Luxury Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Luxury Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The luxury furniture market is anticipated to register a CAGR of 4% during the forecast period.

The COVID-19 outbreak has disrupted supply chains, caused a shortage of materials, and terminated contracts to control expenses. The lack of labor is also hampering the overall luxury furniture market expansion, particularly in countries like Italy, Spain, and Brazil. This may slow down the industry growth during the forecast timeframe.

The growing real estate industry and the rising urban population in the 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 furniture from the offices and hotel segments. The growing popularity of luxury indoor furniture such as bedrooms, bathrooms, kitchens, and others is likely to augment the sales of luxury furniture in the domestic segment.

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 of 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.

Key Market TrendsGrowing Urbanization is Driving the Market

Due to the increasing urbanization, individuals are increasingly focusing on aesthetics and urbane lifestyles, further leading to higher usage of high-end furniture products. Urbanization is augmenting the growth of the market study with all major countries across the world witnessing a rise in their urban population, which fuels the demand for premium products like luxury furniture. In 2020, North America was the most urbanized continent worldwide, with the majority of the population residing in urban areas. Luxury furniture made from wood and metal is gaining popularity among consumers due to their high aesthetic value and durability. The rise in eco-friendly and multifunctional luxury furniture is also supporting the market growth in developed economies.

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.

Competitive Landscape

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 and tapping into new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Cassina SpA
Grayson Luxury
iola Furniture
Duresta Upholstery Ltd
JL&C Furniture Co. Ltd
Muebles Picó
Ralph Lauren Corporation
Knoll Inc.
Brown Jordan International
Boca Da Lobo
Kimball International Inc.
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, French Heritage, Essential Home, DelightFULL, Koket, Brabbu, Thomas Blakemore, Bentley Home, Fendi Home, Baxter, Henkal Harris, Fendi Casa, Christopher Guy, Poliform, Gilani Furniture, Kartell, Edra, Henredon, and Restoration Hardware)

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