Luxury Furniture Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Luxury Furniture Market
The global luxury furniture market size was valued at USD 22.78 billion in 2023, and the market is projected to grow from USD 23.98 billion in 2024 to USD 37.33 billion by 2032, exhibiting a CAGR of 5.69% during the forecast period of 2024-2032.
Covid-19 caused complete restrictions of global and national supply chains. The import and export of goods including raw materials was limited. There was also a closure of production for luxurious furniture items following the unavailability of workers. These were the stumbling blocks to the progress of the furniture industry globally. This led to the decline in the luxury furniture market growth.
The requirement for office and residential spaces has recently caused a sharp rise in the real estate industry thereby; the real estate sector has experienced substantial growth lately. The expansion of real estate has been attributed to the need for office space, friendly corporate environments, and housing in towns as well as towns near cities. Moreover, market growth will be steered further by increased construction activities of commercial and residential buildings. Different fields have seen significant changes due to new technologies. This is such as high-speed Internet and increased use of smart devices have led to tremendous growth in e-retail worldwide. These developments will enable people to buy furniture easily through online means. Also, many organizations across the globe are opening their digital shops where they can sell seats, tables, or any other household items in response to this trend. These factors drive the luxury furniture market share.
Populating cities with people from rural areas and their increased expenditure on decorative items of high quality have opened many business opportunities for the sector. The demand for beautiful, green luxury products that can be used in homes, offices, hotels or restaurants such as exclusive furniture and wooden floors is growing rapidly thus fueling the trends in this industry. With more folks in developing countries knowing about what is happening around the globe through various media sources coupled with their improved standards of living thereby leading them into spending money on expensive pieces of furniture known worldwide marks some important milestone towards market growth.
Comprehensive Analysis of Luxury Furniture Market
The luxury furniture market and consumer goods industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the consumer goods industry. These segmentations are methodically segregated By Raw Material Analysis, By End-user Analysis and By Distribution Channel Analysis. On the basis of raw materials, the market is split into wood, metal, plastic and others. Due to its flexibility and finishing with such materials, we expect wooden segment will dominate the market. The market is categorized into residential and commercial according to the end user. We forecast that the residential sector will account for a significant share because there are many home décor products being made hence leading to high production quantities of furnishing items too. The market is classified into online and offline based on distribution channels. A lot of people prefer buying offline since it allows them try out different products before they finally settle on one as well as experience personalized service that cannot be offered through online buying where customers only interact with images displayed on their screens thus unable judge qualities physically.
There is an expected high market share for the Europe region during this time frame. Many companies do continuous improvement and advancement of technology for making high-end furniture components throughout Europe. As a result, there has been an increase in product demand within the industry.
Various known organizations in this market are involved in the development of various competitive strategies such as product differentiation and new product portfolio to compete favorably with other firms. Speaking of recent years, the trend in Production of new products has been increasing in an appreciable manner. Therefore, the key players operating in the market are working on the newer and enhanced products. The top players in the market play a crucial role in the consumer goods industry assuring industrial prospectus growth and setting market standards. These players include, SCAVOLINI S.P.A. (Italy), Cassina S.p.A (Italy), Kimball International, Inc. (U.S.), Brown Jordan International (U.S.), Herman Miller, Inc. (Knoll Inc) (U.S.), Vivono (India), Boca do Lobo (U.K.), DURESTA (U.K.), Haworth, Inc. (Italy), and MUEBLES PICO SA (Spain).
