Luxury Furniture Market - Global Market Share, Trends, Analysis and Forecast, 2023-2032

Report code : IS1482, Status : Published, Published on: May, 2023, Pages : 151 Pages, Format : PDF/PPT/Excel

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Description

The global luxury furniture market was estimated to be US$ 23.71 Billion in 2022 and is expected to reach US$ 42.05 Billion by 2032 at a CAGR of 5.9%.

Luxury furniture refers to high-end, premium quality furniture products that are designed and crafted using the finest materials and the most intricate techniques. These furniture pieces are often considered a symbol of status and luxury, and are sought after by consumers who value aesthetics, craftsmanship, and exclusivity.

Luxury furniture products can include items such as sofas, chairs, tables, beds, cabinets, and other decor items, and may be made from materials such as exotic woods, precious metals, fine fabrics, and leather. They may also feature unique and ornate designs that showcase the skills of skilled craftsmen and designers.

Luxury Furniture Market Drivers

Increased demand for multifunctional and space-saving luxury furniture products is driving the market growth

The global luxury furniture market is being driven by several key factors. Firstly, urbanization and changing consumer lifestyles have led to an increased demand for multifunctional and space-saving luxury furniture products. This is due to the higher disposable incomes of urban consumers who prioritize home decor and aesthetics, as well as the need for versatile living spaces.

Secondly, technological advancements in manufacturing processes have made it possible to create complex and intricate luxury furniture designs with greater precision and at a lower cost. Automation and robotics have streamlined manufacturing processes for luxury furniture companies, reducing production time and costs while maintaining high quality.

Finally, growing interest in interior decoration and home aesthetics has driven the demand for visually appealing furniture that complements home decor and reflects personal style.

Material Type Segmentation of Global Luxury Furniture Market

Wood is the largest material type in the market

Based on material type, the largest segment is wood. Wood is a classic and timeless material that has been used in furniture for centuries. It is highly durable, versatile, and can be carved, shaped, and stained to create a wide range of unique designs and finishes. Wood is also associated with luxury and sophistication, making it a popular material choice for high-end furniture. While leather, metal, and glass are also popular materials used in luxury furniture, they may not have the same level of demand as wood.

Leather is often used in upholstery and provides a luxurious and comfortable feel, but may not be as versatile or durable as wood. Metal and glass are often used for accents and to add a modern touch to luxury furniture designs, but may not be as popular as wood due to their limited applications in furniture design.

Regional Trends of the Global Luxury Furniture Market

Europe is the largest market for luxury furniture

Geographically, the global luxury furniture market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.

Following are some of the major trends in these regions –

North America: The North American luxury furniture market is driven by high disposable incomes, a strong preference for stylish and high-quality furniture, and a growing interest in sustainable and eco-friendly products. The United States is the largest market in this region, followed by Canada. In recent years, the market has seen a shift towards more minimalist and contemporary designs, as well as a growing demand for smart furniture.

Europe: Europe is the largest luxury furniture market globally, with Italy being the largest contributor to the region's growth. The market is driven by a strong demand for high-quality and innovative furniture, with a focus on luxury and sophistication. The market has also seen a growing interest in sustainable and eco-friendly furniture, as well as customization options that allow consumers to create unique designs.

Asia-Pacific: The Asia-Pacific region is expected to see the fastest growth in the luxury furniture market, driven by the rising middle class, urbanization, and changing consumer lifestyles. China is the largest market in the region, followed by India and Japan. The market is characterized by a strong demand for luxury and high-end products, with a growing interest in Western-style furniture and a focus on functionality and convenience.

Middle East and Africa: The Middle East and Africa luxury furniture market is driven by high levels of disposable income, a strong preference for luxury and high-end products, and a growing interest in home decoration and aesthetics. The United Arab Emirates is the largest market in the region, followed by Saudi Arabia and South Africa. The market has also seen a growing interest in sustainable and eco-friendly products, as well as customization options that allow consumers to create unique designs.

South America: The South American luxury furniture market is driven by a strong demand for high-quality and innovative products, with a focus on luxury and sophistication. Brazil is the largest market in the region, followed by Argentina and Colombia. The market has seen a growing interest in sustainable and eco-friendly furniture, as well as a focus on customization options that allow consumers to create unique designs.

Key players and market strategies:

Companies operating in the global luxury furniture market have adopted various growth strategies to stay competitive and capture market share.

