Luxury Furniture Market Opportunities 2023 - Key Players, Growth to Reach US$ 31.0 Billion By 2028

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 comprises a range of high-end movable articles, such as sofas, chairs, beds, tables, cabinets, chandeliers, wardrobes, and dressers. These items are specially made by skilled craftsmen using premium and high-quality materials, including metal, glass, velvet, silk, and wood, in unique styles that impart a rich and elegant look to the pieces. They also help enhance the aesthetic value of homes and commercial establishments like hotels, offices, cafes, restaurants, and other indoor or outdoor areas. In recent years, luxury furniture has gained immense traction among the masses as they serve as a status symbol while adding value to the space.

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Global Luxury Furniture Market Trends:

The global luxury furniture market is primarily driven by the changing lifestyles of individuals and increasing consumer spending on enhancing the overall look and feel of residential and commercial spaces. Moreover, the constantly improving living standards, especially in urbanized regions, have augmented the demand for luxury furniture. In addition, the rising influence of social media platforms on buying decisions of individuals represents another major growth-inducing factor.

Furthermore, several key players are extensively investing in digital marketing ads and celebrity endorsements to boost their product reach and expand their customer base. This, coupled with the development of eco-friendly luxury furniture in innovative designs and unique patterns, is positively influencing the market growth. Other factors, including rapid growth in the hospitality industry, rising construction and renovation activities, shifting focus toward interior decoration, and inflating consumer expenditure capacities, are also anticipated to catalyze market growth.

Explore the Full Report with Charts, Table of Contents, and 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.