Luxury Furniture Market size worth over $28.41 Bn by 2027
Published Date: April 19, 2021 Authors: Kiran Pulidindi, Hemant Pandey
Luxury Furniture Market size is forecast to exceed USD 28.41 billion by 2027; according to a new research report by Global Market Insights, Inc.
The growth in disposable income in emerging countries has led to an increase in product demand from affluent households. The growth has also resulted in spending on lifestyle and consumer products. Retailers in these economies are providing exposure to global products of superior quality and easy finance to luxurious furniture products, thereby fostering the business growth. The aforementioned trend has led to an increase in the production, particularly in emerging economies as manufacturers attempt to satisfy the domestic demand.
The growing demand for multi-functional furniture providing additional storage facilities, innovative space design, and easy portability will drive the luxury furniture market revenue. Industry participants are taking great efforts to provide luxury furniture and match the customers’ affluence & taste, thereby fueling product demand in both the residential & commercial segments. The rising urban population and increasing disposable income in the emerging markets will further create lucrative opportunities for industry demand.
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The luxury furniture industry has widened its product portfolio to supply products for living rooms, offices, and kitchens including furnishing, interiors, mattresses, and upholstery solutions. Wood, plastic, fiber, metal, glass, and leather are the most widely used raw materials in the production of luxury furniture. The industry has also integrated advanced technologies, such as CAD/CAM, into their designing products.
Stability among developed regions accompanied by infrastructure expansion, particularly in the residential sector, is expected to support the luxury furniture market statistics. Significant recovery in building construction and favorable monetary policies along with stability in the labor market will increase the purchasing power of customers, thus improving the installation of furniture. The rising luxury furniture demand is affected by the supply shortage owing to the lack of skilled labor. Small homes, apartments, and rented spaces often demand low & mid-end furniture that can fit in a limited space; hence, the demand for high-end furniture is restricted.
Browse key industry insights spread across 254 pages with 169 market data tables & 39 figures & charts from the report, “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” in detail along with the table of contents:
The luxury lighting segment will prove to be the fastest-growing furniture type
The lighting segment is likely to be the swiftest growing segment at a CAGR of over 5% through 2027. The growing demand for connected lighting and posh designing to be a crucial factor, boosting the market growth. The demand for high-end lightings was at peak in 2016. The LED lighting section is projected to seize huge industry share due to its economic and technological improvements such as high efficiency, lavish designs, and brightness level. Recent technologies, such as OLED, are gaining decent consumption share as they offer several high-tech advancements over prevailing light sources.
Distribution from offline channels will grasp the maximum market share in 2020
Distribution from offline channels dominated the global luxury furniture market in 2020 and shall exceed revenue generation of around USD 18 billion in 2027.The actual visualization of the product to finalize their purchase in retail shops are supporting the offline segment. The presence of several mid-sized & small domestic manufacturers along with the entry of e-commerce giants into the offline distribution segment indicates the importance of the offline business segment. Moreover, out of around 90% of the consumers doing research on online portals, only around 14% of the customers prefer finalizing products online. This indicates the importance of traditional offline distribution channel.
Asia Pacific to display solid growth throughout the forecast timeframe
Asia Pacific recorded the highest CAGR in the global luxury furniture market, growing at a rate of around 5% till 2027. Improving lifestyles, rising disposable incomes, rapid urbanization, rising high income group population, and steady improvement in the economic conditions of countries including China, Japan, India, and South Korea will promote a significant business growth.
Swelling influence of the western culture & trends, surging popularity of the modular kitchens & lighting, and shifting customer inclination toward multi-functional furniture will augment the regional demand. The sturdy development and expansion in the real estate segment along with the boom in technological advancements will propel the overall market growth across the region.
The luxury furniture market share is extremely competitive with the presence of several players including Knoll, Inc., MARIONI, Boca do Lobo, Bentley Home, IKEA Group, Herman Miller, Inc., Brabbu, Kohler, Furniture Concepts, Haworth Inc., Godrej & Boyce Manufacturing Co., Ltd., and HNI Corporation.