Presently, Europe is the largest market for luxury furniture followed by North America. The market in the Asia Pacific holds a great potential with lucrative prospects in the domestic market. A rise in disposable incomes, in the recent years, majorly contributes to the growth of the APAC market.
Portland, OR -- (SBWIRE) -- 09/29/2017 -- Luxury Furniture Market is expected to garner $27.01 billion by 2020, registering a CAGR of 4.1% during the forecast period 2015-2020. Major factors owing to progress in this sector include rise in disposable income that leads to rise in demand for luxury living thus influencing sector growth.
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The luxury furniture market is highly fragmented with a large presence of family run domestic companies. However, this does not limit the market reach of the companies as online portals are extensively used as a platform for sales. The strategic tie ups between the market participants and the interior designers have broadened the scope of this market and help in creating product awareness among the end users. Luxury furniture also reflects the social status of individuals; a trend that also boosts the growth of the luxury furniture market.
The demand for wood furniture is highest in the global market due to high aesthetics value associated with it. The glass furniture segment is expected to witness the fastest growth through 2020, catalyzed by its growing demand in the corporate and hospitality sector. The plastic furniture segment would grow at the slowest pace during the forecast period due to the environmental concerns associated with plastic degradation and its lack of aesthetic value, as compared to other materials.
Key findings of the Luxury Furniture Market:
-The wood luxury furniture segment leads the market with about 24% market share in 2014 and is estimated to dominate the market throughout the forecast period. However, the metal luxury furniture segment would witness a comparatively higher growth rate
-The domestic end user segment would continue to dominate the global market over the forecast period
-The market for luxury furniture in the lighting segment would grow at a CAGR of 8.3% during 2015 - 2020
-The hospitality sector within the commercial user segment would exhibit a steady demand for luxury furniture, registering a CAGR of 3.4% during 2015 - 2020
Key Players
* Duresta Upholstery Ltd.
* Muebles Pico
* Valderamobili
* Giovanni Visentin
* Scavolini
* Laura Ashley
* Iola Furniture Ltd.
* Nella Vetrina
* Henredon Furniture Industries Inc.
* Turri S.r.l.
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