According to a research report titled ‘Luxury Furniture Market Size, By Type (Tables, Chairs, Sofas & Lounges, Kitchen, Lighting, Interior Accessories, Beds), By Distribution Channel (Online, Offline), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, luxury furniture market is expected to witness considerable growth over the forecast period 2021-2027.
 

Evolving consumer buying patterns due to lifestyle transformations across the globe, as well as inclination towards replacement of old furniture are the primary factors responsible for worldwide luxury furniture industry growth.
 

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Moreover, widespread preference for eco-friendly products, mounting demand for customizable options, and introduction of various classic as well as modern furniture designs by manufacturers are also stimulating overall market trends.
 

Elaborating on the negatives, factors such as surging furniture costs, slacking supply chain efficiency & visibility, and dearth of skilled labor to deal with fluctuating demand are likely to slow down the market growth trajectory in the upcoming years.
 

Based on product type, the industry is classified into beds, lighting, kitchen, interior accessories, sofas & lounges, tables, chairs, and others. Of these, kitchen furniture segment is expected to register a CAGR of 4.1% over the study duration, while interior accessories segment captured a revenue share of nearly 7% in 2020.
 

From a regional frame of reference, Middle East & Africa industry held a volume share of approximately 12% in 2020. Notably, MEA is home to some of the rapidly developing economies, which is steering industry development across the region.
 

Prominent players influencing the luxury furniture market sphere are Selva 1968 S.r.l. GmbH, U.S. Quality Furniture Services Inc., Club House Italia S.p.A., Giorgetti S.p.A., Reflex S.p.A., Furniture Services Inc., McCarthy Group Ltd., Herman Miller Inc., BRABBU, Urban Office Interiors Ltd., HNI Corp., Godrej & Boyce Mfg. Co. Ltd., Haworth Inc., Renaissance Office Design & Furniture, Heritage Home Group LLC, Furniture Concepts LLC, Bentley Homes, Boca Do Lobo, Illulian S.r.l, Marioni, Knoll Inc., Inter IKEA Systems B.V., Cassina S.p.A., Kohler Co., and Cassina S.p.A.