Global luxury furniture market is expected to reach USD
28,600.7 million by 2022 growing at an estimated CAGR of 3.7% from 2015 to
2022, according to a new study by Grand View Research, Inc. This expected
growth in demand can be ascribed to rapid urbanization and growing demand for
home furnishings.
Additionally, disposable income of
individuals in North America and Asia-Pacific region has also witnessed high
growth. Thus, increasing disposable income of individuals is acting as a major
driver for the industry progress.
Luxurious products are becoming an
essential part of life; as a result, population is ready to spend on luxurious
products. This would contribute to drive the sector growth. In addition,
increasing disposable income of individuals has led to think regarding the
social status, driving the increased spending on products including
furniture.
Browse full research report on Luxury
Furniture Market: http://www.grandviewresearch.com/industry-analysis/luxury-furniture-market
Further key findings from the
study suggest:
- Wooden
luxury furniture was valued for over USD 5,200 million owing to its higher
preference for usage in high class office and home interiors, and wooden
furnishings. Presence of several global and local luxury furniture
manufacturers present in the sector is also attributive towards larger
share of wooden products.
- Glass
is anticipated to witness significant growth in the coming years because
of the expected advancements in this segment with respect to manufacturing
and incorporation of attractive and stylish designs.
- Domestic
use dominated the sector in terms of revenue generated from end-use
segments. Factors that are responsible for such large share of this
segment include increased adoption owing to the rise in disposable income
and influence of western culture. This segment covers the furniture used
in kitchen, living and bedroom, bathroom, outdoor and lighting.
- Living
room registered largest share in the industrial revenue in 2014 because
aesthetic value and customization are the notable trends observed in the
living and bedroom segment of the luxury furniture industry.
- Lighting
is expected to witness significant progress with a CAGR of over 8% due to
available technical development in this sector in order to increase the
aesthetic presence of the furnishing in domestic use.
- Europe
was the largest revenue generating region in the luxury furniture industry
followed by North America. Asia Pacific region holds a great potential for
growth in domestic segment of luxury furniture. High demands for
furnishing amenities in hospitality industry coupled with the increasing
disposable income in this region are expected to contribute in growth in
the regional market.
- Key
participants of the luxury furniture industry include Henredon Furniture
Industries Inc., Muebles Pico, Scavolini S.p.a., Laura Ashley Holding Plc,
Valderamobili s.r.l, Duresta Upholstery Ltd, Iola Furniture Limited, Nella
Vetrina, Giovanni Visentin s.r.l., and Turri S.r.l.
- Operating
entities of this sector are involved in usage of e-commerce platforms to
reduce the operating expenses. Use of alternative business models rather
than the conventional business models is adopted by the market players in
order to maintain their market share.
Browse more reports of this
category by Grand View Research: http://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented
luxury furniture market on the basis of material used, end-use, and region:
Global Luxury Furniture Outlook,
By Material (Market Revenue in USD Million, 2012 - 2022 )
- Wood
- Metal
- Glass
- Leather
- Plastic
- Others
Global Luxury Furniture Outlook,
by End-use (Market Revenue in USD Million, 2012 - 2022 )
- Domestic
use
- Living
& Bedroom
- Kitchen
- Lighting
- Outdoor
- Bathroom
- Commercial
use
- Hospitality
- Office
- Others
Global Luxury Furniture Regional
Outlook (Revenue, USD Million, 2012 – 2022)
- North
America
- Europe
- Asia
Pacific
- RoW
Access press release of this
research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-luxury-furniture-market
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information: www.grandviewresearch.com
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