Sarasota, FL -- (SBWIRE) -- 08/03/2018 -- Zion Market Research has published a new report titled "Luxury Furniture Market by Material Type (Glass, Metal, Plastic, Leather, Wood and Others), by Distribution Channel (Departmental Stores, Online Sales, Independent Furniture Retailers, Factory Outlets and Others) and by End Users (Domestic and Commercial): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023". According to the report, global luxury furniture market was valued at approximately USD 23.05 billion in 2017 and is expected to generate revenue of around USD 30.28 billion by end of 2023, growing at a CAGR of around 4.65% between 2017 and 2023.

Luxury furniture's, are movable pieces, which showcase the best of an elite quality, and design associated with a certain era. Often crafted out of metal, glass, the wood they add to the aesthetic value of an establishment such as homes, hotels, offices and other indoor or outdoor areas.

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The luxury furniture division today is significantly benefiting from the rise in the disposable income, globalization and major population shift to the urban areas worldwide. Furniture companies in the luxury furniture market are more concerned about reducing their carbon footprints and have started offering environment-friendly alternatives. As technology is progressing furniture designers are getting more innovative and daring with their designs. Low toxicity is also one of the priority items on customers list when shopping for environment-friendly furniture as they want to reduce their negative impact on health which is taken care while by designing the furniture. Thus in this highly unorganized sector online retailing has made selecting and buying furniture with more discounts and wider options.

Based on the material type the market is segmented into glass, metal, plastic, leather, wood, and others. On the basis of the distribution channel, the market is segmented into departmental stores, online sales, independent furniture retailers, factory outlets, and others. Based on end users the market is segmented into domestic and commercial users.

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Based on distribution channel the market is segmented into departmental stores, online sales, independent furniture retailers, factory outlets, and others. Inclination in the online retailing and higher media penetration are some of the major factors driving the growth of online sales.

The global luxury furniture market is segmented into major regions which include North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. Amongst all these regions, Europe captured the highest share in the global luxury furniture market in 2014. China is expected to be the biggest and rapidly growing furniture market in future which will drive the overall Asia luxury furniture market. Latin America region is also anticipated to showcase fast growth in the forecast period. The requirement of luxury furniture, especially in the hospitality sector in Middle East region and African region, is expected to drive the market in this region in future.

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Some of the key players in the luxury furniture market are Muebles Pico, Nella Vetrina, Laura Ashley Folding PLC, VALDERAMOBILI srl, Scavolini S.p.A., Henredon Furniture Industries, Inc., Giovanni Visentin srl, Iola Furniture Ltd., Turri S.r.l, Herman Miller, Inc., Heritage Home Group LLC and others. Many furniture manufacturers are partnering up with artists or interior designers to create and offer a luxury range of furniture. Companies born to serve the made to order requirements are now opening their stores in different geographical locations to provide buyers creative designs that go well with time.