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— QY Research recently announced the publication of a new research report, titled “Global Luxury Furniture Market Insights, Forecast to 2025.” The publication offers a detailed insight into the factors that are likely to drive the global market for luxury furniture and the ones that are likely to restrain it. Analysts have studied the segments in detail to ascertain the ones that will lead the market. The report discusses the impact of evolving economies on the global luxury furniture market comprehensively.
According to the research report, the global luxury furniture market was valued at US$37363 mn in 2018 and is expected to reach US$50456 mn by the end of 2025. Through the forecast years of 2019 and 2025, the overall market is expected to surge steadily at CAGR of 4.39%.
Global Luxury Furniture Market: Drivers
The demand for luxury furniture is expected to rise steadily in the coming years due to growing disposable incomes. Improving economies are expected to be the key factors influencing the global market for luxury furniture. Growing focus of urban population towards aesthetic needs has also created a positive impact on the market. Thus, in many ways, the expansion of the luxury furniture market also depends on the rapid pace of urbanization. Analysts project that the shifting trend of upcycling furniture is likely to lure in more consumers as it works towards reducing carbon footprint.
Emergence of e-commerce, which enabling several consumers to shop at their convenience has also fueled the global luxury furniture market. In addition, a wide variety of items is also creating a demand in the market. Ability to shop for luxury furniture through installments instead of a hefty one-time payment is also projected to aid market growth in the coming few years.
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Global Luxury Furniture Market: Segments
On the basis of type, the global luxury furniture market is segmented into wood, metal, glass, and others. Analysts’ project that wood will continue to be the leading segment as it has a wider appeal. In terms of applications, the luxury furniture market is segmented into residential, bedroom, dining room, living room, hotel, commercial, office, and others. The report predicts that the housing segment will be the key user of luxury furniture in the near future.
Global Luxury Furniture Market: Regional Segments
Geographically, the global luxury furniture market is segmented into North America, Asia Pacific, Europe, Central and South America, and the Middle East and Africa. North America is expected to dominate the global market for luxury furniture during the forecast period. Higher disposable incomes and increasing expenditure on home improvement are expected to favor this regional market in the near future. On the other hand, Asia Pacific is also expected to make a strong impression on the luxury furniture as disposable incomes in China and India improves.
Global Luxury Furniture Market: Competitive Landscape
Some of the leading players operating in the global luxury furniture market are Restoration Hardware, Hooker Furniture Corporation, Knoll, Kimball Hospitality, Molteni Group, Poltrona Frau, Roche Bobois, Scavolini S.p.A., B&B Italia, Minotti, and Ligne Roset. Companies are expected to keep themselves up to date with the latest styles and designs to remain relevant in the cutthroat competition.
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