Luxury Furniture Market Estimated to Exceed US$ 31.0 Billion Globally by 2023-2028 | CAGR of 4.8%

According to the latest report by IMARC Group, titled "Luxury Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights on the global luxury furniture market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global luxury furniture market size reached US$ 23.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.

Luxury furniture represents the movable pieces of furnishings made by skilled craftsmen using the finest quality material and created with zero margins for error. It adds up to the aesthetic value of the commercial and household, such as offices, homes, hotels, and other indoor and outdoor areas. Luxury furniture can be designed utilizing various materials, including wood, metal, glass, multiple, leather, plastic, etc. The changing lifestyles and constantly improving living standards of the people in the urbanized regions are increasingly embracing extravagant furnishings.

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Global Luxury Furniture Market Trends:

The escalating product demand across the residential and commercial sectors, on account of the expanding real e-state industry, is among the primary factors driving the luxury furniture market. In addition to this, the increasing penetration of online retailing and the rising population, particularly in the developing nations, are further augmenting the market growth. Moreover, the inflating disposable incomes have inclined the consumers towards purchasing luxury furniture, which acts as a status symbol and adds value to a space, which is also catalyzing the global market.

Besides this, the launch of innovative designs of furnishings by the leading manufacturers and the several collaborations with interior designers to capture a broader customer base are acting as significant growth-inducing factors. Apart from this, the development of innovative and technologically advanced furniture is also stimulating the market growth. Furthermore, the elevating preference for branding and positioning, the growing need for eco-friendly product variants, the rising impact of globalization, the low operational costs, and the emerging infrastructure investments are expected to bolster the luxury furniture market in the coming years.

Explore the Full Report with TOC & List of Figures: https://www.imarcgroup.com/luxury-furniture-market

Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

Some of these key players include:

• Valderamobili s.r.l.
• Scavolini S.p.A.
• Giovanni Visentin S.R.L.
• Nella Vetrina
• Muebles Picó S.A.
• Heritage Home Group LLC
• iola Furniture Limited
• TURRI srl
• Grayson Luxury
• Williams-Sonoma, Inc.
• Cassina S.P.A

Key Market Segmentation:

Breakup by Application:

• Domestic Sectors
o Living Room And Bedroom
o Kitchen
o Bathroom
o Outdoor
o Lighting
• Commercial Sectors
o Office
o Hospitality
o Others

Breakup by Raw Material:

• Wood
• Metal
• Glass
• Leather
• Plastic
• Multiple
• Others

Breakup by Distribution Channel:

• Conventional Furniture Stores
• Specialty Stores
• Online Retailers
• Others

Breakup by Design:

• Modern Segments
• Contemporary Segments

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

TOC for the Report:

• Preface
• Scope and Methodology
• Executive Summary
• Introduction
• Global Market
• SWOT Analysis
• Value Chain Analysis
• Price Analysis
• Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.