Some of the major growth strategies adopted by these companies include:

Expansion: Companies have been expanding their business by opening new stores and expanding their distribution network to reach new markets and customers. For instance, Italian furniture company Natuzzi has been expanding its retail network by opening new stores in Asia-Pacific and the Middle East.

Product innovation: Many luxury furniture companies are investing in research and development to create innovative and unique products that stand out in the market. For example, Italian luxury furniture brand Poltrona Frau has been focusing on product innovation by collaborating with renowned designers and using new materials and production techniques.

Mergers and acquisitions: Some companies have been acquiring other companies to expand their product portfolio and market share. For instance, US-based furniture company Herman Miller acquired luxury furniture brand Design Within Reach to expand its reach in the high-end furniture market.

Digitalization: Many companies have been adopting digital technologies to improve their online presence and reach a wider customer base. For example, luxury furniture retailer Restoration Hardware has been investing in digital marketing and online sales channels to reach more customers and improve the customer experience.

Bernhardt Furniture Company, Christopher Guy, Duresta Upholstery Ltd., Heritage Home Group LLC, Herman Miller, Inc., Hooker Furniture Corporation, Hulsta-Werke Huls GmbH & Co. KG, Kartell Spa, Knoll, Inc., Minotti S.p.A., Molteni & C S.P.A., Poltrona Frau Group, Restoration Hardware Holdings Inc., Scavolini S.p.A., William-Sonoma, Inc. and many more.

Global Luxury Furniture Market Segmentation:

By Product Type:

Beds & Beddings
Sofas & Chairs
Tables
Storage Furniture
Others

By Material Type:

Wood
Leather
Metal
Glass
Others

By End-User:

Residential
Commercial

By Region

North America
- United States
- Canada
- Rest of North America
Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Rest of Asia Pacific
Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
South America
- Brazil
- Rest of South America

Table Of Content

Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
Market Synopsis: Global Luxury Furniture Market
Global Luxury Furniture Market Qualitative Analysis
- Trends
  - Market trends
  - Technology Trends
- PESTLE Analysis (For 3 prominent countries)
- Market Influencers
  - Driving Forces
  - Hindering Forces
  - Opportunities
- COVID-19 impact
- Porter’s Five Forces
- Innovations in product protection material
Global Luxury Furniture Market Analysis and Forecast, by Product Type
- Overview and definitions
- Key segment analysis
- Global Luxury Furniture Market Size Estimates (US$ Mn), by Product Type, 2019 – 2032
  - Beds & Beddings
  - Sofas & Chairs
  - Tables
  - Storage Furniture
  - Others

Global Luxury Furniture Market Analysis and Forecast, by Material Type
- Overview and definitions
- Key segment analysis
- Global Luxury Furniture Market Size Estimates (US$ Mn), by Material Type, 2019 – 2032
  - Wood
  - Leather
  - Metal
  - Glass
  - Others

Global Luxury Furniture Market Analysis and Forecast, by End Use
- Overview and definitions
- Key segment analysis
- Global Luxury Furniture Market Size Estimates (US$ Mn), by End Use, 2019 – 2032
  - Residential
  - Commercial

Global Luxury Furniture Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global Luxury Furniture Market Size Estimates (US$ Mn), by Region, 2019 – 2032
  - North America
  - Europe
  - Asia Pacific
  - Middle East & Africa
  - South America

North America Luxury Furniture Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America Luxury Furniture Market Size Estimates (US$ Mn), by Product Type, 2019 – 2032
  - Beds & Beddings
  - Sofas & Chairs
  - Tables
  - Storage Furniture
  - Others
- North America Luxury Furniture Market Size Estimates (US$ Mn), by Material Type, 2019 – 2032
  - Wood
  - Leather
  - Metal
  - Glass
  - Others
- North America Luxury Furniture Market Size Estimates (US$ Mn), by End Use, 2019 – 2032
  - Residential
  - Commercial
- North America Luxury Furniture Market Size Estimates (US$ Mn), Country, 2019 – 2032
  - The U.S.
  - Canada
  - Rest of North America

Europe Luxury Furniture Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe Luxury Furniture Market Size Estimates (US$ Mn), by Product Type, 2019 – 2032
  - Beds & Beddings
  - Sofas & Chairs
  - Tables
  - Storage Furniture
  - Others
- Europe Luxury Furniture Market Size Estimates (US$ Mn), by Material Type, 2019 – 2032
  - Wood
  - Leather
  - Metal
  - Glass
  - Others
- Europe Luxury Furniture Market Size Estimates (US$ Mn), by End Use, 2019 – 2032
  - Residential
  - Commercial
- Europe Luxury Furniture Market Size Estimates (US$ Mn), Country, 2019 – 2032
  - Germany
  - United Kingdom
  - Italy
  - France
  - Spain
  - Rest of Europe

