Luxury Furniture Market Insights | Emerging Trends & Demand | Company Overview

Felton, Calif., USA, Oct. 01, 2020 — /EPR Network/ —

The global Luxury Furniture Market research report provides complete insights on industry scope, global trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready, data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global luxury furniture market is anticipated to reach $28.60 billion by 2022 at a CAGR of 3.7% in the forecast period. The key factors affecting the growth of this sector is disposable income. The growth of the luxury furniture sector is directly proportional to the adoption of e-retailing methods to reduce the operating expenses in sales & distribution and growth of real estate industry. 

Key Players:

• Duresta Upholstery Ltd.
• Muebles Pico
• Valderamobili S.r.l
• Giovanni Visentin S.r.l.
• Scavolini S.p.a.
• Laura Ashley Holding Plc 

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Growth Drivers: 

The real estate sector has shown a significant slowdown in the 1st half of 2017. However, the market is expected to grow with the moderate speed. Development of the real estate industry for commercial as well as the residential place would push the luxury furniture market forward.

Also, the development is coupled with the change in lifestyle of the consumers, especially in urban areas due to increase in disposable income. However, the growth can be hampered by the increasing expenses for a raw material required, the design of furniture and the lack of skilled workforce.

Material Outlook:

• Wood
• Metal
• Glass
• Leather
• Plastic

End-use Outlook:

• Domestic use
  • Living & Bedroom
  • Kitchen
  • Lighting
  • Outdoor
  • Bathroom
• Commercial use
  • Hospitality
  • Office 

Regional Insights: 

Pacific is expected to witness the fastest growth with a lucrative CAGR of 5.5% due to a rapid increase in per capita income and rapid growths in the real-estate industry in Asia Pacific countries such as China and India, which in turn opens up prominent opportunities for the sector during 2014-2022. Revenue generated by Europe is estimated at $7329. 8 million in 2014.

China has emerged as the largest and fastest emerging furniture market in Asia Pacific, vastly driven by the increase in the living standards and disposable income.

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