Luxury Furniture Market is anticipated to reach around USD 33.23 billion in 2027 – Credence Research

November 23 19:04 2021
The Global Luxury Furniture Market generated revenue of approximately USD 20.5 billion in 2020 and is expected to grow at a CAGR of more than 5.10 percent between 2021 and 2027, reaching approximately USD 33.23 billion in 2027.

The Global Luxury Furniture Market generated revenue of around USD 20.5 billion in 2020 and is anticipated to grow at a CAGR of over 5.10% during the forecast period from 2021 to 2027 to reach around USD 33.23 billion in 2027. While, cumulative growth opportunity presented by the global Luxury Furniture is around USD 206.2 billion during 2021 to 2027.

Global Luxury Furniture Market, 2020 – 2027 (USD Million)

With increasing brand-consciousness comes a renewed desire to upgrade one’s surroundings with the best of the best. Nowhere is this more evident than in the market for luxury furniture, wherein people are spending more and more on timeless, one-of-a-kind pieces that accentuate the aesthetics of their homes and add a touch of richness to their interior. In fact, it is estimated that the burgeoning demand for natural-looking furniture items – due, in part, to the adoption of stylish/comfortable furniture in the residential segment – will augment further growth at CAGR rate of 5.10% through 2027.

Browse the full report at  https://www.credenceresearch.com/report/luxury-watches-market

Increasing Expenditure on Wooden Luxury Furniture

Wood, metal, plastic, leather and glass are some of the key materials used in manufacturing Luxury Furniture. However, wooden is preferred material by end-users as it lend premium look and status to the furniture. However, use of leather is also considerable owing its premium appearance. However, metal, glass and plastic also hold significant chunk of Luxury Furniture industry owing low cost and durability.

Chairs and Sofas to Gain Increased Traction in Demand

Chairs, Sofas, Tables, Beds, Cabinets and Others are major types of Luxury Furniture. Among all, chairs and sofas are major types of Luxury Furniture. Every home as well as commercial premise must have chairs and sofas and hence it accounts for the largest share of the Luxury Furniture. However, bed and cabinets are also likely to grow at a rapid pace over the forecast period.

Commercial Use Segment to Grow at Rapid Pace

Commercial use segment is expected to grow at a rapid pace over the forecast period. Fast growing office spaces across the world owing increased urbanization and growth of ITES and service sector resulting into growing demand for office spaces. This in turn driving the demand for luxury furniture. However, residential use is dominating the Luxury Furniture with over 60% share in 2020.

Europe is leading regional market for luxury furniture followed by North America. UK, Germany, Italy, France and Spain are major markets within Europe. While, Asia Pacific is likely to grow at a rapid pace backed by strong demand from India, China, South Korea and Japan. Moreover, UAE, KSA, Turkey, etc. are sme of the important markets fir luxury furniture in Middle East. Key players operating in global luxury furniture market include Giovanni Visentin S.R.L. (Italy), Scavolini S.p.a. (Italy), Heritage Home Group (US), Iola Furniture Limited (UK), Muebles Pico, Laura Ashley Holding Plc, Herman Miller, Inc. (US), Duresta Upholstery Ltd (UK), Muebles Picó (Spain), Turri SRL (Italy), Steinhoff International (South Africa), Henredon Furniture Industries Inc., Valderamobili (S.R.L.) (Italy) and Nella Vetrina (Italy).

Market Segmentation

Global Luxury Furniture Market by Type, 2015 – 2027

  • Chairs
  • Sofas
  • Tables
  • Beds
  • Cabinets
  • Others

Global Luxury Furniture Market by Materials, 2015 – 2027

  • Material
  • Wood
  • Metal
  • Glass
  • Leather
  • Plastic
  • Others

Global Luxury Furniture Market by Applications, 2015 – 2027

  • Domestic use
    • Living & Bedroom
    • Kitchen
    • Lighting
    • Outdoor
    • Bathroom
  • Commercial use
    • Hospitality
    • Office
    • Others

Global Luxury Furniture Market by Company, 2015 – 2027

  • Giovanni Visentin S.R.L. (Italy)
  • Scavolini S.p.a. (Italy)
  • Heritage Home Group (US)
  • Iola Furniture Limited (UK)
  • Muebles Pico
  • Laura Ashley Holding Plc
  • Herman Miller, Inc. (US)
  • Duresta Upholstery Ltd (UK)
  • Muebles Picó (Spain)
  • Turri SRL (Italy)
  • Steinhoff International (South Africa)
  • Henredon Furniture Industries Inc.
  • Valderamobili (S.R.L.) (Italy)
  • Nella Vetrina (Italy)
  • Others

Browse the full report at  https://www.credenceresearch.com/report/luxury-watches-market

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