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.
Access
Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-luxury-furniture-market
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.
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