Luxury Furniture Market Synopsis:
The growth witnessed in the real estate sector is anticipated to drive the growth of the luxury furniture market in the years to come. Increasing residential complexes are expected to generate demand for high-end furniture for decorating and designing the interiors. This, in turn, is projected to expedite market expansion in the forthcoming years.
The global economic development has led to rising standards of living. The influx of people in urban areas in conjunction with rising disposable income is expected to generate demand for high-end products in the upcoming years. As per Market Research Future (MRFR), the global luxury furniture market is projected to expand at a steady but constant CAGR over the assessment period 2016 to 2021.
The introduction of new designs and innovations are expected to act as the growth catalyst to the luxury furniture market over the assessment period. The growth of the hospitality sector is also forecasted to catalyze the growth of the luxury furniture market through the projection period. Increasing demand from hotels and resorts are anticipated to accelerate revenue generation for the industry leaders.
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The luxury furniture market, by end-use, has been segmented into residential and commercial.
On the basis of retail formats, the luxury furniture market has been segmented into furniture retailers, departmental stores, online retailing, and others.
By raw material, the global luxury furniture market has been segmented into wood, metal, plastic, and others.
The prominent players expected to contribute to the development of the Global Luxury Furniture Market are Duresta Upholstery Ltd., Giovanni Visentin s.r.l., Valderamobili s.r.l., Scavolini Spa, Turri S.r.l., Iola Furniture Ltd., Henredon Furniture Industries Inc., Laura Ashley Holding Plc, and Muebles Pico.
The geographical assessment of the global luxury furniture market spans across four major regions, viz. North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific plays a significant role in the development of the global market. The region is witnessing transforming economic developments, which is likely to unleash developmental opportunities in the luxury furniture market in the forthcoming years. Again, the rising count of residential and commercial construction projects is anticipated to catapult the regional market on an upward trajectory across the review period. North America is expected to stand at its second spot in the global marketplace over the forecast period.
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