Luxury Furniture Market: Top Key Vendors And SWOT Analysis By 2022
Posted by anna12 on June 26th, 2020
The global luxury furniture market is expected to grow notably in the upcoming years. The key players in the market are rapidly working on establishing the manufacturing units in the developing economies owing to the low initial costs and investments. Aggressive marketing techniques are being used in the entire market by most of the leading players, to create a lasting impression among the consumers. Some of the major players operating in the global market are Nella Vetrina, Muebles Pico, Laura Ashley Folding PLC, Henredon Furniture Industries Inc., Scavolini S.p.A., Giovanni Visentin srl, Turri S.r.l, Iola Furniture Ltd, and Heritage Home Group LLC.
According to a recent report by Transparency Market Research (TMR), the global luxury furniture market is estimated to expand at a steady CAGR of 5.2%, during the forecast period from 2017 to 2022. The market is prognosticated to reach around worth of US,496.7 mn by the end of 2022, from US,937.6 mn back in 2017.
Easy Online Payment to Surge Development in Market
The pattern of safely online bill payment and e-shopping through net-banking is estimated to help the development of the market. In addition, with simple EMI alternatives and rise in number of middle class people are also ready to afford the cost of luxury furniture. Moreover, rise in disposable income of the entire population is as well supporting the development of the luxury furniture market all over the globe.
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Fake Luxury Furniture Material to Hamper Market Growth
One of the difficulties hampering the development of the global luxury furniture market is the developing awareness among the buyers with respect to the negative effect on the nature on utilizing wooden furniture. As wood is a noteworthy income procuring material, it might influence the development of the market in the years to come. The developing accessibility of fake luxury material furniture which are valued at a much lower rate and worked with low quality materials is debilitating the development of the luxury furniture market. Nevertheless, the surging in real estate and construction sectors is foreseen to boost the development of the luxury furniture market.
This analysis is based on a recent market research report by Transparency Market Research, titled, “Luxury Furniture Market - (Material - Glass, Metal, Plastic, Leather, and Wood; Distribution Channel - Departmental Stores, Online Sales, Independent Furniture Retailers, and Factory Outlets; End User - Commercial and Domestic) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”
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