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Luxury Furniture Market Size By Type (Tables, Chairs, Sofas & Lounges, Kitchen, Lighting, Interior Accessories, Beds), By Distribution Channel (Online, Offline), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032

  • Report ID: GMI5034
  • Published Date: Dec 2022
  • Report Format: PDF

Industry Statistics

Luxury Furniture Market size surpassed USD 22.5 billion in 2022 and is expected to register 4.5% CAGR from 2022 to 2032.
 

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Customers are constantly changing their spending patterns due to various factors, including a growing average disposable income. This has, in turn, increased investments in interior design and renovation projects. Luxury furniture manufacturers are thus receiving several business opportunities to make attractive products that suit their customers’ unique requirements. This has prompted furniture makers to incorporate advanced technologies in their end-products and provide innovative storage solutions, this will further enhance the demand for luxury furniture market solutions.
 

However, the requirement for luxury furniture is flourishing at a considerable rate every year, there is a severe lack of skilled labor force to manufacture high-end furniture pieces. Making luxury furniture needs high skills, which might hamper global industry growth. According to the Ifo Institute for Economic Research, the shortage of skilled staff in Germany affected 49.7% of organizations in July 2022. Setbacks such as these may hinder the production of luxury furniture products.
 

Technological innovations and usage of green materials may boost demand for smart tables

Luxury furniture market revenue from the table segment is predicted to exceed USD 5 billion by 2032. Several households and office spaces are looking for smart furniture that not only fulfill their daily needs but also elevate the aesthetics of the space. Consumers are searching for advanced table designs that add a unique touch to the space they are placed in. Also, the makers are switching to sustainable and recyclable raw materials to produce tables to reduce their carbon emission levels, thereby influencing the industry expansion.
 

The business valuation from the kitchen type is anticipated to reach more than USD 3.1 billion by 2032. Customers across the world are increasingly demanding modern kitchen designs, such as modular kitchens, to make cooking and other kitchen-related operations easier and more convenient. Additionally, the chain of residential complexes, as well as restaurants, is growing at a rapid pace, which will augment the necessity for advanced kitchen solutions.
 

Vast presence of e-commerce companies to bolster luxury furniture sales from online platforms

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Global luxury furniture market from online distribution channels is slated to observe 5% growth through 2032. These sales network are emerging as promising retail avenues, garnering significant attention from furniture companies looking to boost their profit margins. Since the presence of e-commerce platforms has grown dramatically over the past few years, people also have a wider range of furniture products to choose from. Moreover, these programs offer attractive discounts on multiple occasions, helping the organizations expand their customer base and foster the selling of luxury furniture products from these channels.
 

Surge in commercial & residential construction North America

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North America luxury furniture industry will cross a valuation USD 7.5 billion by 2032. Governments are increasing their investments to develop futuristic and easily accessible public infrastructure and are partnering with private companies to achieve this goal. The USA and Canada, for example, are witnessing a robust progression in commercial and residential construction to keep up with the rising needs of the urban population. These developments will spur the deployment of attractive and high-end furnishing solutions.
 

Shift in production focus by key players to define competitive landscape

Some of the leading participants operating in the luxury furniture market include Kohler Inc, Illulian Luxury Rugs, IKEA, cassina, MARIONI, Bentley Home, Knoll Inc, Boca do Lobo, Heritage Home, Furniture Concepts, Haworth Inc, and Godrej & Boyce Manufacturing Co. Ltd, HNI, among others. These luxury furniture participants are intensifying their research and growth efforts to garner the production of advanced products that will help countries achieve their sustainability objectives.
 

Effect of COVID-19 outbreak on industry trends

The COVID-19 pandemic has had a severe drawback on the production and deals of luxury furniture products as few of the major industries, such as manufacturing, construction and food & beverages were forced to temporarily shut down their operations to curb viral transmission. This created a negative impact on the demand and supply of luxury furniture pieces due to several supply chain disruptions.
 

Many companies also faced a main shortage of vital raw materials and workers to keep production running, which may have inhibited industry progress. However, the gradual resumption of economic operations, including construction projects, will support luxury furniture manufacturers recover from the affect of the crisis by 2032.
 

This market research report on luxury furniture includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Billion from 2018 to 2032 for the following segments:

Market, By Type

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

Market, By Distribution Channel

  • Online
  • Offline

Market, By Region

  • 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
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Qatar

 

Authors: Kiran Pulidindi, Ankita Bhutani

Frequently Asked Questions (FAQ) :

The market size for luxury furniture surpassed USD 22.5 billion in 2022 and is expected to record a CAGR of 4.5% during 2022 to 3032, owing to the evolution in consumer lifestyles and purchase behaviors.
The luxury table industry revenue is predicted to exceed USD 5 billion by 2032, owing to the shift in focus of companies to sustainable raw materials to manufacture furniture products that can reduce carbon emission levels.
North America luxury furniture industry value is likely to cross USD 7.5 billion by 2032, on account of the robust expansion of commercial and residential constructions in the region.
Some of the leading participants in global luxury furniture competitive landscape include Kohler Inc, Illulian Luxury Rugs, IKEA, cassina, MARIONI, Bentley Home, Knoll Inc, Boca do Lobo, Heritage Home, Furniture Concepts, Haworth Inc, and Godrej & Boyce Manufacturing Co. Ltd, HNI, among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 24
  • Tables & Figures: 208
  • Countries covered: 20
  • Pages: 254
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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