In December 2022, Kogan. com bought Brosa, a tier one Australian online furniture company that was earlier part of CatchGroup. Thus, Brosa was launched with the vision of becoming a key player in the home décor niche, and, it seems to be on the right track, offering people stylish and reasonably cheap home accessories of high quality.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 5.69% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Raw Material
Wood
Metal
Plastic
Others
By End-user
Residential
Commercial
By Distribution Channel
Online
Offline
By Region
North America (By Raw Material, End-user, Distribution Channel, and Country)
U.S. (By Raw Material)
Canada (By Raw Material)
Mexico (By Raw Material)
Europe (By Raw Material, End-user, Distribution Channel, and Country)
Germany (By Raw Material)
U.K. (By Raw Material)
France (By Raw Material)
Italy (By Raw Material)
Spain (By Raw Material)
Rest of Europe (By Raw Material)
Asia Pacific (By Raw Material, End-user, Distribution Channel, and Country)
China (By Raw Material)
India (By Raw Material)
Japan (By Raw Material)
Australia (By Raw Material)
Rest of Asia Pacific (By Raw Material)
South America (By Raw Material, End-user, Distribution Channel, and Country)
Brazil (By Raw Material)
Argentina (By Raw Material)
Rest of South America (By Raw Material)
Middle East and Africa (By Raw Material, End-user, Distribution Channel, and Country)
South Africa (By Raw Material)
UAE (By Raw Material)
Rest of Middle East & Africa (By Raw Material)
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Expense Management Key Players Market Share/Ranking, 2023
- 5. Global Expense Management Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Type (USD)
- 5.2.1. Telecom/Mobile Expense Management
- 5.2.2. Cloud Expense Management
- 5.2.2.1. SaaS/UCaaS
- 5.2.2.2. IaaS
- 5.2.2.3. PaaS
- 5.3. By Enterprise Type (USD)
- 5.3.1. Large Enterprises
- 5.3.2. Small and Medium Enterprises
- 5.4. By Industry (USD)
- 5.4.1. BFSI
- 5.4.2. Manufacturing
- 5.4.3. IT & Telecom
- 5.4.4. Healthcare
- 5.4.5. Hospitality
- 5.4.6. Others (Consumer Goods & Retail, Transportation & Logistics, Government, etc.)
- 5.5. By Region (USD)
- 5.5.1. North America
- 5.5.2. South America
- 5.5.3. Europe
- 5.5.4. Middle East & Africa
- 5.5.5. Asia Pacific
- 6. North America Expense Management Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Type (USD)
- 6.2.1. Telecom/Mobile Expense Management
- 6.2.2. Cloud Expense Management
- 6.2.2.1. SaaS/UCaaS
- 6.2.2.2. IaaS
- 6.2.2.3. PaaS
- 6.3. By Enterprise Type (USD)
- 6.3.1. Large Enterprises
- 6.3.2. Small and Medium Enterprises
- 6.4. By Industry (USD)
- 6.4.1. BFSI
- 6.4.2. Manufacturing
- 6.4.3. IT & Telecom
- 6.4.4. Healthcare
- 6.4.5. Hospitality
- 6.4.6. Others (Consumer Goods & Retail, Transportation & Logistics, Government, etc.)
- 6.5. By Country (USD)
- 6.5.1. United States
- 6.5.1.1. By Industry
- 6.5.2. Canada
- 6.5.2.1. By Industry
- 6.5.3. Mexico
- 6.5.3.1. By Industry
- 7. South America Expense Management Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Type (USD)
- 7.2.1. Telecom/Mobile Expense Management
- 7.2.2. Cloud Expense Management
- 7.2.2.1. SaaS/UCaaS
- 7.2.2.2. IaaS
- 7.2.2.3. PaaS
- 7.3. By Enterprise Type (USD)
- 7.3.1. Large Enterprises
- 7.3.2. Small and Medium Enterprises
- 7.4. By Industry (USD)
- 7.4.1. BFSI
- 7.4.2. Manufacturing
- 7.4.3. IT & Telecom
- 7.4.4. Healthcare
- 7.4.5. Hospitality
- 7.4.6. Others (Consumer Goods & Retail, Transportation & Logistics, Government, etc.)
