A Brief Overview of the Luxury Furniture Industry

Posted by Nicky Arora on November 19th, 2019

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.

Access Full Sample Copy @ https://www.grandviewresearch.com/industry-analysis/luxury-furniture-market/request/rs1

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.

Nicky Arora

About the Author

Nicky Arora
Joined: October 15th, 2019
Articles Posted: 389

Quality Office Furniture USA Shipped Direct - Madison Liquidators
Nationwide vendor of quality office furnishings including Desks, Office Chairs, Conference Tables, Cubicles and more!
Download The App - Celsius
Buy, Earn & Borrow on the Blockchain. Celsius Network lets you buy coins, earn interest on your crypto and borrow against it.
CryptoSlots: $1,000,000 Jackpot & Provably Fair Games
Provably Fair games, exciting wins, huge bonuses. ★CryptoSlots★ is your crypto casino of choice. Sign up in seconds to start winning!
MXC | Bitcoin Trading Platform-Bitcoin_Litecoin Real-time Price Quotes | MXC Exchange
MXC Exchange is the world's leading digital asset platform. It provides real-time price quotations in multiple currencies such as BTC, LTC and ETH, and supports hundreds of digital assets trading and investment information. MXC Exchange is best choice
Bitcoin Exchange | Cryptocurrency Exchange | Binance
Binance cryptocurrency exchange - We operate the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volume
BitStarz Online Casino
BitStarz is an award-winning bitcoin casino offering more than 2,200 casino games including slot machines, blackjack, poker, roulette, baccarat, bingo and more!