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Luxury Furniture Market Size, By Type (Tables, Chairs, Sofas & Lounges, Kitchen, Lighting, Interior Accessories, Beds), By Distribution Channel (Online, Offline), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI5034
  • Published Date: Apr 2021
  • Report Format: PDF

Industry Trend

Luxury Furniture Market size was valued at USD 21.08 billion in 2020 and is expected to grow at a CAGR of over 4.5% from 2021 to 2027. Infrastructural expansion is a key factor that is projected to drive the market growth during the forecast timeframe. Socioeconomic progress along with financial grants for housing by regulatory bodies will positively influence the market expansion. Domestic renovations have witnessed robust demand and are estimated to observe significant improvements in the future.
 

Luxury Furniture Market Overview

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The increasing demand for natural-looking designs owing to the high adoption of numerous stylish/comfortable furniture in the residential segment will augment growth opportunities in the market. Improved consumer construction spending due to the rising disposable income in emerging countries is boosting the industry growth. Furniture is largely made of materials such as plastic, wood, metal, and others. Wooden materials have wide applications in luxury furniture production including the residential & commercial segments. Wooden furniture provides superior comfort and the new generation primarily demands naturally appealing looks to match the modern architecture, fueling the market progression.
 

Several manufacturers are concentrating majorly on novel constructions led by the higher profitability achieved through new residential constructions. India, China, South Korea, Indonesia, and Malaysia are providing the luxury furniture market opportunities on account of the improved economic conditions and growing population, fostering the market revenue during the forecast period. Strong demand in the past is anticipated to continue well over the forecast timespan. Residential construction & renovation will impel the demand for dining tables, sofa, upholstery, and beds over the coming years. The improving economic conditions in emerging countries will further spur the demand for luxury furniture products. The rising government spending on infrastructure development for the construction of luxurious and high-end hospitals, schools, colleges, and healthcare facilities is bolstering the industry expansion.
 

The COVID-19 pandemic has impacted commercial and residential construction activities highly, resulting in a significant drop in the revenue of luxury furniture. Additionally, the delivery of furniture items from China was postponed or interrupted due to difficulties in the production and shipping of goods. The current COVID-19 outburst is hammering the luxury brands heavily. Luxury hotels, hospitality services, and high-end travel retailers have already experienced significant fatalities led by the tumbling global demand. As the long-term scenario looks indefinite, consumer spending on luxury services will be low. The effect of the coronavirus pandemic on the market has led to substantial damage to businesses around the world.
 

Chairs and sofas & lounges are estimated to garner the highest revenues

Chairs and sofas & lounges will account for 20% & 18% of the luxury furniture market share respectively in 2027. The design, fabric, and shape of luxury chairs are comfortable and distinctive.  Luxury chairs generally possess three dissimilar upholstery fabrics including several kinds of brass trim and two posh velvet fabrics. The sophisticated shape and formal designs of these chairs make them exceptional for a drawing room or bedroom.
 

A luxury sofa or lounge is a pillar of modern interiors that is designed not only for comfort but also for aesthetics and status. Several composite elements including right-facing chaise, left-facing chaise, corner, open-ended, and armless are various styles that can be customized to suit any space. These sofas consist of at least two units that are positioned together to lengthen and wrap around the corners typically with at least a 90-degree intersection. Closed-end pieces and chaise lounges are also included to retain the self-contained design.
 

Online channels are predicted to be the foremost distribution channel for luxury furniture

Luxury Furniture Market Size

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The offline channel is widely used by customers impelled by specified requirements and quality of the product. Due to the COVID-19 pandemic, several consumers have opted for online channels. Online shopping from e-commerce websites has emerged as a widespread choice with customers. Most of the businesses across the globe now offer their products & services via their websites and online stores. The online luxury furniture channel is poised to witness a 5.5% growth rate by 2027. The growing demand for online furniture is mainly owing to the increased digitization and the rising share of urban millennials.
 

Europe region is set to be the leading regional market for luxury furniture products

Global Luxury Furniture Market

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Europe luxury furniture market will capture over 30% of revenue share in 2027. The industry has a dominating presence in the region, providing employment to over a million people in approximately 150,000 firms. Germany, Italy, France, and the UK are major consumers while Poland has a considerable presence in production. The regional growth is propelled by favorable government plans & schemes and high demand for exports. The EU flagship program based on the industrial strategy commenced within the Europe 2020 policy, in particular, will bolster the financial and regulatory benefits offered to the industry.
 

The global market is highly competitive on account of the presence of key players including Knoll, Inc., MARIONI, Boca do Lobo, Bentley Home, IKEA Group, Herman Miller, Inc., and Brabbu. Other prominent manufacturers are Kohler, Furniture Concepts, Haworth Inc., Godrej & Boyce Manufacturing Co., Ltd., and HNI Corporation.
 

The luxury furniture market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD billion from 2017 to 2027 for the following segments:

Market, By Type

  • Tables
  • Chairs
  • Sofas & lounges
  • Kitchen
  • Lighting
  • Interior accessories
  • Beds
  • Others

Market, By Distribution Channel

  • Online
  • Offline

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Belgium
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Indonesia
    • Malaysia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • South Africa
    • Saudi Arabia
    • UAE
    • Qatar
       
Authors: Kiran Pulidindi, Sayan Mukherjee

Frequently Asked Questions (FAQ) :

The luxury furniture market size crossed USD 21.08 billion in 2020 and is expected to exceed USD 28.41 billion by 2027 with around 4.5% CAGR, says this GMI report.

Europe luxury furniture market size will hold more than 30% of the overall industry revenue in 2027, driven by favorable regulatory policies and high demand for exports.

The overall market size from online channels will grow at a CAGR of 5.5% between 2021 and 2027 due to increased digitization and the escalating share of urban millennials.

The chairs and sofas & lounges will record 20% of the overall luxury furniture industry share in 2027 owing to rising product popularity due to an extensive range of designs, shapes, and fabric usage.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 12
  • Tables & Figures: 208
  • Countries covered: 20
  • Pages: 254

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