Global Luxury Furniture Market Report and Forecast 2024-2032

Global Luxury Furniture Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global luxury furniture market size reached a value of around USD 25.32 billion in 2023. Aided by the increasing demand for high-end, aesthetically pleasing, and durable furniture pieces and the growing applications of luxury furniture in residential and commercial spaces, the market is projected to grow at a CAGR of 5.3% between 2024 and 2032 to reach a value of around USD 40.33 billion by 2032.

Luxury furniture is characterised by its high quality, superior craftsmanship, and unique designs, often made from premium materials such as hardwood, leather, and metal. These pieces are not only functional but also serve as a statement of elegance and opulence, making them a preferred choice for consumers looking to enhance their living spaces with sophisticated and timeless aesthetics.

The increasing consumer preference for high-end, durable, and stylish furniture is driving the global luxury furniture market growth. With the growing disposable incomes and the rising trend of home renovation and interior decoration, there has been a significant surge in demand for luxury furniture pieces that offer both functionality and aesthetics. Additionally, the rapid urbanisation and the rising number of residential and commercial projects have further contributed to the increasing popularity of luxury furniture.

The expanding applications of luxury furniture in various sectors also play a significant role in propelling the market. As per the luxury furniture market analysis, in the residential sector, luxury furniture is used to enhance the aesthetic appeal and functionality of living spaces, including bedrooms, living rooms, and dining areas. The commercial sector, including hotels, restaurants, and offices, utilises luxury furniture to create a luxurious and comfortable environment for its clients and employees.

Moreover, the growing trend of online shopping and the increasing presence of luxury furniture brands on e-commerce platforms have made it easier for consumers to access and purchase high-end furniture pieces. The luxury furniture market outlook suggests that consumers are increasingly exploring a wide range of luxury furniture options from the comfort of their homes.

The market has witnessed several key developments that have significantly influenced its growth. The increasing focus on sustainable and eco-friendly furniture has led to the development of luxury furniture pieces made from recycled and environmentally friendly materials. This trend has gained traction among consumers who are increasingly conscious of their environmental impact and prefer sustainable and eco-friendly products.

The growing popularity of customisation and personalised furniture has contributed to the luxury furniture market development. Consumers are now looking for unique and bespoke furniture pieces that reflect their personal style and preferences. This has led to an increased demand for customised luxury furniture, allowing manufacturers to cater to the specific needs and preferences of their clients.

The North America market is driven by the increasing demand for high-end furniture pieces in the United States and Canada. The growing trend of home renovation and interior decoration, coupled with rising disposable incomes, has significantly contributed to the market growth in this region. Moreover, rising efforts by manufacturers to develop durable and high-end furniture aid the luxury furniture market expansion. The Asia Pacific is expected to witness substantial growth, driven by rapid urbanisation and the increasing number of residential and commercial projects in countries such as China, India, and Japan

Europe is a significant market for luxury furniture, with countries such as Italy, Germany, and France leading the demand. The presence of renowned luxury furniture brands and the strong emphasis on quality and craftsmanship have driven the growth of the luxury furniture market in this region.

Market Segmentation

The market can be divided based on material, end-use, distribution channel, and region.

Market Breakup by Material

• Metal
• Wood
• Plastic
• Glass
• Others

Market Breakup by End-Use

• Domestic Use
• Commercial Use

Market Breakup by Distribution Channel

• Online
• Offline

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global luxury furniture market. Some of the major players explored in the report by Expert Market Research are as follows:

• Duresta Upholstery Ltd.
• Muebles Pico SA
• Valderamobili (S.R.L.)
• Giovanni Visentin Srl
• Modloft
• Laura Ashley Holding plc
• ROSET SAS
• Nella Vetrina
• Turri srl
• Koket
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.