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Home » Consumer Goods » Luxury Furniture Market Size, Share, Global Trends, 2030

Luxury Furniture Market: By Material (Wood, Plastic, Leather, Metal, Glass, Others), By End-User (Domestic use, Commercial use), By Geography, Size, Share, Global Trends, Forecast, 2021-2030

Published On: Mar-2022   |   Base Year: 2021   |   No Of Pages: 135   |   Historical Data: 2015 - 2019   |   Formats: PDF   |   Report ID: 92666657

Report DescriptionTable of Contents

The global luxury furniture market size was $28.79 Billion in 2021 and is predicted to reach $41.82 Billion by 2030, representing a CAGR of 4.23% throughout the estimated Forecast period 2021-2030.

 

Market Drivers: - (Increase in rate of rapid urbanization and rise in demand for Home Furnishings)

  • The continuous growth in demand for Home Furnishings is the primary factor that efficiently drives this segment's overall growth.  In May 2021, the USA furniture and its home furnishing store sales were anticipated to reach a landmark of approximately 12.13 billion USD, which was slightly greater than the last month when the sales stood at USD 12.12 billion.

 

  • Apart from the increase in the growth of home furnishings, the increase in the rate of rapid urbanization is also fuelling the overall market growth significantly. A majority of the world's population resides in urban areas.  The total share of the world's population residing in urban areas is expected to increase from 55 % in 2018 to 60 % in 2030.

 

  • Further, the increase in manufacturing ofLuxury Folding Dining Chairs, Luxury Counter Stools, Luxury Ottoman Bed, Luxury Round Beds, Luxury Leather Bar Stools, Modern Luxury Bed, Luxury Sofas, and Bentley Home Furniture is enhancing the overall market growth.

 

Luxury Furniture Market Based on Material

 

Restraints: - (Lack of skilled workers and higher cost of raw materials)

 

  • The scarcity of highly skilled workers across the global luxury furniture market and the increased price of raw materials are the key challenges for the industry, thereby obstructing the market growth widely.

 

Opportunities: - (Huge increase in fundings by the worldwide governments on home furnishings) 

 

  • Governments from all across the globe are widely focusing on increasing funds for the enhancement of home furnishings, which is likely to create ample opportunities for the market in the future. 

 

Global Luxury Furniture Market Segments Analysis:

 

The global industry segmentation is performed based on Material, End-User, and Regions.

 

By Material

  • Wood

  • Plastic

  • Leather

  • Metal

  • Glass

  • Others

 

By End-User

Domestic use

  • Living & Bedroom

  • Kitchen

  • Lighting

  • Outdoor

  • Bathroom

Commercial use

  • Hospitality

  • Office

  • Others

 

Luxury Furniture Market Based on End User

 

Based on Regions:

North America

  • U.S.

  • Mexico

  • Canada

  • Rest of North America

 

Europe

  • Switzerland

  • Russia

  • France

  • Germany

  • U.K

  • Finland

  • Turkey

  • Netherlands 

  • Belgium

  • Spain

  • Italy

  • Rest of Europe

 

Asia Pacific

  • China

  • India

  • Indonesia

  • South Korea

  • Thailand

  • Japan

  • Singapore

  • Malaysia

  • Philippines

  • Australia

  • New Zealand

  • Rest of APAC

 

LAMEA

  • Brazil

  • Saudi Arabia

  • Uruguay

  • Argentina

  • Rest of LAMEA

 

Based on Material, the 'Wood' segment dominated the market with almost 46.23 % of the entire luxury furniture market share in 2020. Wooden furniture is mostly used for its beautiful natural look, easy maintenance, high resilience, and durability. All of these factors augment the overall growth of this segment significantly.

 

Based on End-User, the 'Domestic Use' segment held the highest market share of nearly 67.21 % (around 18.77 billion) in 2020, with a CAGR of 4.73%.  Well-designed and crafted ornamental pieces of furniture are mostly used in the kitchen areas, at the entrance door, and bedroom or living room of the domestic houses, which is accelerating the overall market growth comprehensively.

