According to the research report titled ‘Global Premium Furniture and Furnishings Market - Analysis By Product (Furniture, Housewares, Textiles, Lighting, Others), Distribution Channel, End Use, By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global premium furniture and furnishings market, which was valued at USD 24.25 billion in 2020, is expected to observe exponential growth through 2026.

The rising disposable incomes, increasing demand for home furnishings, surging expenditure on lifestyle and consumer products, and easy availability of luxurious furniture products are some of the major factors driving the growth of global premium furniture and furnishings market.

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Apart from this, the luxury furniture vertical has expanded its product portfolio to supply products for kitchens, offices, and living rooms, including interiors, furnishing, upholstery solutions, and mattresses.

Based on product type, the market is divided into furniture, housewares, textiles, lighting, and others. Out of these, the furniture segment captured the largest market share in 2020 and is expected to grow substantially over the forecast timeline, owing to the rising spending capacity of the consumers and the development of an automated manufacturing system.

Moving on to the distribution channel, the market is fragmented in terms of offline and online segments. Citing the end-user spectrum, the market is categorized on the basis of residential and commercial.

The country-level bifurcation of this business sphere extends to China, Australia, France, Germany, Canada, India, Japan, Italy, the U.K., and the U.S.

The report claims that North America is estimated to hold the maximum share in the global premium furniture & furnishings market in the upcoming years, only to be trailed by Europe. Meanwhile, Asia Pacific market is expected to record a strong CAGR in the forthcoming years.

Haworth Inc., La-Z-Boy Inc., Ralph Lauren Corporation, Kimball International Inc., Grayson Luxury, Okamura Corporation, Steelcase Inc., HNI Corporation, Basett Furniture Industries Inc., and Herman Miller, Inc. are the leading companies operating in global premium furniture and furnishings industry.