Luxury Furniture Market: Industry Trends, Key Companies Growth And Regional Forecast To 2027
The luxury furniture market is anticipated to amass sizable gains by 2027, delivering a steady CAGR through the analysis period. Market growth would primarily be driven by the rising levels of disposable income in emerging economies, which has improved the standard of living of consumers. This has subsequently caused consumer spending on luxury furniture to surge, boosting product demand in developed markets.
The luxury furniture market is poised to grow at more than 4.5% CAGR through 2027. Burgeoning demand for renovation activities, new constructions, and rising consumer spending on home enhancement will boost the demand for luxury furniture. Improving standard of living in the emerging economies has raised consumer spending on luxury homes and furnishing products. This trend is increasingly witnessed across countries like China, India, Brazil, and South Africa, regions that are the key contributors to the construction industry growth. Escalating constructions of hotels, clubs, restaurants, commercial complexes, and clubs may impel the demand for luxury décor furniture in the commercial sector.
Get sample copy of this research report @ https://www.decresearch.com/request-sample/detail/5034
On the basis of luxury furniture type, tables are estimated to garner sizable revenue of over USD 4 billion by 2027. The demand for luxury tables has proliferated because of surging investments towards the hospitality sector. As global economies come out of their COVID-19 lockdowns, the hospitality industry is expected to witness stratospheric growth and contribute significantly to the segmental growth through the analysis period.
In terms of distribution channel, the online channel will grow at a notable CAGR of more than 5.5% over the forecast timeframe. Increasing presence of high-end furniture makers across numerous e-commerce platforms and newly-launched AR apps to promote the furniture products section will further drive segmental growth.
Establishment of commercial zones & IT parks is increasing the demand for efficient office furniture across the globe. Designer furniture such as tables and filing cabinets can improve the overall aesthetics of corporate and commercial spaces such as individual workstations, lounges, meeting rooms, and cafeterias. Some of the companies are specializing in offering such furniture are Herman Miller, Inc., MARIONI, Knoll, Inc., Godrej & Boyce Manufacturing Co., Ltd., Haworth Inc., Boca do Lobo, IKEA Group, Brabbu, Kohler, Furniture Concepts, HNI Corporation, and Bentley Home.
The North America luxury furniture market is projected to rise with a 4.4% CAGR between 2021 and 2027. The regional market growth will be majorly attributed to improving consumer spending on home improvement. According to a latest Harvard University report, the U.S. market for home improvement is currently valued at over $400 billion annually. The rising demand for the development of new construction of residential and commercial buildings will nurture luxury furniture businesses. Some of the prominent furniture brands operating in North America include Stickley, Floyd, Simplicity Sofas, Vermont Woods Studio, Eastvold Furniture, Vaughan-Bassett, The Joinery.
Get this report Customized to your requirements@ https://www.decresearch.com/roc/5034
Some Point from Table of Contents:
Data Tables
TABLE 1. Global luxury furniture market estimates and forecast, 2017 - 2027, (Thousand Tons) (USD Billion)
TABLE 2. Global luxury furniture industry volume estimates and forecast by type, 2017 - 2027 (Thousand Tons)
TABLE 3. Global luxury furniture industry revenue estimates and forecast by type, 2017 - 2027 (USD Billion)
TABLE 4. Global luxury furniture industry volume estimates and forecast by distribution channel, 2017 - 2027 (Thousand Tons)
TABLE 5. Global luxury furniture industry revenue estimates and forecast by type, 2017 - 2027 (USD Billion)
TABLE 6. Global luxury furniture market volume estimates and forecast by region, 2017 - 2027 (Thousand Tons)
TABLE 7. Global luxury furniture market revenue estimates and forecast by region, 2017 - 2027 (USD Billion)
TABLE 8. Vendor matrix
TABLE 9. Industry best practices & key buying criteria
TABLE 10. Industry impact forces
TABLE 11. HS codes and description
TABLE 12. Company performance analysis
TABLE 13. Top ten players overview
Browse complete Table of Contents (ToC) of this research report @
https://www.decresearch.com/toc/detail/luxury-furniture-market