Luxury Furniture Market Growth Factors, Trends and Forecast Report to 2022

Posted on 2021-08-25 by researchinsights in Consumer Services // 0 Comments

San Jose, California , USA, Aug 25, 2021 — /EPR Network/ —

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. 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.

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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

Key players: Valderamobili s.r.l, Laura Ashley Holding Plc, Giovanni Visentin s.r.l., Duresta Upholstery Ltd, Nella Vetrina, Turri S.r.l. Muebles Pico, Scavolini S.p.a., Henredon Furniture Industries Inc., Turri S.r.l.

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Europe dominates the global furniture market, followed by North America. Asia 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. Companies of manufacturing semi-finished wood furniture in Europe represents mainly the upstream group of the value chain. 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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