Luxury Furniture Market 2022| Industry Top Players: Nella Vetrina, Muebles Pico, Scavolini S.p.A., Laura Ashley Folding PLC, Henredon Furniture Industries Inc., Iola Furniture Ltd, Turri S.r.l, Giovanni Visentin srl , Heritage Home Group LLC

The global luxury furniture market is likely to grow at a CAGR of over 5% through the forecast period 2017-2022, according to a new report added to the vast repository of Market Research Reports Search Engine (MRRSE). The report projects the global luxury furniture market to reach a value of nearly US$ 30 billion by 2022. The report titled “Luxury Furniture Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022” offers valuable insights on the key factors that are impacting the global market.

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Luxury furniture has often remain limited to the consumers with high disposable incomes, and as the percentage of people with high disposable income has increased, demand for luxury furniture has witnessed a boost. In addition to residential demand, use of luxury furniture by real estate developers is also offering opportunities for growth. Construction of five-star hotels, resorts, malls, government buildings etc. is a positive indicator for the luxury furniture market. Also, availability of luxury furniture through online channels has meant that a large section of consumers can now have access to luxury furniture.

In contrast, minimalism and questions on the ethics of using high-priced furniture are driving important segments of target audience away from the market. Many consumers with high disposable income are turning away from wooden furniture, and are instead adapting a minimalist lifestyle. Also, availability of a large number of duplicate products is hampering global market.

Urbanization and Improving Disposable Incomes Stir Market Growth

Rapid urbanization and increasing disposable incomes have been extremely important for the soaring profits of the global market. In the coming years, growing number of commercial spaces such as restaurants, hotels, and clubs are likely to be key end users of luxury furniture items as they persistently try to create luxurious experience for the customer. Entry of various designers, focus on providing an opulent lifestyle choice to the end user, and a higher awareness about the artistic value of the luxury furniture have also been identified as the important growth drivers for the global market.

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Wood Trumps over other Materials to Lead the Global Luxury Furniture Market

Out of the various types of materials used for making luxury furniture, the wooden luxury furniture is likely to sell the most in the coming years. The higher aesthetic value, monetary value, and durability of wood makes it the most preferred material in the luxury furniture market. Between the forecast years of 2017 and 2022, this material segment is estimated to register a CAGR of 5.8%. The other materials used for making luxury furniture goods are metal, glass, and leather.

The end users of the luxury furniture are commercial spaces and residential units. The study estimates that commercial spaces are likely generate higher revenue for the overall market as they are the obvious big buyers. Hotels, restaurants, resorts, holiday homes, and luxury stores are some of the key end users of the luxury furniture. Thus, the emergence of these spaces is likely to have a positive impact on the global market. Amongst the residential spaces, demand for luxury furniture in bedrooms and living rooms will be the highest.

Muebles Pico, Henredon Furniture Industries Inc., Laura Ashley Folding PLC, Iola Furniture Ltd, Giovanni Visentin srl, Nella Vetrina, Scavolini S.p.A., Turri S.r.l, and Heritage Home Group LLC are some of the key players in the global luxury furniture market. These players are collaborating with leading interior design companies to launch new designs and forms in the market. To give readers detailed insights on the competitive landscape of the market, the report offers clear insights on the key strategies employed by players. The strengths, weakness, opportunities, and threats faced by competitors are discussed in detail in the report. The key development of companies, any mergers and acquisitions, and changes in strategy are also offered in the report. The detailed company profiling helps readers in understanding the position of various players in the market. Company profiling can also help new entrants to the market gain credible insights on their competitors.

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