 

Based on Region, the Market in Europe held the largest share of the luxury furniture market with a CAGR of 4.14%, followed by North America. The presence of highly skilled workers, larger availability of quality wood, and increase of funds by the European government are the major reasons propelling the market's growth in this region. The market in UK in 2020-21 is expected to rise by approximately 3.8% from USD 11.26 billion in 2019.

 

The Asia-Pacific region accounted for the fastest growth rate in the market during the estimated period of 2020-2030. The market in China has the fastest and biggest developing furniture market in the APAC region, owing to the continuous growth in disposable incomes and the standard of living. 

 

Global Luxury Furniture Market Competitive Landscape Analysis

The competitive landscape analysis is crucial to obtain an overall idea regarding the variety of competitors in the global market environment. The comparison is conducted based on market initiatives, investment in R&D, total revenue generation, a 360-degree company overview, company strengths and weaknesses, market potential, company financials, production sites and facilities, global presence, production capacity, etc.

 

Luxury Furniture Market Based on Region

 

The Key Players Included In the Luxury Furniture Market Report:

 

Report Attribute

Details

Forecast Period

2021 - 2030

Market size value in 2021

USD 28.79 Billion

Revenue forecast in 2030

USD 41.82 Billion

Growth rate

CAGR of approximately 4.23%

Base year for estimation

2021

Historical data

2015 – 2019

Unit

USD Billion, CAGR (2021 - 2030)

Segmentation

By Material, By End-User, By Regions,

By Material

Wood, Plastic, Leather, Metal, Glass, Others

 

By End-User

Domestic use(Living & Bedroom, Kitchen, Lighting, Outdoor, Bathroom), Commercial use

(Hospitality, Office, Others.)

By Region

North America, Europe, Asia Pacific, LAMEA

Country Scope

United States of America, United Kingdom, Italy, Germany, France, Spain, Canada, China, India, Japan, Brazil, Argentina, Mexico, South Africa, Saudi Arabia, etc.

Company Usability Profiles

Kannustalo Ltd, Duresta Upholstery Ltd., Muebles Pico,  Cassina, Giovanni Visentin, Scavolini, Laura Ashley Holding Plc, Valderamobili, Iola Furniture Ltd., Nella Vetrina, Henredon Furniture Industries Inc., Turri S.r.l.

 

Global Luxury Furniture Market: Recent Developments

  • In July 2020, Cassina joined hands with Mobilia, an Australia-based company specializing in manufacturing high-end design furniture worldwide. This partnership would signify Mobilia as an exclusive distributor of Cassina in the Australian territory. Mobilia had also planned to extend its reach to the Eastern states of Australia.

 

  • In May 2019, the assets of Castelle Furniture Co. Inc. and its operations in Costa Rica were acquired by Brown Jordan International. This combined organization is headquartered in St. Augustine, Florida, USA, and is also involved in manufacturing and designing furniture and administrative operations across 5 states in the United States, Mexico, Juarez, and Costa Rica.

 

Frequently Asked Question About This Report

b: The global luxury furniture market size was $28.79 Bn in 2021 and is predicted to reach $41.82 Bn by 2030, representing a CAGR of 4.23%.

b: The global luxury furniture market is expected to grow at a compound annual growth rate (CAGR) of 4.23% from 2021 to 2030 to reach USD 41.82 billion by 2030.

b: Based on End-User, the Domestic Use segment held the highest market share of nearly 67.21% (around 18.77 billion) in 2020, with a CAGR of 4.73%.

b: The most vital players of the global market are Kannustalo Ltd, Duresta Upholstery Ltd, Muebles Pico, Cassina, Giovanni Visentin, Scavolini, Laura Ashley Holding Plc, Valderamobili, Iola Furniture Ltd, Nella Vetrina, Henredon Furniture Industries Inc, and Turri S.r.l.

b: Based on Material, the Wood segment dominated the market with almost 46.23% of the entire market share in 2021.

b: Based on Region, the market in Europeheld the largest share of the market with a CAGR of 4.14%, followed by North America. The Asia-Pacific region accounted for the fastest growth rate in the market during the estimated period of 2021-2030.

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