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Luxury Furniture Market revenue to cross $35 Bn by 2032
- Published Date: December 16, 2022
Luxury Furniture Market size is predicted to reach USD 35 billion by 2032, according to the latest research report by Global Market Insights Inc.
Several regions across the world are facing the problem of aging public infrastructure and looking for technologically advanced solutions to keep up with the unique requirements of the urban population. Several real estate developers are also partnering with high-end furniture brands to replace old furniture with smart solutions that increase security and elevate the appearance of these buildings. Such developments are likely to boost the sales of luxurious furniture products in the development of attractive and modern building structures.
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Demand for smart tables rises in office and residential spaces
Luxury furniture market from the table segment is anticipated to record a 4.5% CAGR during 2023 to 2032. An increasing number of households and office spaces are opting for tables that are equipped with innovative technologies. Companies have identified this need and are launching advanced products that can fulfill the evolving needs of their customers.
For instance, in October 2021, Sevenaire unveiled a smart table named ‘Saturn Bluetooth Speaker Table’, designed to be used as a Bluetooth speaker as well as a side/coffee/bedside table. Innovations such as these will boost the adoption of luxury furniture products in various residential and office settings.
Ease of customization will prompt luxury furniture sales from offline distributors
Luxury furniture market revenue from offline distribution channels is expected to surpass USD 22 billion by 2032. Clients are rapidly shifting their preference toward offline channels for the purchase of extravagant furniture, given the option to customize the pieces according to specific tastes and requirements. Offline stores also give consumers the chance to physically inspect the product prior to purchase. These factors help increase the customers’ trust and satisfaction, further influenceing their preference for offline furniture distribution networks.
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), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032” in detail along with the table of contents:
Shift in preference toward smart technologies to fuel Europe market demand
Europe luxury furniture industry share was valued at more than USD 7 billion in 2022. The rise in the high-income population seeking residential spaces that are elegant and equipped with smart technologies is a key factor driving regional business growth. Governments are also facing the challenge of restoring old buildings, which includes replacing the existing accessories and furniture pieces with energy-efficient ones. These obligations will accelerate the development of these furniture products that not only elevate the overall appearance of a space but also help end-users in reducing their energy bills.
Mergers & acquisitions emerge as a key strategy for luxury furniture market players
Some of the key participants in the industry include Kohler Inc, IKEA, Heritage Home, Knoll Inc, Cassina S.p.A., Illulian Luxury Rugs, Bentley Home, Furniture Concepts, Haworth Inc, and Godrej & Boyce Manufacturing Co. Ltd, among others. These organizations are inking partnerships and merger & acquisition deals, among other strategies, to enhance their competitive edge and expand their product range.