According to the recent 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 amassed revenues worth USD 24.25 billion in 2020 and is expected to expand exponentially through 2026.

The factors fueling the global premium furniture and furnishings market growth are increasing number of digital strategies and product innovation. The market is also catalyzed by rising disposable incomes, which have influenced consumers to purchase luxury items that serve as status symbols and add value to a place.

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Based on segmentation, global premium furniture and furnishings industry landscape is classified by product type, distribution channels, end-user spectrum, and regional analysis.

The product landscape is further classified into housewares, textiles, furniture, lighting, and others. The furniture segment captured a major market share in 2020 and is estimated to grow significantly through 2026.

The distribution channel of this business space is split into offline and online modes. Meanwhile, the end-user market segment is divided into commercial and residential spaces.

In terms of regional analysis, global premium furniture and furnishings marketspace is bifurcated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America is expected to hold the largest market share throughout the forecasted period followed by Europe.

Meanwhile, Asia Pacific is also predicted to be the fastest-growing market in the furnishings segment by 2026. Rising per capita income, growing demand for luxury products, improving consumer lifestyle, and increasing production of premium furniture are favoring the overall market scenario in Asia-Pacific.

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