Enjoy complimentary customisation on priority with our Enterprise License!
The luxury furniture market size is forecast to increase by USD 9.54 billion, at a CAGR of 5.16% between 2023 and 2028. Market expansion is driven by various factors, such as the increase in new luxury furniture showroom launches, the expanding influence of diverse retailing channels, and the growing preference for multifunctional luxury furniture. These Metal and Wood are transformed into elegant Furniture pieces, such as Chairs, Tables, and Cabinets. These elements shape consumer trends and fuel industry growth. However, challenges persist, including frequent product recalls, volatile raw material prices, and stringent regulations governing luxury furniture. Overcoming these obstacles is essential to sustain market momentum and ensure consumer trust. Addressing product quality issues, stabilizing raw material costs, and navigating regulatory compliance are crucial steps in fostering market stability and growth. Despite these challenges, the market remains resilient, driven by continuous innovation and adaptation to changing consumer demands, thus maintaining its position as a dynamic and evolving sector in the retail industry. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
To learn more about this report, View Report Sample
In the market, workers and craftsmen in developed countries, such as Italy, meticulously create high-quality pieces using materials like metal, wood, glass, plastic, and leather. These goods find extensive use in offices, hotels, homes, restaurants, and other establishments for both domestic and commercial purposes. Exporters play a significant role in transporting these luxury items to developing countries, where demand for innovation and urbanization continues to grow. However, import and export restrictions and global trade wars can impact the market dynamics. Developing countries may face challenges in accessing these luxury goods due to tariffs and quotas. Meanwhile, developed countries may face competition from low-cost producers in developing countries. Furniture designers continue to push the boundaries of branding and positioning, creating unique pieces that cater to the evolving tastes of consumers. Luxury goods, including Italian-made furniture, remain in high demand due to their perceived value and exclusivity. Ultimately, the market is a dynamic and complex ecosystem that requires constant innovation and adaptation to meet the changing needs of consumers and global market conditions.
The major driver that will expand the market size is the emergence of online and offline stores offering customizable products. The market is experiencing significant growth due to the continuous introduction of high-quality products and showrooms worldwide. Major and regional players are capitalizing on the expanding opportunities in this sector, catering to the demands of interior designers and end-users seeking to enhance their living spaces with comfortable sofas, aesthetic appeal, and urbane lifestyles.
Moreover, new showrooms showcase lighting, tables, cabinets, and office furniture, including workstations, conference rooms, cafeterias, and lounges, to attract customers in both developed and developing nations. Online platforms also play a crucial role in reaching a broader audience, offering end-users a diverse range of options to fit their unique lifestyles. Furthermore, consumers have developed a liking for multifunctional products as multifunctional products provide them the liberty to quickly re-configure the entire outdoor area. Hence, such factors are driving the market during the forecast period.
Eco-friendly and organic luxury furniture will fuel the global market growth. The market has witnessed a significant shift towards eco-friendly and sustainable products in response to growing environmental concerns. Quality eco-friendly furniture made from biodegradable, sustainable, and renewable raw materials, such as North American Hardwood and bamboo, is increasingly preferred by interior designers for living spaces.
Moreover, comfortable sofas, tables, cabinets, and other furniture pieces with an aesthetic appeal are essential for urbane lives. Lighting and workstations in commercial workspaces, conference rooms, cafeterias, lounges, and office furniture also benefit from this trend. End-users, including individuals and developing nations, are embracing eco-friendly lifestyles, leading to increased demand for these products online. Therefore, millennials have a high potential in the overall market. Hence, such factors are driving the market during the forecast period.
The instability in prices and increasing costs of raw materials can bring some setbacks in the global market. The global market faces a significant challenge due to the rising number of product recalls, particularly in sub-categories such as bar stools, recliner chairs, sofas, beds, and dining tables. These recalls negatively impact market growth by damaging reputations and imposing operational and financial constraints on market participants. In recent years, there have been numerous instances of such recalls in the sector. Quality is a top priority for interior designers and end-users seeking to enhance their living spaces with comfortable sofas, aesthetically pleasing tables, cabinets, and lighting fixtures.
