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
Further key findings from
the report 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.
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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