Asia Pacific Luxury Furniture Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific Luxury Furniture Market Size Estimates (US$ Mn), by Product Type, 2019 – 2032
  - Beds & Beddings
  - Sofas & Chairs
  - Tables
  - Storage Furniture
  - Others
- Asia Pacific Luxury Furniture Market Size Estimates (US$ Mn), by Material Type, 2019 – 2032
  - Wood
  - Leather
  - Metal
  - Glass
  - Others
- Asia Pacific Luxury Furniture Market Size Estimates (US$ Mn), by End Use, 2019 – 2032
  - Residential
  - Commercial
- Asia Pacific Luxury Furniture Market Size Estimates (US$ Mn), Country, 2019 – 2032
  - Japan
  - India
  - China
  - Australia
  - Rest of Asia Pacific

Middle East & Africa Luxury Furniture Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa Luxury Furniture Market Size Estimates (US$ Mn), by Product Type, 2019 – 2032
  - Beds & Beddings
  - Sofas & Chairs
  - Tables
  - Storage Furniture
  - Others
- Middle East & Africa Luxury Furniture Market Size Estimates (US$ Mn), by Material Type, 2019 – 2032
  - Wood
  - Leather
  - Metal
  - Glass
  - Others
- Middle East & Africa Luxury Furniture Market Size Estimates (US$ Mn), by End Use, 2019 – 2032
  - Residential
  - Commercial
- Middle East & Africa Luxury Furniture Market Size Estimates (US$ Mn), Country, 2019 – 2032
  - Saudi Arabia
  - South Africa
  - UAE
  - Rest of Middle East

South America Luxury Furniture Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America Luxury Furniture Market Size Estimates (US$ Mn), by Product Type, 2019 – 2032
  - Beds & Beddings
  - Sofas & Chairs
  - Tables
  - Storage Furniture
  - Others
- South America Luxury Furniture Market Size Estimates (US$ Mn), by Material Type, 2019 – 2032
  - Wood
  - Leather
  - Metal
  - Glass
  - Others
- South America Luxury Furniture Market Size Estimates (US$ Mn), by End Use, 2019 – 2032
  - Residential
  - Commercial
- South America Luxury Furniture Market Size Estimates (US$ Mn), Country, 2019 – 2032
  - Brazil
  - Rest of South America

Competition Analysis – Luxury Furniture Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
  - Bernhardt Furniture Company
    - Business overview
    - Geographic presence
    - Financial facts
    - Channel partners
    - Relevant news and strategic view
  - Christopher Guy
  - Duresta Upholstery Ltd.
  - Heritage Home Group LLC
  - Herman Miller, Inc.
  - Hooker Furniture Corporation
  - Hulsta-Werke Huls GmbH & Co. KG
  - Kartell Spa
  - Knoll, Inc.
  - Minotti S.p.A.
  - Molteni & C S.P.A.
  - Poltrona Frau Group
  - Restoration Hardware Holdings Inc.
  - Scavolini S.p.A.
  - William-Sonoma, Inc.

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Frequently asked questions about this report

How big is luxury furniture market?

The luxury furniture market size is expected to reach US$ 42.05 Billion by 2032.

What is the luxury furniture market growth?

The luxury furniture market is expected grow at a CAGR of 5.9% from 2023 to 2032.

What was the size of the global luxury furniture market in 2022?

The luxury furniture market size was estimated to be US$ 23.71 Billion in 2022.

What are the factors driving the luxury furniture market?

The global luxury furniture market is being driven by several key factors including urbanization and changing consumer lifestyles have led to an increased demand for multifunctional and space-saving luxury furniture products and technological advancements in manufacturing processes have made it possible to create complex and intricate luxury furniture designs with greater precision and at a lower cost.

Which material type is the largest in the luxury furniture market?

The largest material type is wood in the luxury furniture market. Wood is a classic and timeless material that has been used in furniture for centuries.

Which is the largest market for luxury furniture?

Europe is the largest luxury furniture market globally, with Italy being the largest contributor to the region's growth. The market is driven by a strong demand for high-quality and innovative furniture, with a focus on luxury and sophistication.

Which country is the largest market in the North American luxury furniture?

The United States is the largest market in this region, followed by Canada. In recent years, the market has seen a shift towards more minimalist and contemporary designs, as well as a growing demand for smart furniture.