Luxury Furniture Market Shows Positive Long-Term Growth Outlook by 2020

Luxury Furniture Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $27.01 billion by 2020, registering a CAGR of 4.1% during the period 2015-2020. Asia Pacific would witness the fastest growth, owing to the rise in disposable incomes. Wooden luxury furniture has gained substantial demand worldwide, followed by metal. The high acceptance of wooden furniture is primarily due to durability and the modern yet antique look, which makes it a good fit for both household as well as the commercial usage.

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The Luxury furniture market is gaining significant acceptance from domestic as well as commercial users. A rise in disposable incomes supplement the increasing demands in the luxury furniture market. Luxury furniture is largely used in the beautification of kitchen, living & bedrooms, bathrooms, and outdoor spaces. Luxury furniture is extensively installed in commercial places to create a better ambience, which, in turn, enhances the consumer experience, especially in commercial places such as hotels, restaurants and cinema halls. The use of luxury furniture in domestic residences contributes for a major market size by value. Increasing awareness for environment and government regulations lowers the demand for luxury furniture made from wood and leather products.

Product design, high quality of raw material and style are the prime aspects considered by manufacturers in this market. Reputed interior designers and web portals are the two significant sales channels for market players. Growth in the real estate industry is largely expected to boost the market over the forecast period. Increasing urbanization and changing life styles of individuals would offer stellar opportunities for investors in the luxury furniture market. A major restraint of this market is the high tax levied on the import of luxury furniture in certain countries. However, distribution in domestic region (by the country operating in that region) is unaffected by these government impositions.

With growing hospitality sector, especially in Middle East countries, the demand for high-end furniture is growing by leaps and bounds. As per the "APAC Trade and Investment Report" - 2014 by United Nations, the APAC region would witness growth in trade and investments in coming years and this would consequentially bolster the demand for luxury products in commercial sector. As per National Bureau of Statistics of China, the urban population has increased by nearly 17% from the year 2000 to 2012. As urbanization is a key propellant of the market, China is expected to gain a stronger foothold in the Asian region, ultimately driving the market growth in APAC. India follows suit, with an impressive yearly growth in urbanization, as per the data revealed by the Census of India. Further, growing real estate industry in the Indian market is supplementing the growth of APAC region. The European market would witness a slow growth and the growth of the North American region is expected to remain flat during the forecast period.

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Fusing good quality wood with extraordinary form, furniture manufacturers now have broken all traditional rules when it comes to making chairs, lighting, tables etc. Wooden furniture are majorly used for their beautiful natural look, resilience and durability, easy to maintain and as a smart investment. Besides this, molten metal over wooden furniture are in vogue these days. Today, more than ever, furniture designers are introducing materials like metal, leather, glass etc. to replace wood. Besides this, glass is also being used in furniture factories, where design is a part of the philosophy. Powder coated, chromed and anodized modern furniture too stand a fair chance in the unexploited marketplace, though they are much expensive.

Domestic manufacturers in the luxury furniture market such as Laura Ashley, Scavolini, Giovanni Visentin and Muebles Pico largely focus on manufacturing stylish luxury furniture products with high quality raw materials. Thus, the companies in the luxury furniture market largely compete on the aspect of aesthetic value. New product launch complimented with innovative design is the key strategy adopted by companies. In addition, the prospects in e-commerce platforms would also help the market players in expanding their geographic presence, which, in turn, would boost the overall market growth.

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