Luxury Furniture Market Insight
The global luxury furniture market is projected to grow at the rate of 4.7% during the forecast period 2018-2023. Growing demand of luxury furniture made from premium wood such as mahogany and alder driving the demand of luxury furniture market. Moreover, furniture manufacturers are focusing on innovation of luxury furniture designs with the help of leather, glass, metal, in order to attract the consumers which is likely to play major role in luxury furniture market growth in upcoming years. Key players in luxury furniture market are focusing on improvement product design and manufacturing technology along with research on aesthetic-functional solutions and materials selection with the help of acquisition and expansion of several local vendors. For instance, in 2015, Kindel Furniture expanded its luxury furniture line with Councill furniture acquisition which includes purchase of all Councill's case goods and the majority of furniture products.
Innovation in luxury furniture design to drive the Market Growth during the Forecast Period
Rise in hospitality and infrastructure industry in developing economies is playing key role to drive the demand of luxury indoor furniture from office and hotel segment. Growing popularity of luxury indoor furniture such as bedroom, bathroom, kitchen, and others is likely to boost the sales of luxury furniture in domestic segment. In developed economies, the domestic luxury furniture segment is expected to hold significant market whereas, wood and metal luxury segment marked substantial share in the developed economies. Growing real estate industry and rising urban population in the developing economies is supporting the global luxury furniture market growth. Additionally, increasing expenditure on domestic luxury furniture products has influenced the demand of luxury furniture products, this is likely to provide opportunity for the growth of global luxury furniture market during the forecast period.
Domestic luxury furniture to Witness Significant Growth during the Forecast Period
Luxury furniture made from wood and metal are gaining popularity among the consumers due to its high aesthetics value and durability. The wood luxury furniture segment is expected to witness the higher growth rate due to increasing demand from hospitality and corporate sector. On other hand, the luxury furniture market is likely to witness slow growth rate across the globe owning increasing environmental concerns associated with plastic degradation and its lack of aesthetic value, as compared to other materials used for luxury furniture manufacturing. Additionally, stringent government regulations on the import of leather and plastic is expected to restrain the global luxury furniture market growth at some extent in upcoming years. Rise in eco-friendly and multifunctional luxury furniture is supporting the market growth in developed economies. Increasing environmental awareness and availability of raw material are expected to change the market dynamics during the forecast period.
Europe to Witness Significant Growth Rate in Luxury Furniture Market during the Forecast Period
In Europe, many key players in luxury furniture market are launching their own online platform and also entering into partnerships with the e-commerce retail stores in order to strengthen their distribution network which is likely to drive the luxury furniture market growth in the regional. In North America, leading luxury furniture brands are focusing on personalization in product offering which is gaining popularity among the various consumer groups. Growing expansion of luxury furniture manufacturers from Europe in developing countries of Asia-Pacific is likely to change the market dynamics in the upcoming years. Moreover, the rise of bulk of international trade of luxury furniture in Germany, Italy, Poland, and China with the Unites States, Germany, the United Kingdom, France, and Canada is expected to play major role during the forecast period.
Key Developments in the Luxury Furniture Market
- Apr 2018: Williams-Sonoma, Inc. entered into a partnership with AERIN which is popular lifestyle brand. Through this partnership Williams-Sonoma planning to launch new summer entertaining and outdoor furniture pieces.
- Aug 2018: Myanmar’s leading luxury furniture brand Golden Enchant opened up its second showroom in August 2018, the showroom includes German quality furniture with new location at the Krislite showroom on Kanbae rd.
Competitive Landscape of Luxury Furniture Market
Major Key Players are Duresta Upholstery Ltd, Valderamobili s.r.l., Scavolini Spa, GIOVANNI VISENTIN srl, Nella Vetrina, Muebles Picó S.A., Heritage Home Group LLC, iola Furniture Limited, Turri S.r.l, Grayson Luxury, Williams-Sonoma, Inc., and Cassina S.p.A.
Reasons to Purchase Luxury Furniture Market Research Report
- Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
- Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- 3-month analyst supports, along with the Market Estimates sheet in excel
Customization of the Luxury Furniture Market Research Report
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1.1 Scope of Study
1.2 Study Deliverables
1.3 Study Assumptions
1.4 Research Phases
2. LUXURY FURNITURE MARKET INSIGHTS
2.1 Market Overview
2.2 Market Trends
2.3 Industry Attractiveness – Porter’s Five Forces Analysis
2.3.1 Bargaining Power of Suppliers
2.3.2 Bargaining Power of Consumers
2.3.3 Threat of New Entrants
2.3.4 Threat of Substitute Products and Services
2.3.5 Degree of Competition
3. LUXURY FURNITURE MARKET DYNAMICS
4. LUXURY FURNITURE MARKET SEGMENTATION
4.1.1 Domestic Furniture
4.1.2 Office Furniture
4.1.3 Hotel/restaurant Furniture
4.2 Furniture Material
4.3 Distribution Channel
4.3.1 Offline retail stores
4.3.2 Online retail stores
5. LUXURY FURNITURE BY GEOGRAPHY
5.1 North America Luxury Furniture Market Size (2018-2023)
5.1.1 US Luxury Furniture Market Size (2018-2023)
5.1.2 Canada Luxury Furniture Market Size (2018-2023)
5.1.3 Mexico Luxury Furniture Market Size (2018-2023)
5.1.4 Rest of North America Luxury Furniture Market Size (2018-2023)
5.2 Europe Luxury Furniture Market Size (2018-2023)
5.2.1 Spain Luxury Furniture Market Size (2018-2023)
5.2.2 UK Luxury Furniture Market Size (2018-2023)
5.2.3 Germany Luxury Furniture Market Size (2018-2023)
5.2.4 France Luxury Furniture Market Size (2018-2023)
5.2.5 Italy Luxury Furniture Market Size (2018-2023)
5.2.6 Russia Luxury Furniture Market Size (2018-2023)
5.2.7 Rest of Europe Luxury Furniture Market Size (2018-2023)
5.3 Asia-Pacific Luxury Furniture Market Size (2018-2023)
5.3.1 China Luxury Furniture Market Size (2018-2023)
5.3.2 Japan Luxury Furniture Market Size (2018-2023)
5.3.3 India Luxury Furniture Market Size (2018-2023)
5.3.4 Australia Luxury Furniture Market Size (2018-2023)
5.3.5 Rest of Asia-Pacific Luxury Furniture Market Size (2018-2023)
5.4 South America Luxury Furniture Market Size (2018-2023)
5.4.1 Brazil Luxury Furniture Market Size (2018-2023)
5.4.2 Argentina Luxury Furniture Market Size (2018-2023)
5.4.3 Rest of South America LUXURY FURNITURE Market Size (2018-2023)
5.5 Middle East & Africa Luxury Furniture Market Size (2018-2023)
5.5.1 South Africa Luxury Furniture Market Size (2018-2023)
5.5.2 Saudi Arabia Luxury Furniture Market Size (2018-2023)
5.5.3 Rest of Middle East & Africa Luxury Furniture Market Size (2018-2023)
6. LUXURY FURNITURE MARKET COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
7. COMPANY PROFILES
7.1 Duresta Upholstery Ltd
7.2 Valderamobili s.r.l.
7.3 Scavolini Spa
7.4 GIOVANNI VISENTIN srl
7.5 Nella Vetrina
7.6 Muebles Picó S.A.
7.7 Heritage Home Group LLC
7.8 iola Furniture Limited
7.9 Turri S.r.l
7.10 Grayson Luxury
7.11 Williams-Sonoma, Inc.
7.12 Cassina S.p.A.