The study is a unique tool for evaluating the market. It covers the key market segments, and research methodology used such as primary and secondary research. The market overview section covers the market scope, key findings, Porters five forces analysis, growth prospects of the market, restraints, and opportunities.
Portland, OR -- (SBWIRE) -- 09/20/2017 -- Allied Market Research published a report on North America Luxury Furniture Market, which presents a detailed analysis of the overall market. The report forecasts that the market is expected to garner $9.2 billion by 2022, registering a CAGR of 3.1% during the period 2016 - 2022.
On the basis of type, the market is segmented by material, end-use, and geography. On the basis of material, the market is segmented into metal, wood, plastic, glass, leather, and others. By end-use, the market is segmented into domestic use, and commercial use. Geographically, the market is divided into the regions such as United States, Canada, and Mexico. The emerging players operating in the market are also profiled in the report. Online portals are employed as a platform for sales by the companies operating in the market. The strategic partnerships formed between the market participants and the interior designers have widened the scope of this market and helped create product awareness among the end users.
The U.S. occupies the largest luxury furniture market share in North America, followed by Canada. The growth of the market is driven by improving economic conditions throughout the region. Moreover, the rise in disposable income of the consumers across the US, Canada, and Mexico, along with the improving real estate sector, boost the market growth. Luxury furniture also reflects the social status of people in North America, a trend that boosts the growth of this market in the region.
The North American market witnesses the highest demand for wood furniture on account of high aesthetic value associated with it. The glass furniture segment is anticipated to experience the fastest growth from 2016 to 2022, owing to its growing demand in the corporate and hospitality sector. The plastic furniture segment is likely to experience the slowest growth rate during the forecast period owing to the environmental concerns associated with plastic degradation and its lack of aesthetic value, as compared to other materials. Eco-friendly furniture and multifunctional furniture are slowly catching up the pace in the market. Rising awareness of the environment and space constraints in urban regions drive the adoption of these furniture in the North American market.
Domestic producers of the luxury furniture market include Brown Jordan, Century Furniture LLC, Kindel Furniture Company, Cococo Home, and Gilani Furniture. They greatly focus on the production of stylish luxury furniture products with high-quality raw materials. Thus, the market players compete on the two key areas regarding material and style. New product launch accompanied by innovative design is the key strategy adopted by companies. Moreover, the growing demand for e-commerce platforms by customers to purchase furniture products is anticipated to assist the market players to expand their business presence, which is likely to boost the overall growth of the market.
Key Findings of North America Luxury Furniture Market:
- The wood luxury furniture segment accounted for 24% of the market share in 2015 and is likely to dominate the market throughout the forecast period.
- The domestic end-user segment is likely to continue its dominance in the North American market over the forecast period.
- The hospitality sector within the commercial user segment is expected to show a steady demand for luxury furniture, registering a CAGR of 2.5% during the forecast period.
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