Luxury Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Luxury Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

  • June 2021 •
  • 170 pages •
  • Report ID: 5765134 •
  • Format: PDF
The global luxury furniture market reached a value of US$ 25.4 Billion in 2020. Looking forward, the analyst expects the market to grow at a CAGR of around 5% during the 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use sectors. These insights are included in the report as a major market contributor.

Luxury furniture refers to movable pieces of furniture made by skilled craftsmen using the best quality material and designed with zero margin for error. It adds to the aesthetic value of the commercial and household establishments, such as hotels, offices, homes and other indoor and outdoor areas. The changing lifestyles and constantly improving living standards of the people in the urbanised regions are increasingly adopting luxury furniture. Moreover, manufacturers are coming up with striking new designs of furniture and collaborating with interior designers to increase their visibility to capture a wider customer base.

The significant growth in the real estate sector is continuously influencing the demand for luxury furniture across both the residential and commercial sectors. In addition to this, the increasing penetration of online retailing and growing population, particularly in the developing nations, are fostering the growth of the luxury furniture market. Further, the rising disposable incomes have inclined the consumers towards purchasing luxury items which act as a status symbol and add value to a space, catalysing the global luxury furniture market. Some of the other factors spurring the market growth are growing preference for branding and positioning, accelerating demand for eco-friendly luxury furniture, rising impact of globalisation, the low operational cost and expanding infrastructure investments.

Market Summary:
Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, Europe is the leading market, accounting for the majority of the global market, followed by North America and Asia Pacific.

Based on the raw material, wood accounts for the largest market share, followed by metal.
On the basis of application, the market has been segregated into domestic and commercial sectors, wherein the domestic sector currently represents the largest segment, holding the majority of the total market. The domestic sector is further segmented as living room mattress and bedroom, kitchen, bathroom, outdoor and lighting. Whereas, the commercial sector is categorised as office, hospitality and others.

On the basis of distribution channel, the market has been further categorised into conventional furniture stores, speciality stores, online stores, and others.
On the basis of design, the market has been categorised into modern and contemporary.

This report provides a deep insight into the global luxury furniture market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, consumer mapping, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the luxury furniture industry in any manner.