Global Luxury High End Furniture Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Luxury High End Furniture Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Furnitures cater to a number of functional areas such as seating, sleeping, home decoration, storage, work, and more. They can be used at homes as well as in public places such as restaurants and hotels. Luxury high end furniture, are movable pieces, which showcase the best of an elite quality, and design associated with a certain era. Often crafted out of metal, glass, wood and so on, they add to the aesthetic value of an establishment such as homes, hotels, offices and other indoor or outdoor areas. Increasing spending power of consumers, changing lifestyle, and launch of new and innovative products with elegant designs are increasing the sales of luxury high end furniture across the globe.

Market Overview:

The latest research study on the global Luxury High End Furniture market finds that the global Luxury High End Furniture market reached a value of USD 29130.7 million in 2022. It’s expected that the market will achieve USD 39879.95 million by 2028, exhibiting a CAGR of 5.37% during the forecast period.

Increasing demand

Luxury high end furniture has been gaining prominence, as the furniture adds aesthetic value to the household or a commercial place. Major factors owing to progress in this sector include rise in disposable income that leads to rise in demand for luxury living thus influencing sector growth. The use of luxury high end furniture in various setups has contributed to the growth of the luxury high end furniture market. Changing lifestyle in the urban population has driven the market for luxury high end furniture. The luxury high end furniture division today significantly benefits from the rise in the disposable income, globalization and major population shift to the urban areas worldwide. Furniture companies in the luxury high end furniture market, concerned about reducing their carbon footprints have now started offering environment friendly alternatives. As technology progresses, furniture designers get more innovative and daring with their designs. Low toxicity is also a priority items on customers list, when shopping for an environment friendly furniture because they want to reduce their negative impact on health.

Moreover, lifestyle of consumers, especially in urban areas, is changing significantly due to increased disposable income. Luxurious product is becoming an essential part of their life; as a result, they are ready to spend more on luxurious products. This would contribute to drive the industry in the coming years. In addition, increasing disposable income of individuals has led to think regarding the social status, driving the increased spending on products including furniture.

New Product Launches to Flourishes the market

Growth of the market for luxury high end furniture is expected to increase due to the launch of a wide range of new products. New products are continually launched in the luxury high end furniture segment to meet the growing demands of consumers. These new launches are necessary to retain the customer and also to increase the company's customer base. The companies in the industry are increasingly launching products that will ease the adoption of the product, thereby, making it a more convenient luxury high end furniture option. The market faces cut-throat competition with the presence of several affordable furniture industry rivals. The companies are also focusing on consumer preferences at the local markets and based on it are developing a large range of products to meet consumer demands.

To go global many furniture designers are always on the lookout for international styles. luxury high end furniture, consignment scene has also expanded with furniture designers and manufacturers going online. This has helped many furniture labels to focus on the high-end segment, and lure extremely strong clientele in the luxury home and office furniture market. Companies born to serve the made to order requirements are now opening their stores in different geographical locations to provide buyers creative designs that go well with time. Besides this, many furniture manufacturers are partnering up with artists or interior designers to create and offer a luxury range. Time and now furniture manufacturers are seen giving their concepts an update to provide home and office owners fresh choices. Major participants present in the luxury high end furniture market are involved in the adoption of e-commerce platforms for the sales and distribution of their finished products. Manufacturers operating in this industry also carry out usage of other materials such as stone, acrylic, and marble for development of attractive and aesthetic furniture.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Europe (38.21% in 2022).

Company Overview:

Molteni Group is one of the major players operating in the Luxury High End Furniture market, holding a share of 1.65% in 2023.

Molteni Group

The Molteni Group is one of Italy’s leading international furnishings companies. It consists of three companies, each one at the forefront of its sector: Molteni&C SpA (home furnishings and Dada kitchens), Unifor SpA (office furnishings) and Citterio SpA (office furnishings and partitions). Molteni offers global furnishing in Italy and in over eighty countries all over the world.

Poltronesofà

Poltronesofa' S.P.A. designs and manufactures household furniture. The Company provides sofas, chairs, and beds. Poltronesofa' serves customers internationally.

Segmentation Overview:

By type, Chairs segment accounted for the largest share of market in 2022.

Application Overview:

The market's largest segment by application is the segment Domestic Use, with a market share of 73.47% in 2022.

Key Companies in the global Luxury High End Furniture market covered in Chapter 3:

Restoration Hardware
Design Within Reach
Poltronesofà
Luxury Living Group
Ligne Roset
Poliform
Hooker Furniture
Fitz Hansen
Senyuan Furniture Group
Poltrona Frau
Kimball Hospitality
Molteni Group
Minotti
Scavolini
Eichholtz
Knoll
Natuzzi Italia
B&B Italia
Roche Bobois

In Chapter 4 and Chapter 14.2, on the basis of types, the Luxury High End Furniture market from 2018 to 2029 is primarily split into:

Lighting
Tables
Chairs and Sofas
Cabinets
Beds
Rugs
Decorative Items
Mirror

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Luxury High End Furniture market from 2018 to 2029 covers:

Domestic Use
Commercial Use

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)