Global luxury
furniture market is expected to reach USD 28,600.7 million by 2022 growing
at an estimated CAGR of 3.7% from 2015 to 2022, according to a new study by
Grand View Research, Inc. This expected growth in demand can be ascribed to
rapid urbanization and growing demand for home furnishings.
Additionally, disposable income of individuals in
North America and Asia-Pacific region has also witnessed high growth. Thus,
increasing disposable income of individuals is acting as a major driver for the
industry progress.
Luxurious products are becoming an essential part
of life; as a result, population is ready to spend on luxurious products. This
would contribute to drive the sector growth. In addition, increasing disposable
income of individuals has led to think regarding the social status, driving the
increased spending on products including furniture.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/luxury-furniture-market
Further key findings from the study suggest:
·
Wooden luxury furniture was valued for over USD
5,200 million owing to its higher preference for usage in high class office and
home interiors, and wooden furnishings. Presence of several global and local
luxury furniture manufacturers present in the sector is also attributive
towards larger share of wooden products.
·
Glass is anticipated to witness significant
growth in the coming years because of the expected advancements in this segment
with respect to manufacturing and incorporation of attractive and stylish
designs.
·
Domestic use dominated the sector in terms of
revenue generated from end-use segments. Factors that are responsible for such
large share of this segment include increased adoption owing to the rise in
disposable income and influence of western culture. This segment covers the
furniture used in kitchen, living and bedroom, bathroom, outdoor and
lighting.
·
Living room registered largest share in the
industrial revenue in 2014 because aesthetic value and customization are the
notable trends observed in the living and bedroom segment of the luxury
furniture industry.
·
Lighting is expected to witness significant
progress with a CAGR of over 8% due to available technical development in this
sector in order to increase the aesthetic presence of the furnishing in
domestic use.
·
Europe was the largest revenue generating region
in the luxury furniture industry followed by North America. Asia Pacific region
holds a great potential for growth in domestic segment of luxury furniture.
High demands for furnishing amenities in hospitality industry coupled with the
increasing disposable income in this region are expected to contribute in
growth in the regional market.
·
Key participants of the luxury furniture
industry include Henredon Furniture Industries Inc., Muebles Pico, Scavolini
S.p.a., Laura Ashley Holding Plc, Valderamobili s.r.l, Duresta Upholstery Ltd,
Iola Furniture Limited, Nella Vetrina, Giovanni Visentin s.r.l., and Turri
S.r.l.
·
Operating entities of this sector are involved
in usage of e-commerce platforms to reduce the operating expenses. Use of
alternative business models rather than the conventional business models is
adopted by the market players in order to maintain their market share.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented luxury furniture market on the basis of material used, end-use, and region:
Global Luxury Furniture Outlook, By Material (Market Revenue in USD Million, 2012 - 2022 )
·
Wood
·
Metal
·
Glass
·
Leather
·
Plastic
·
Others
Global Luxury Furniture Outlook, by End-use (Market Revenue in USD
Million, 2012 - 2022 )
·
Domestic use
o
Living & Bedroom
o
Kitchen
o
Lighting
o
Outdoor
o
Bathroom
·
Commercial use
o
Hospitality
o
Office
o
Others
Global Luxury Furniture Regional Outlook (Revenue, USD Million, 2012
– 2022)
·
North America
·
Europe
·
Asia Pacific
·
RoW
Access press release of this report - http://www.grandviewresearch.com/press-release/global-luxury-furniture-market
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