Luxury Furniture Market Size to grow by USD 9215.63 million between 2023-2027
According to a research report “ Luxury Furniture Market” by Application (Residential, Commercial) Distribution Channel (Offline, Online) Geography (Europe, North America, APAC, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 9215.63 million, at a CAGR of almost 5.21% during the forecast period. The global luxury furniture market is experiencing significant growth due to the continuous introduction of new products and showrooms worldwide. Major players, including Natuzzi Spa. and Reflex Spa., are capitalizing on the market's expansion potential by launching new showrooms in strategic locations. For instance, Natuzzi Spa. opened a store in Istanbul's Home Design Center in February 2019, while Reflex Spa. debuted showrooms in Brussels in March 2020 and Milan, Italy, in April 2019. These strategic moves aim to attract a larger customer base and maximize market penetration in various regions.
Browse market data tables, figures, and in-depth TOC on “Luxury Furniture Market” by Application (Residential, Commercial) Distribution Channel (Offline, Online) Geography (Europe, North America, APAC, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample
By Application, the Residential segment is projected to dominate the market size in 2024
The offline distribution segment is projected to exhibit a robust growth rate in the global luxury furniture market, surpassing the online segment's CAGR during the forecast period. Offline channels encompass the sale of high-end furniture through various traditional avenues, including specialty stores, department stores, discount stores, hypermarkets, supermarkets, warehouse clubs, manufacturer-branded outlets, and designer boutiques. The tangible experience and exclusivity associated with offline distribution channels make them the preferred choice for vendors, manufacturers, and distributors in the global luxury furniture market.
By Distribution Channel, Offline segment is expected to hold the largest market size for the year 2024
The luxury residential furniture market is projected to exhibit a robust growth rate in comparison to the commercial segment, with the former anticipated to register a higher Compound Annual Growth Rate (CAGR) throughout the forecast period. Notable players in this sector include Herman Miller Inc. (Herman Miller), Inter IKEA Group (IKEA), Muebles Pico SA (Muebles), and HNI Corp. (HNI). Key product offerings within the residential segment encompass lounge chairs, ottomans and benches, sofas, side and coffee tables, dining and kitchen tables, outdoor seating furniture, dining and side chairs, and stools. The segment's expansion is primarily fueled by the burgeoning demand for multifunctional, multipurpose residential luxury furniture, such as foldable beds and extendable sofa sets.
Europe is forecasted to hold the largest market size by region in 2024
The European luxury furniture market exhibits significant growth potential, with key demand drivers in France, Italy, Germany, the UK, Belgium, the Netherlands, Spain, and Russia. Notable vendors contributing to this sector include Club House Italia Spa, Minotti Spa., Natuzzi Spa., Opera Contemporary, Herman Miller Inc, and MUEBLES PICO SA. These companies, recognized globally for their premium offerings, significantly influence the expanding global demand for European luxury furniture. Italy, Germany, the UK, and France serve as the primary European markets for this high-end product category, with a strong consumer preference for appealing designs.
The Luxury Furniture Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
The luxury furniture market, with its emphasis on Italian-made furniture, continues to thrive despite the global trade war. Positioning and branding remain key strategies for exporters in this industry, as luxury goods, including furniture, are in high demand worldwide. Furniture designers from developed countries like Italy are known for their innovation and use of high-quality materials such as leather, plastic, glass, wood, and metal. Urbanization in developing countries has led to an increase in demand for furniture for commercial use in restaurants, homes, hotels, and offices. However, import & export restrictions and transportation challenges can impact delivery times and costs. Craftsmen and workers play a crucial role in the production process, ensuring the furniture is of the highest quality. Developed countries, with their skilled labor force and advanced manufacturing techniques, have a competitive edge in this market. Innovation, such as the use of new materials and designs, continues to drive growth in the luxury furniture sector. Despite these challenges, the market for luxury furniture remains strong, with demand continuing to outpace supply.
Market Research Overview
The luxury furniture market encompasses a wide range of products, including office furniture for lounges, cafeterias, and conference rooms, workstations for commercial workspaces, and cabinets and tables for indoor and outdoor living spaces. Developing nations are increasingly embracing urbane lifestyles, leading to a growing demand for aesthetic appeal and comfort in their interior design choices. End-users, from interior designers to individual consumers, seek quality and style, often sourcing German-made or Italian-made furniture for its reputation for craftsmanship and durability. However, the global trade war and import/export restrictions have impacted the market, with some exporters turning to eco-friendly luxury furnishings as a positioning and branding strategy. Furniture designers are innovating with environmentally beneficial alternatives, reducing toxicity and carbon footprints. Globalization and urbanization have led to the rise of online retailing and sales, with specialty stores, flagship stores, and home centers catering to both commercial and residential markets. Materials such as leather, plastic, glass, wood, and metal are used to create high-end furniture for bedrooms, living spaces, and accessory items like sofas, chairs, and lighting tables. The market is driven by factors such as disposable income, manufacturing technology, and construction activity in cities, with rising population and urbanization leading to a demand for new designs and personalization. The luxury furniture market is an indulgent and lavish industry, offering elegance and durability for both residential and commercial properties, from hospitals and kitchens to restaurants, homes, hotels, and offices.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
