According to business intelligence 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, global luxury furniture market is projected to expand substantially between 2021-2027.
 

Consumer inclination towards eco-friendly products, and rising demand for customization are key factors spurring global luxury furniture market growth. Moreover, growing disposable incomes of individual in conjunction with enhanced lifestyles has increased their willingness to spend money on luxury furniture which will multiply industry valuation in the upcoming years.
 

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Additionally, leading players are launching new products with classic as well as modern designs. The stylistic quotient can either be traditional styles or modern ones. Availability of varied options in traditional catalogues, with patterned upholstery, ornamental wooden frames, and elegant furnishing will appeal more to consumers, hence bolstering the industry outlook.
 

Based on type, global luxury furniture industry is divided into tables, sofas & lounges, chairs, kitchen, lighting, beds, interior accessories, and others. Among these segments, kitchen segment is projected to expand at 4.1% CAGR over the forecast period. Reduced space footprint with more storage offered by modern furniture like cabinets is a key factor credited for this expansion. Meanwhile, the interior accessories segment captured 7% market share in 2020.
 

Moreover, beds segment captured 2.5% share in global luxury furniture market in the recent past and is estimated to expand rapidly between 2021-2027 because of importance given by interior designers due to its role in achieving the perfect looking room
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Regionally speaking, Middle East & Africa accounted for 12% share in worldwide luxury furniture industry in 2020, owing to amplifying residential sector and emerging economies in the region.
 

Key players profiled in the report are Kohler Co., Giorgetti S.p.A., HNI Corporation, Cassina S.p.A., Knoll Inc., IKEA Group, Selva Group, MARIONI Group, Bentley Homes, Haworth Inc., US Quality Furniture Services Inc., Turvo Inc., Trussardi Casa, Brabbu, Reflex S.p.A., Herman Miller Inc., Boca do Lobo, Godrej & Boyce Mfg. Co. Ltd., Heritage Home Group LLC, McCarthy Group LLC, Illulian, Urban Office Interiors Ltd., and Renissance Office Designs & Furniture.