging Markets: There is a lot of room for growth when entering emerging markets, where there is a rising middle class and a rising need for upscale products.
Technological Innovations: By utilizing smart furniture and augmented reality (AR) for virtual house staging, furniture technology innovations can improve customer satisfaction and spur industry expansion.
Emphasis on Customization and Personalization: Improving market distinctiveness and customer satisfaction can be achieved by creating furniture solutions that are both customizable and personalized to specific consumer requirements.
Strategic Alliances: Establishing alliances with hotel, interior design, and real estate developers can boost market share and spur innovation.
Improved Marketing Strategies: You may raise brand awareness and demand for luxury furniture by putting influencer relationships and social media to use, as well as by implementing focused marketing campaigns.
Market Segmentation:
Luxury Furniture market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of value.
1. Segmentation by type
• Indoor
• Outdoor
2. Segmentation by application
• Home
• Hospitality
• Office
• Others
Regional insight: North America: Due to its large disposable income, abundance of luxury furniture companies, and high consumer expenditure on home décor, North America leads the industry. With a strong demand for high-end furniture in both the home and commercial sectors, the United States is a significant provider.
Europe: Europe is right behind, led by nations like France, Germany, and Italy. The acceptance of luxury furniture is fueled by the region's emphasis on sustainability, innovation in design, and handicraft.
Asia-Pacific: Because of the region's fast urbanization, rising disposable incomes, and growing desire for fashionable, high-quality furniture, this area is predicted to develop at the fastest rate. India, China, and Japan are important markets with significant room for expansion.
Latin America: The region's economy is expanding gradually due to rising urbanization, real estate and hotel investments, and economic progress. The two largest markets are Mexico and Brazil.
Middle East and Africa: Due to economic diversification, urbanization, and rising investments in upscale real estate and hotel developments, the Middle East and Africa area offers growth prospects. Notable markets with substantial potential are South Africa and the United Arab Emirates.
North America is the largest Luxury Furniture market with about 39% market share. Europe is follower, accounting for about 35% market share.
1. Americas
• United States
• Canada
• Mexico
• Brazil
2. APAC
• China
• Japan
• Korea
• Southeast Asia
• India
• Australia
3. Europe
• Germany
• France
• UK
• Italy
• Russia
4. Middle East & Africa
• Egypt
• South Africa
• Israel
• Turkey
• GCC Countries
Competitive Landscape: The key players are Restoration Hardware, Hooker Furniture Corporation, Knoll, Brown Jordan, Kimball Hospitality, Poltrona Frau, Gold Phoenix, Roche Bobois, Scavolini S.p.A., B&B Italia, Minotti, Ligne Roset, Luxury Living Group (Fendi Casa), Suyen Furniture Group, Fitz Hansen, Kettal, Eichholtz, Interi Furniture, Turri S.r.l., Paola Lenti, Edra, Manutti, Boca do Lobo, Muebles Pico etc. Top 3 companies occupied about 8% market share.The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
• Restoration Hardware
• Hooker Furniture Corporation
• Knoll
• Brown Jordan
• Kimball Hospitality
• Poltrona Frau
• Gold Phoenix
• Roche Bobois
• Scavolini S.p.A.
• B&B Italia
• Minotti
• Ligne Roset
• Luxury Living Group (Fendi Casa)
• Suyen Furniture Group
• Fitz Hansen
• Kettal
• Eichholtz
• Interi Furniture
• Turri S.r.l.
• Paola Lenti
• Edra
• Manutti
• Boca do Lobo
• Muebles Pico
Table of Contents
1 Scope of the Report
1.1 Market Introduction
1.2 Years Considered
1.3 Research Objectives
1.4 Market Research Methodology
1.5 Research Process and Data Source
1.6 Economic Indicators
1.7 Currency Considered
1.8 Market Estimation Caveats
2 Executive Summary
2.1 World Market Overview
2.1.1 Global Luxury Furniture Market Size 2019-2030
2.1.2 Luxury Furniture Market Size CAGR by Region 2019 VS 2023 VS 2030
2.2 Luxury Furniture Segment by Type
2.2.1 Indoor
2.2.2 Outdoor
2.3 Luxury Furniture Market Size by Type
2.3.1 Luxury Furniture Market Size CAGR by Type (2019 VS 2023 VS 2030)
2.3.2 Global Luxury Furniture Market Size Market Share by Type (2019-2024)
2.4 Luxury Furniture Segment by Application
2.4.1 Home
2.4.2 Hospitality
2.4.3 Office
2.4.4 Others
2.5 Luxury Furniture Market Size by Application
2.5.1 Luxury Furniture Market Size CAGR by Application (2019 VS 2023 VS 2030)
2.5.2 Global Luxury Furniture Market Size Market Share by Application (2019-2024)
3 Luxury Furniture Market Size by Player
3.1 Luxury Furniture Market Size Market Share by Players
3.1.1 Global Luxury Furniture Revenue by Players (2019-2024)
3.1.2 Global Luxury Furniture Revenue Market Share by Players (2019-2024)
3.2 Global Luxury Furniture Key Players Head office and Products Offered
3.3 Market Concentration Rate Analysis
3.3.1 Competition Landscape Analysis
3.3.2 Concentration Ratio (CR3, CR5 and CR10) & (2022-2024)
3.4 New Products and Potential Entrants
3.5 Mergers & Acquisitions, Expansion
4 Luxury Furniture by Regions
4.1 Luxury Furniture Market Size by Regions (2019-2024)
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