Luxury Furniture Market: North America Region is Expected to Record CAGR of 4.4% Over 2021-2027
Category: #business  By Ronak Bora  Date: 2021-08-02
  • share
  • Twitter
  • Facebook
  • LinkedIn
Luxury Furniture Market: North America Region is Expected to Record CAGR of 4.4% Over 2021-2027

The North America luxury furniture market is projected to rise with a 4.4% CAGR between 2021 and 2027. The regional market growth will be majorly attributed to improving consumer spending on home improvement. According to a latest Harvard University report, the U.S. market for home improvement is currently valued at over $400 billion annually. The rising demand for the development of new construction of residential and commercial buildings will nurture luxury furniture businesses.

Get sample copy of this research [email protected] https://www.gminsights.com/request-sample/detail/5034

The luxury furniture market is expected to gain momentum in view of increasing consumer spending on luxury products and home furnishing. Rise in disposable income has encouraged consumers to purchase high-quality, durable and trending household furnishing for their home. A report by the U.S. Department of Commerce and U.S. Census Bureau states that consumer retail spending was up 0.6% in August 2020, with furniture and home furnishings being the notable categories to outperform overall retail spending. The report added that furniture and home furnishing category did an estimated $10.23 billion in sales, up from $10.02 billion in July 2020.

The luxury furniture market size is likely to exceed USD 28.41 billion by 2027. Some additive manufacturing companies are steadily leveraging 3D printing technology to develop new and complex furniture designs that limit wood wastage. Highlighting such an instance, in 2021, Forust, a subsidiary of 3D printing and rapid prototyping company Desktop Metal, was inaugurated with a vision to use 3D printing technology to upcycle wood waste from trees into luxurious, high-quality, end-use wood parts used in consumer goods and furniture.

Burgeoning demand for renovation activities, new constructions, and rising consumer spending on home enhancement will boost the demand for luxury furniture. Improving standard of living in the emerging economies has raised consumer spending on luxury homes and furnishing products. This trend is increasingly witnessed across countries like China, India, Brazil, and South Africa, regions that are the key contributors to the construction industry growth. Escalating constructions of hotels, clubs, restaurants, commercial complexes, and clubs may impel the demand for luxury décor furniture in the commercial sector.

Establishment of commercial zones & IT parks is increasing the demand for efficient office furniture across the globe. Designer furniture such as tables and filing cabinets can improve the overall aesthetics of corporate and commercial spaces such as individual workstations, lounges, meeting rooms, and cafeterias. Some of the companies are specializing in offering such furniture are Herman Miller, Inc., MARIONI, Knoll, Inc., Godrej & Boyce Manufacturing Co., Ltd., Haworth Inc., Boca do Lobo, IKEA Group, Brabbu, Kohler, Furniture Concepts, HNI Corporation, and Bentley Home.

Get this report Customized to your Requirements @ https://www.gminsights.com/roc/5034

Some Point from Table of Contents:

Chapter 4   Luxury Furniture Market, By Type

4.1    Global luxury furniture market insights by type

4.2    Tables

4.2.1    Market estimates and forecast from tables, 2017 - 2027, (Thousand Tons) (USD Billion)

4.2.2    Market estimates and forecast by region, 2017 - 2027, (Thousand Tons) (USD Billion)

4.3    Chairs

4.3.1    Market estimates and forecast from chairs, 2017 - 2027, (Thousand Tons) (USD Billion)

4.3.2    Market estimates and forecast by region, 2017 - 2027, (Thousand Tons) (USD Billion)

4.4    Sofas & lounges

4.4.1    Market estimates and forecast from sofas & lounges, 2017 - 2027, (Thousand Tons) (USD Billion)

4.4.2    Market estimates and forecast by region, 2017 - 2027, (Thousand Tons) (USD Billion)

4.5    Kitchen

4.5.1    Market estimates and forecast from kitchen, 2017 - 2027, (Thousand Tons) (USD Billion)

4.5.2    Market estimates and forecast by region, 2017 - 2027, (Thousand Tons) (USD Billion)

4.6    Lighting

4.6.1    Market estimates and forecast from lighting, 2017 - 2027, (Thousand Tons) (USD Billion)

4.6.2    Market estimates and forecast by region, 2017 - 2027, (Thousand Tons) (USD Billion)

4.7    Interior accessories

4.7.1    Luxury Furniture Market estimates and forecast from interior accessories, 2017 - 2027, (Thousand Tons) (USD Billion)

4.7.2    Market estimates and forecast by region, 2017 - 2027, (Thousand Tons) (USD Billion)

4.8    Beds

4.8.1    Market estimates and forecast from beds, 2017 - 2027, (Thousand Tons) (USD Billion)

4.8.2    Market estimates and forecast by region, 2017 - 2027, (Thousand Tons) (USD Billion)

4.9    Other luxury furniture

4.9.1    Luxury Furniture Market estimates and forecast from other luxury furniture, 2017 - 2027, (Thousand Tons) (USD Billion)

4.9.2    Market estimates and forecast by region, 2017 - 2027, (Thousand Tons) (USD Billion)

Browse complete Table of Contents (ToC) of this research report @

https://www.gminsights.com/toc/detail/luxury-furniture-market

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

Read More >>

More News By Ronak Bora

Latin America Airless Tires Market To Grow at 5% CAGR By 2026
Latin America Airless Tires Market To Grow at 5% CAGR By 2026
By Ronak Bora

Latin America airless tires market is projected to observe a growth rate of approximately 5% across the forecast timespan. This growth rate can be attributed to a number of favorable trade policies and foreign direct investment inflows, which are act...

North America Automotive Wheel Market to is Expected to Grow Significantly By 2026
North America Automotive Wheel Market to is Expected to Grow Significantly By 2026
By Ronak Bora

North America automotive wheel market size is forecast to showcase growth rate of more than 6% through 2026 due to the presence of major wheel manufacturers in the region, including U.S. Wheel Corporation, Wheel Pros, Maxion Wheel and Superior Indust...

By 2026, North America Automotive Interior Materials Market is Expected to Hold 15% Share
By 2026, North America Automotive Interior Materials Market is Expected to Hold 15% Share
By Ronak Bora

The automotive interior materials market in North America will account for 15% of the global industry share by the end of the forecast time period. This can be ascribed to the fact that the region houses a well-established automotive industry. The pr...