Luxury Furniture Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.28 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Luxury Furniture Market Analysis
Luxury Furniture Market has generated a revenue of USD 42 Billion in the current year and is poised to achieve a CAGR of 4.28% for the forecast period. The growing real estate industry and the rising urban population in developing economies are some of the major factors fueling the growth of the luxury furniture market. Additionally, increasing expenditure on domestic luxury furniture products has influenced the demand for luxury furniture products, which is likely to provide opportunities for the market during the forecast period. The growth of the hospitality and infrastructure industry in developing economies is also playing a key role in driving the demand for luxury indoor and outdoor furniture from offices and hotels. The growing popularity of luxury indoor furniture for bedrooms, bathrooms, kitchens, and others is likely to augment the sales of luxury furniture in the domestic segment.
The COVID-19 outbreak disrupted supply chains, caused a shortage of materials, and terminated contracts to control expenses. The lack of labor also hampered the overall luxury furniture market expansion, particularly in countries like Italy, Spain, and Brazil. This may slow down the industry growth during the forecast period.
The market is witnessing an increase in demand for luxury furniture made from premium wood such as mahogany and alder. Moreover, furniture manufacturers are focusing on innovation in luxury furniture designs with the help of other materials such as leather, glass, metal, etc., to attract consumers, which is likely to play a major role in fueling the growth of the luxury furniture market in the upcoming years.
Luxury Furniture Market Trends
This section covers the major market trends shaping the Luxury Furniture Market according to our research experts:
Growing Urbanization is Driving the Market
Urbanization is causing people to focus more on aesthetics and urbane lives, which is further resulting in higher consumption of high-end furniture products. Urbanization is accelerating the market's expansion as more people live in cities than ever before, which increases the demand for high-end goods like luxury furniture. With the majority of its citizens living in cities, North America was the most urbanized continent in the world in 2022. Due to its great aesthetic value and durability, luxury furniture made of wood and metal is becoming more and more popular with consumers. The development of luxury eco-friendly and multipurpose furniture is also fostering market expansion in developed nations.
Europe to Witness Significant Growth Rate in Luxury Furniture Market During the Forecast Period
Europe is one of the biggest and most rapidly growing segments in the luxury furniture market. In Europe, many key players in the luxury furniture market are launching their own online platforms and entering partnerships with e-commerce retail stores to strengthen their distribution networks, which is likely to drive the luxury furniture market growth in the region. The 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 increasing international trade of luxury furniture in Germany, Italy, Poland, and China with the United States, the United Kingdom, France, and Canada is expected to play a major role during the forecast period.
Luxury Furniture Industry Overview
The report covers major international players operating in the luxury furniture market. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts, offering bespoke artisanal products, and tapping into new markets. It has major players Grayson Luxury, Muebles Picó, Duresta Upholstery Ltd, and Cassina SpA
Luxury Furniture Market Leaders
Grayson Luxury
Muebles Picó
Duresta Upholstery Ltd
Boca Da Lobo
Cassina SpA
*Disclaimer: Major Players sorted in no particular order
Luxury Furniture Market News
- In October 2022, Marge Carson, a manufacturer of handcrafted furniture based in California, was purchased by Linly Designs, an interior design and retail business in Chicago. The Marge Carson furniture line is famous not just in the United States but also around the world for its high quality, proportional forms, and textiles in the industry.
- In September 2022, introduced by Muebles Picó, the purpose of the new outdoor collections as part of an exhibit in Valencia is to deliberately blur the lines between indoors and outdoors by providing seamless, unnoticeable transitions to the outdoor living and dining areas.
Luxury Furniture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Recent Developments, and Innovations in the Market
4.7 Insights on Consumer Buying Behavior and Design Preferences
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Lighting
5.1.2 Tables
5.1.3 Chairs and Sofas
5.1.4 Beds
5.1.5 Cabinets
5.1.6 Accessories
5.1.7 Other Products
5.2 By Distribution Channel
5.2.1 Home Centers
5.2.2 Flagship Stores
5.2.3 Specialty Stores
5.2.4 Online
5.2.5 Other Distribution Channels
5.3 By End User
5.3.1 Residential
5.3.2 Commercial
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 South America
5.4.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Cassina SpA
6.2.2 Grayson Luxury
6.2.3 iola Furniture
6.2.4 Duresta Upholstery Ltd
6.2.5 JL&C Furniture Co. Ltd
6.2.6 Muebles Picó
6.2.7 Ralph Lauren Corporation
6.2.8 Knoll Inc.
6.2.9 Brown Jordan International
6.2.10 Boca Da Lobo
6.2.11 Kimball International Inc.
6.2.12 Other Companies (Nella Vetrina, Giovanni Visentin S.R.L., Valderamobili S.R.L., Molteni Group, Luxury Living Group, PICO SA, Crate & Barrel and Century Furniture LLC)*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Luxury Furniture Industry Segmentation
Luxury furniture is something that is conducive to sumptuous living and that includes elements that are elegant, customize, and indulgent. This report aims to provide a detailed analysis of the global luxury furniture market. It focuses on the market dynamics, technological trends, and insights into various product and application types. Also, it analyses the key players and the competitive landscape in the global luxury furniture market.The Luxury Furniture Market is segmented by Product (Lighting, Tables, Chairs and Sofas, Beds, Cabinets, Accessories, and Other Products), by Distribution Channel (Home Centers, Flagship Stores, Specialty Stores, Online, and Other Distribution Channels), by End-User (Residential and Commercial), and by Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report offers market size and forecast values for the Luxury Furniture Market in USD billion for the above segments.
| By Product | |
| Lighting | |
| Tables | |
| Chairs and Sofas | |
| Beds | |
| Cabinets | |
| Accessories | |
| Other Products |
| By Distribution Channel | |
| Home Centers | |
| Flagship Stores | |
| Specialty Stores | |
| Online | |
| Other Distribution Channels |
| By End User | |
| Residential | |
| Commercial |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Luxury Furniture Market Research FAQs
What is the current Luxury Furniture Market size?
The Luxury Furniture Market is projected to register a CAGR of 4.28% during the forecast period (2024-2029)
Who are the key players in Luxury Furniture Market?
Grayson Luxury, Muebles Picó, Duresta Upholstery Ltd , Boca Da Lobo and Cassina SpA are the major companies operating in the Luxury Furniture Market.
Which is the fastest growing region in Luxury Furniture Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Luxury Furniture Market?
In 2024, the Europe accounts for the largest market share in Luxury Furniture Market.
What years does this Luxury Furniture Market cover?
The report covers the Luxury Furniture Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Luxury Furniture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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