PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1568723
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1568723
Luxury Furniture Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
The Global Luxury Furniture Market is poised to register a 4.5% CAGR from 2024-2032, with rising consumer affluence and a growing preference for premium, aesthetically appealing home decor. As disposable incomes rise, especially in emerging economies, consumers are increasingly investing in high-quality, durable, and stylish furniture that aligns with their lifestyles.
Moreover, collaborations among leading companies are bolstering the market outlook. The incorporation of sustainable and eco-friendly materials in luxury furniture designs is on the rise, appealing to environmentally conscious consumers and driving market demand.
The luxury furniture industry share is categorized by product type, distribution channel, and region.
Among product types, the table segment is set for notable growth in the coming years. The demand for luxury tables stems from a heightened focus on elegant dining and living spaces, where consumers aim to express their style. In response, manufacturers are curating a diverse range of opulent table designs crafted from premium materials like marble, glass, and solid wood. These tables not only fulfill functional roles but also elevate the aesthetic charm of interiors. The trend of open-plan living further boosts the demand for luxury tables, positioning them as focal points that unify various design elements.
By 2032, online channels are projected to command a significant portion of the luxury furniture market. The move towards online shopping has been hastened by technological advancements and the conveniences of e-commerce. Luxury furniture brands are tapping into online platforms to broaden their reach, offering features like virtual showrooms, comprehensive product details, and customization.
The perks of product comparison, customer reviews, and home delivery amplify the allure of online luxury furniture shopping. Additionally, the rising direct-to-consumer (DTC) trend in the luxury realm is propelling online channel adoption, enabling brands to forge direct ties with customers and offer tailored shopping experiences.
From 2024 to 2032, North America is set to be a major player in the luxury furniture market. The region's growth is buoyed by a robust economy, substantial disposable incomes, and a mature real estate landscape. The surge in luxury furniture demand in North America is also driven by the home automation trend, where consumers aim to meld luxury furniture with cutting-edge technology.
The dominance of premier luxury furniture brands and a regional focus on innovative design and craftsmanship bolster market growth. As North American consumers increasingly value comfort, style, and functionality in home decor, the appetite for luxury furniture is poised to grow consistently.
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Market scope and definition
- 1.2 Base estimates and calculations
- 1.3 Forecast parameters
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Factors affecting the value chain
- 3.1.2 Profit margin analysis
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
- 3.1.7 Retailors
- 3.2 Regulatory landscape
- 3.3 Impact forces
- 3.3.1 Growth drivers
- 3.3.1.1 Urbanization and infrastructure development
- 3.3.1.2 Rising construction activities
- 3.3.1.3 Increasing disposable incomes
- 3.3.1.4 Increasing home decor projects
- 3.3.2 Industry pitfalls and challenges
- 3.3.2.1 High development and production costs
- 3.3.2.2 Changing consumer preferences
- 3.3.1 Growth drivers
- 3.4 Consumer buying behavior analysis
- 3.4.1 Demographic trends
- 3.4.2 Factors affecting buying decision
- 3.4.3 Consumer product adoption
- 3.4.4 Preferred distribution channel
- 3.4.5 Preferred price range
- 3.5 Growth potential analysis
- 3.6 Porter's analysis
- 3.7 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates and Forecast, By Type, 2021 - 2032, (USD Billion) (Thousand Units)
- 5.1 Key trends
- 5.2 Table
- 5.3 Chair
- 5.4 Sofas and Lounges
- 5.5 Kitchen
- 5.6 Lightening
- 5.7 Interior accessories
- 5.8 Beds
- 5.9 Others
Chapter 6 Market Estimates and Forecast, By Distribution Channel, 2021 - 2032, (USD Billion) (Thousand Units)
- 6.1 Key trends
- 6.2 Online
- 6.3 Offline
Chapter 7 Market Estimates and Forecast, By Region, 2021 - 2032, (USD Billion) (Thousand Units)
- 7.1 Key trends
- 7.2 North America
- 7.2.1 U.S.
- 7.2.2 Canada
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 France
- 7.3.4 Italy
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 China
- 7.4.2 India
- 7.4.3 Japan
- 7.4.4 South Korea
- 7.4.5 Australia
- 7.4.6 Malaysia
- 7.4.7 Indonesia
- 7.4.8 Rest of Asia Pacific
- 7.5 Latin America
- 7.5.1 Brazil
- 7.5.2 Mexico
- 7.5.3 Rest of Latin America
- 7.6 MEA
- 7.6.1 UAE
- 7.6.2 Saudi Arabia
- 7.6.3 South Africa
- 7.6.4 Rest of MEA
Chapter 8 Company Profiles (Business Overview, Financial Data, Product Landscape, Strategic Outlook, SWOT Analysis)
- 8.1 Bentley Home
- 8.2 Boca do Lobo
- 8.3 cassina
- 8.4 Furniture Concepts
- 8.5 Godrej and Boyce Manufacturing Co. Ltd.
- 8.6 Haworth Inc
- 8.7 Heritage Home
- 8.8 Herman Miller, Inc.
- 8.9 HNI
- 8.10 IKEA
- 8.11 Illulian Luxury Rugs
- 8.12 Knoll, Inc.
- 8.13 Kohler Inc
- 8.14 MARIONI
- 8.15 Renaissance furniture
- 8.16 Urban Office
