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
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.
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