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Industry StudyLuxury Furniture global market is driven by the growth of real-estate sector. The increased number of residential and commercial projects has led to the widening demand for luxury furniture. With the increased awareness about aesthetic values and innovative designs in furnishings the luxury furniture market has grown over the years. This is further backed by greater urbanization and change in lifestyles of people. The global Luxury Furniture market is expected to value millions of USD at the end of the forecasted period and is expected to grow at a significant rate of CAGR from 2016 to 2021.
The rise in the disposable income, globalization and the major population shift to the urban areas worldwide is contributing to the growth of luxury furniture market globally. Focused on reducing their carbon footprints, Furniture companies are now offering environment friendly alternatives. With progressive technologies, furniture designers get more innovative and daring with their designs. Even customers are keen about the negative impact of furniture on health hence while buying the luxury furniture, Low toxicity is also a priority items on customers list.
Lack of skilled workers across the luxury world furniture market industry and increased cost raw materials cost remains a major challenge for the industry. The Luxury furniture sector is a well-established often family run business. Since customers prefer buying furniture online, this is proving to be turning the table kind of scenario. Thus, in this highly unorganized sector online retailing has made selecting and buying furniture with more discounts and wider options.
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Key Players
Some of the Key players identified during the Global Luxury Furniture market are - Duresta Upholstery Ltd., Valderamobili S.R.L. Giovanni Visentin S.R.L.
Other prominent players of the market identified by the MRFR study report include Scavolini Spa, Laura Ashley Holding Plc, Iola Furniture Ltd., Henredon Furniture Industries Inc., Turri S.r.l. and Muebles Pico.
Luxury Furniture Industry – Segments
The Global Luxury Furniture Market is segmented in to 4 dynamics for the convenience of the report and enhanced understanding;
1. Segmentation on the basis of Raw Material Used
2. Segmentation on the basis of Retail formats
3. Segmentation on the basis of End Use
4. Segmentation on the basis of Region
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Regional Statistics
APAC dominates the global luxury furniture market. It will expand at a significant rate of A CAGR over the forecast period. The growth of real-estate sector is attributing to the share of APAC. The factors such as increasing real-estate projects, increased foreign investment in construction and innovations in the industry are driving the market for Luxury Furniture.
APAC is followed by North America which is expected to grow rapidly valuing multi millions of USD by 2021. Europe and Rest of the World are also expected to grow at considerable rate of CAGR during 2016 to 2021.
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