Global Luxury Furniture Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at CAGR of 4.50% during forecast period of 2019 to 2027.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Growing urbanization and industrialization, rising permeation of online retailing in developing nations are manipulating customers for acquiring luxury furniture turn to raise growth in the luxury furniture market. Increasing awareness of modern lifestyle increases the growth in the luxury furniture market. High initial cost is limiting the growth in the luxury furniture market.
Based on the material, the luxury furniture market segmented into Glass, Metal, Plastic, Leather, and Wood. the luxury furniture market is expected to dominate at high growth by wood material. Wooden furniture is used for their beautiful natural look. Wooden furniture offers flexibility, durability and it is easy to maintain comfortably. Furthermore, furniture key players are introducing materials in the design of luxury furniture like metal, leather, glass to replace wood.
Based on the distribution channel, the luxury furniture market is segmented into departmental stores, online sales, independent furniture retailers, and Factory Outlets. The online sales segment is estimated to grow at high CAGR of XX% in the luxury furniture market. Online retailing provides more discounts and wider options to purchase the furniture. The online platform becomes popular owing to that it provides the delivery to the doorstep by order of products. With an online platform, a consumer can compare the price of luxury furniture on different websites. Online platforms provide the home delivery and free shipping and Exchange & return offer turns to increase the luxury furniture market.
By application, the luxury furniture market is segmented into commercial and domestic. Domestic application segment is expected to witness high growth in luxury furniture market owing to increasing demand in the array of domestic applications such as bedroom, bathroom, kitchen, lighting, outdoor and others. Furthermore, the commercial segment is anticipated to grow in the luxury furniture market. The commercial segment is subdivided on the basis of hospitality, office, and others.
In terms of region, the luxury furniture market is segmented into North America, Europe, Asia-Pacific, Middle East Africa, and Latin America. The Europe holds the large market share of XX% in the luxury furniture market owing to the increasing the demand of luxury furniture for the modern lifestyle. Followed by North America, The market in Asia Pacific is expected to expand at a high CAGR of XX% during the forecast period owing to the growing population in developing countries such as China and India.
The objective of the report is to present a comprehensive analysis of Global Luxury Furniture Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Luxury Furniture Market dynamics, structure by analyzing the market segments and project the Global Luxury Furniture Market size. Clear representation of competitive analysis of key players By Type, Price, Financial position, Product portfolio, Growth strategies, and regional presence in the Global Luxury Furniture Market make the report investor’s guide.
The scope of the Luxury Furniture Market:
Luxury Furniture Market, By Material
Luxury Furniture Market, By distribution channel
• Departmental Stores
• Online Sales
• Independent Furniture Retailers
• Factory Outlets
Luxury Furniture Market, By end user
Luxury Furniture Market, By region
• North America
• Middle East Africa
• Latin America
Key players in Luxury Furniture Market
• Drexel Heritage
• Lifestyles Iola Furniture Ltd.
• Turri S.r.l
• Herman Miller, Inc.
• Heritage Home Group LLC
• Muebles Pico
• Nella Vetrina
• Laura Ashley Folding PLC
• Scavolini S.p.A.
• Henredon Furniture Industries, Inc.
• Giovanni Visentin srl
• Inter IKEA Systems
• Heritage Home Group
• Herman Miller
• MUEBLES PICO
• Steinhoff International
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