A recent report published by Infinium Global Research on luxury furniture market provides in-depth analysis of segments and sub-segments in global as well as regional luxury furniture market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional luxury furniture market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global luxury furniture market. According to the report, the global luxury furniture market is projected to grow at a CAGR of 4.7% over the forecast period of 2018-2024.
Luxury furniture is movable pieces that showcase the best of elite quality, and design associated with a certain era. Often crafted out of metal, glass, wood and so on, they add to the aesthetic value of an establishment such as homes, hotels, offices and other indoor or outdoor areas. Furniture making is the most traditional application of wood and is especially made up of exotic wood species. The luxury furniture division today significantly benefits from the rise in the disposable income, globalization and major population shift to the urban areas worldwide.
Global luxury furniture market is showing a positive trend of development around the globe. There are many factors which are showing a positive outlook of the market for medium and long term. Global luxury furniture market is basically driven by various factors such as user-friendly, lightweight, attractive design, available in multi-shade and color to suit the interiors of the house, availability of financing options, the social status of consumers, and other psychological factors. However, availability of fake luxury furniture made up from substandard materials is the major restraint for the market growth. Continuous increase of disposable income and increasing influence of corporate culture would help to increase the demand for luxury furniture market in the near future.
On the basis of region, the Global luxury furniture market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America dominates the global luxury furniture market followed by Europe due to established industrial and corporate culture, and high disposable income among its citizen. Asia-Pacific region is expected to grow at the highest CAGR during the forecast period of 2018-2024 due to affordability by young couples, growing disposable income among middle-class family, personal factors, functional factors, and social factors.
The report on global luxury furniture market covers segments such as material type, distribution channel and end user. On the basis of the material type, the global luxury furniture market is categorized into glass, metal, plastic, leather, wood, and others. On the basis of the distribution channel, the global luxury furniture market is categorized into departmental stores, online sales, independent furniture retailers and factory outlets. On the basis of the end user, the global luxury furniture market is categorized into commercial and domestic.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China.
The report provides profiles of the companies in the global luxury furniture market such as Duresta Upholstery Ltd., Muebles Pico, Valderamobili, Giovanni Visentin, Scavolini, Laura Ashley, Iola Furniture Ltd., Nella Vetrina, Henredon Furniture Industries Inc. and Turri S.r.l.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global luxury furniture market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of luxury furniture market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the luxury furniture market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the luxury furniture market to understand the present and future trends in this market and formulate their strategies accordingly.
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