The report” Luxury Furniture” Market by Material (Wood, Plastic, Leather, Metal) Global Luxury Furniture Market worth $41.82 billion by 2030 from USD 27.63 bn in 2020, at a CAGR of 4.23% over the forecasted period. The continuous rise in demand for Home furnishing and the increase in the rapid urbanization rate are primary factors that are augmenting the overall growth of this market.
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By Material, the ‘Wood’ accounted for the highest market share in 2020
Based on Material, the Luxury Furniture industry worldwide has been broadly fragmented into Wood, Plastic, Leather, Metal, Glass, and others. The 'Wood ' segment held the greatest share with almost 46.23% of the entire market in 2020. Wooden furniture is commonly used worldwide for its beautiful natural look, high resilience, easy maintenance, and durability. All of these factors are extensively driving the overall growth of this segment.
By End-User, the ‘Domestic Use’ segment held the largest market share significantly in 2020
Based on End-User, the Luxury Furniture market has been fragmented into Domestic Use and Commercial Use. The 'Domestic Use' segment held the highest market share of nearly 67.21 % (around 18.77 Bn) in 2020, with an overall CAGR of 4.73%. Crafted and well-designed ornamental furniture are widely used at the entrance door, in the kitchen areas, and bedroom or living room of domestic houses, which is augmenting the entire market growth significantly.
Europe held the largest market share with a CAGR of 4.14%, followed by North America. The larger availability of quality wood, the presence of highly skilled workers, and the rise of funds by the European government are the major reasons propelling the market's growth in this region. The Luxury Furniture Market in the United Kingdom in 2020-21 is expected to grow by nearly 3.8% from USD 11.26 billion in 2019.
The Asia-Pacific region held the fastest growth rate of the market during the estimated period of 2020-2030. China has the fastest and biggest developing furniture market in the APAC region because of the standard of living and the continuous growth in disposable incomes.
The major vendors in the Global Luxury Furniture Market include Duresta Upholstery Ltd, Muebles Pico, Kannustalo Ltd, Cassina, Scavolini, Laura Ashley Holding Plc, Valderamobili, Iola Furniture Ltd, Giovanni Visentin, Nella Vetrina, Turri S.r.l., and Henredon Furniture Industries Inc.
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