Luxury Furniture Market Scope
Luxury Furniture is that furniture which is conducive to sumptuous living, and that includes elements that are elegant, sumptuous and indulgent. The global luxury furniture market is expected to witness high growth in the forecasted period due to rapid urbanization and upliftment in the consumer living standards in developing countries such as India, South Africa, and China. Increasing the use of the garden as a living space, a place for active and passive recreation by people is also driving the market for luxury furniture.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Steelcase (United States), Ashley Furniture Industries (United States), Inter IKEA Group (Netherlands), Sears Holdings (United States), Haworth (United States), Herman Miller (United States), HNI (United States), Kimball International (United States) and Knoll (United States) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Luxury Furniture market throughout the predicted period.
Steelcase (United States), Ashley Furniture Industries (United States), Inter IKEA Group (Netherlands), Sears Holdings (United States), Haworth (United States), Herman Miller (United States), HNI (United States), Kimball International (United States) and Knoll (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are KOKUYO Furniture (Japan), Poltrona Frau (Italy) and Masco (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Luxury Furniture market by Type and Region with country level break-up.
On the basis of geography, the market of Luxury Furniture has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In April 2018, Williams-Sonoma, Inc. entered into a partnership with AERIN which is a popular lifestyle brand. Through this partnership Williams-Sonoma planning to launch new summer entertaining and outdoor furniture pieces.
In August 2018, Myanmar’s leading luxury furniture brand Golden Enchant opened up its second showroom in August 2018, the showroom includes German quality furniture with the new location at the Krislite showroom on Kanbae rd.
According to the Government of United Kingdom, “The Furniture and Furnishings (Fire Safety) Regulations 1988 (amended 1989, 1993 and 2010) are UK law and are designed to ensure that upholstery components and composites used for furniture supplied in the UK meet specified ignition resistance levels and are suitable labeled”.
Influencing Trend:
Rising Penetration of Online Retailing All Across the World
Market Growth Drivers:
Rising Disposable Income and Affordability, Globalization and Major Population Shift to the Urban Areas Worldwide and Up surging Demand for Luxury Furniture in Garden, Outside Porches, and Balcony
Challenges:
Increased Cost of Raw Material
Restraints:
Stringent Government Regulation
Opportunities:
Changing Consumer Demographics as well as Tourism & hospitality Industry Growth and Increasing Demand from Emerging Market such a China, India and Others
Key Target Audience
Raw Material Suppliers, Distributors/Traders/Wholesalers/Suppliers, Regulatory Bodies, Including Government Agencies And Ngo, Commercial Research & Development (R&D) Institutions, Importers and Exporters, Government Organizations, Research Organizations, And Consulting Firms, Trade Associations And Industry Bodies and End-Use Industries