According to the 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 MarketStudyReport, global luxury furniture market is touted to witness a sizeable expansion over the forecast period 2021-2027.
 

As per report findings, evolving customer demands due to changing lifestyles, high preference for ecofriendly & customizable products, and increasing redevelopment of aging infrastructure are the primary factors contributing to global luxury furniture market growth.

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Notably, luxury furniture are quickly becoming indispensable components that determine the interior design style of a home. With rising disposable income levels, consumers are inclined towards installing individualistic furniture in their homes, which is significantly boosting the market expansion.

Meanwhile, leading companies have been keeping up with these emerging trends and introducing new products with modern as well as classic designs. Thus, rising diversity in the product landscape is expected to enable industry partakers to widen their revenue streams over the course of the next few years.

However, dearth of skilled professionals for meeting fluctuating demands is likely to impede market growth in the upcoming years.

In terms of product type fragmentation of worldwide luxury furniture industry, interior accessories segment captured a revenue share of 7% in 2020 and is expected to follow a similar trend through 2027, while the kitchen furniture segment is slated to expand at a CAGR of 4.1% over the analysis timeframe.

On the regional front, Middle East & Africa industry accounted for around 12% volume share in 2020 and is slated to bolster at a noteworthy rate over the forecast period, since the region houses some of the most rapidly developing economies in the world.

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