Luxury Furniture Market: Regional Trend & Growth Projections to 2027
Global luxury furniture market is anticipated to depict a CAGR of 4.5% through 2027, having recorded a valuation of USD 21.08 billion in 2021. By 2027, the market is expected to hit a remuneration of USD 28.41 billion.
The luxury furniture market is anticipated to amass sizable gains by 2027, delivering a steady CAGR through the analysis period. Market growth would primarily be driven by the rising levels of disposable income in emerging economies, which has improved the standard of living of consumers. This has subsequently caused consumer spending on luxury furniture to surge, boosting product demand in developed markets.
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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.
On the basis of luxury furniture type, tables are estimated to garner sizable revenue of over USD 4 billion by 2027. The demand for luxury tables has proliferated because of surging investments towards the hospitality sector. As global economies come out of their COVID-19 lockdowns, the hospitality industry is expected to witness stratospheric growth and contribute significantly to the segmental growth through the analysis period.
In terms of distribution channel, the online channel will grow at a notable CAGR of more than 5.5% over the forecast timeframe. Increasing presence of high-end furniture makers across numerous e-commerce platforms and newly-launched AR apps to promote the furniture products section will further drive segmental growth.
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.
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. Some of the prominent furniture brands operating in North America include Stickley, Floyd, Simplicity Sofas, Vermont Woods Studio, Eastvold Furniture, Vaughan-Bassett, The Joinery.
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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 luxury furniture 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 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 luxury furniture 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)
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