- 7.5. By Country (USD)
- 7.5.1. Brazil
- 7.5.1.1. By Industry
- 7.5.2. Argentina
- 7.5.2.1. By Industry
- 7.5.3. Rest of South America
- 8. Europe Expense Management Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Type (USD)
- 8.2.1. Telecom/Mobile Expense Management
- 8.2.2. Cloud Expense Management
- 8.2.2.1. SaaS/UCaaS
- 8.2.2.2. IaaS
- 8.2.2.3. PaaS
- 8.3. By Enterprise Type (USD)
- 8.3.1. Large Enterprises
- 8.3.2. Small and Medium Enterprises
- 8.4. By Industry (USD)
- 8.4.1. BFSI
- 8.4.2. Manufacturing
- 8.4.3. IT & Telecom
- 8.4.4. Healthcare
- 8.4.5. Hospitality
- 8.4.6. Others (Consumer Goods & Retail, Transportation & Logistics, Government, etc.)
- 8.5. By Country (USD)
- 8.5.1. United Kingdom
- 8.5.1.1. By Industry
- 8.5.2. Germany
- 8.5.2.1. By Industry
- 8.5.3. France
- 8.5.3.1. By Industry
- 8.5.4. Italy
- 8.5.4.1. By Industry
- 8.5.5. Spain
- 8.5.5.1. By Industry
- 8.5.6. Russia
- 8.5.6.1. By Industry
- 8.5.7. Benelux
- 8.5.7.1. By Industry
- 8.5.8. Nordics
- 8.5.8.1. By Industry
- 8.5.9. Rest of Europe
- 9. Middle East & Africa Expense Management Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Type (USD)
- 9.2.1. Telecom/Mobile Expense Management
- 9.2.2. Cloud Expense Management
- 9.2.2.1. SaaS/UCaaS
- 9.2.2.2. IaaS
- 9.2.2.3. PaaS
- 9.3. By Enterprise Type (USD)
- 9.3.1. Large Enterprises
- 9.3.2. Small and Medium Enterprises
- 9.4. By Industry (USD)
- 9.4.1. BFSI
- 9.4.2. Manufacturing
- 9.4.3. IT & Telecom
- 9.4.4. Healthcare
- 9.4.5. Hospitality
- 9.4.6. Others (Consumer Goods & Retail, Transportation & Logistics, Government, etc.)
- 9.5. By Country (USD)
- 9.5.1. Turkey
- 9.5.1.1. By Industry
- 9.5.2. Israel
- 9.5.2.1. By Industry
- 9.5.3. GCC
- 9.5.3.1. By Industry
- 9.5.4. North Africa
- 9.5.4.1. By Industry
- 9.5.5. South Africa
- 9.5.5.1. By Industry
- 9.5.6. Rest of MEA
- 10. Asia Pacific Expense Management Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Type (USD)
- 10.2.1. Telecom/Mobile Expense Management
- 10.2.2. Cloud Expense Management
- 10.2.2.1. SaaS/UCaaS
- 10.2.2.2. IaaS
- 10.2.2.3. PaaS
- 10.3. By Enterprise Type (USD)
- 10.3.1. Large Enterprises
- 10.3.2. Small and Medium Enterprises
- 10.4. By Industry (USD)
- 10.4.1. BFSI
- 10.4.2. Manufacturing
- 10.4.3. IT & Telecom
- 10.4.4. Healthcare
- 10.4.5. Hospitality
- 10.4.6. Others (Consumer Goods & Retail, Transportation & Logistics, Government, etc.)
- 10.5. By Country (USD)
- 10.5.1. China
- 10.5.1.1. By Industry
- 10.5.2. India
- 10.5.2.1. By Industry
- 10.5.3. Japan
- 10.5.3.1. By Industry
- 10.5.4. South Korea
- 10.5.4.1. By Industry
- 10.5.5. ASEAN
- 10.5.5.1. By Industry
- 10.5.6. Oceania
- 10.5.6.1. By Industry
- 10.5.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players
- 11.1. Vodafone Group Plc
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Tangoe
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Brightfin
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Tellennium
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Recent Developments
- 11.5. Valicom
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Business Segment Share
- 11.5.2.4. Recent Developments
- 11.6. Avotus
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Calero-MDSL
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.8. Cass Information Systems, Inc.
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Current Revenue
- 11.8.2.3. Recent Developments
- 11.9. Habble Srl
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. VoicePlus
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 12. Key Takeaways
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