The Luxury Furniture Market is poised to grow at more than 4.5% CAGR through 2027. Market growth would primarily be driven by the rising levels of disposable income in emerging economies, which has improved the standard of living of consumers. This has subsequently caused consumer spending on luxury furniture to surge, boosting product demand in developed markets.
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Additionally, benefits of these products like exceptional durability, ecological compatibility, high resistance to mechanical damage, increased comfort, and enhanced aesthetic appeal, among others, are expected to fuel luxury furniture market share in the coming years.
luxury furniture market from tables is expected to garner sizable revenue of over USD 4 billion by 2027. The demand for luxury tables has proliferated because of surging investments towards the hospitality sector. As global economies come out of their COVID-19 lockdowns, the hospitality industry is expected to witness stratospheric growth and contribute significantly to the segmental growth through the analysis period.
In terms of distribution channel, the online channel will grow at a notable CAGR of more than 5.5% over the forecast timeframe. Increasing presence of high-end furniture makers across numerous e-commerce platforms and newly-launched AR apps to promote the furniture products section will further drive segmental growth.
E-commerce has taken the spotlight due to consumers’ inability to visit physical stores due to the COVID-19 pandemic. As a result, manufacturers have been focusing their efforts on providing seamless online retail experiences. Technological adoption in the luxury furniture market has been propelled by pandemic-induced restrictions. Integration of innovative technologies like augmented reality (AR) has helped companies deliver engaging shopping experiences to consumers, allowing them to shop from the safety of their homes.
According to the regional analysis, the North America market is projected to witness significant growth, rising at a steady CAGR of 4.4% through 2021 and 2027. This growth of the regional market would primarily be driven by escalating consumer investments towards construction.
Additionally, surging demand for durable, innovative, and high-quality designs and posh furniture tailored for compact living spaces will facilitate regional market growth. Infrastructure growth in the region is also expected to propel the construction of commercial and residential buildings, which will drive luxury furniture market adoption in the future.
Key players in the luxury furniture market include IKEA Group, Bentley Home, Knoll, Inc., Kohler, Haworth Inc., Boca do Lobo, MARIONI, Brabbu, Inc., Furniture Concepts, HNI Corporation, Herman Miller, and Godrej & Boyce Manufacturing Co., Ltd.
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Some Point from Table of Contents:
Data Tables
TABLE 1. Global luxury furniture market estimates and forecast, 2017 - 2027, (Thousand Tons) (USD Billion)
TABLE 2. Global luxury furniture industry volume estimates and forecast by type, 2017 - 2027 (Thousand Tons)
TABLE 3. Global luxury furniture industry revenue estimates and forecast by type, 2017 - 2027 (USD Billion)
TABLE 4. Global luxury furniture industry volume estimates and forecast by distribution channel, 2017 - 2027 (Thousand Tons)
TABLE 5. Global luxury furniture industry revenue estimates and forecast by type, 2017 - 2027 (USD Billion)
TABLE 6. Global luxury furniture industry volume estimates and forecast by region, 2017 - 2027 (Thousand Tons)
TABLE 7. Global luxury furniture industry revenue estimates and forecast by region, 2017 - 2027 (USD Billion)
TABLE 8. Vendor matrix
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