Moreover, urbane lifestyles demand furniture that not only provides comfort but also boasts an aesthetic appeal. Developing nations and commercial workspaces, including workstations, conference rooms, cafeterias, lounges, and office furniture, are increasingly adopting luxury furniture to elevate their spaces. Online platforms have made it easier for end-users to access and purchase these products, broadening the market reach. However, ensuring product quality remains a critical concern to maintain consumer trust and confidence in the industry. These unavoidable factors will hinder its market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ANGELO CAPPELLINI and C. Srl - The company offers luxury furniture for use in bedrooms, bathrooms, and hall rooms, including sofas, chairs, beds, and many more items.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the residential segment will be significant during the forecast period. The market encompasses various product categories, including chairs and sofas, as well as accessories for both residential and commercial applications. Key players in this industry include Herman Miller, IKEA, Muebles, and HNI. The residential segment is experiencing substantial growth due to the increasing demand for multifunctional, multipurpose furniture, such as foldable beds and extendable sofa sets. This trend is driven by urbanization, urban culture, and the desire for eco-friendly, luxury furnishings. Home centers, flagship stores, and specialty stores serve as major distribution channels. Material selection, innovation, and transportation are crucial factors in the production and delivery of these items.
Get a glance at the market contribution of various segments View the PDF Sample
The residential segment showed a gradual increase in market share from USD 11.69 billion in 2018. Exporters cater to both developing and developed countries, subject to import and export restrictions. Furniture designers prioritize craftsmanship, design, and interior designer collaborations. Sustainability, carbon footprints, and environmentally beneficial alternatives are becoming increasingly important considerations. The globalization of the market has led to the emergence of Italian-made and German-made furniture, as well as a focus on branding and positioning. Toxicity and eco-friendly alternatives are key concerns in the luxury goods sector. The industry is subject to global trade wars and style trends. Hence, such factors are fuelling the growth of this segment during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
Europe is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The European market, characterized by high demand potential, encompasses key countries, including France, Italy, Germany, the UK, Belgium, the Netherlands, Spain, and Russia. Major companies offer a range of wooden furniture, chairs, sofas, and accessories for residential and commercial use. Home Centers and Flagship Stores, as well as Specialty Stores, showcase these premium offerings. Material selection from Domestic and Developed countries is crucial, with considerations for Import & export restrictions, Transportation, and Delivery. Innovation, Urbanization, and Urban culture drive market trends, with a focus on Indoor and Outdoor spaces. Raw materials, Interior designers, Craftsmanship, and Design are integral to the sector. Globalization, Carbon footprints, and Environmentally beneficial alternatives are increasingly important, as are Furniture designers, Toxicity, Luxury goods Branding, and Positioning. Eco-friendly luxury furnishings are gaining popularity amidst the Global trade war. Italian-made and German-made furniture are highly sought-after for their Style. Hence, such factors are driving the market in Europe during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
In the high-end market, Craftsmanship, Quality, and Luxury are the key elements that define the Furniture industry. The Workers, using their skills and expertise, create Masterpieces that are a blend of Functionality and Aesthetics. The Craftsmen's dedication to their craft results in Homes filled with hot spots that exude a sense of Elegance and Sophistication. The Plastic and Fabric materials used are Durable and Comfortable, ensuring a long-lasting investment. The Market for these high-end Furniture pieces is vast and diverse, with a global reach. The Demand for these unique and exclusive pieces is driven by the desire for a refined and luxurious lifestyle. The Market is constantly evolving, with new Trends and Styles emerging, such as Minimalist and Modern designs. The Market is also influenced by Technological advancements, with Smart Furniture becoming increasingly popular. The use of advanced materials and innovative designs has led to the creation of Furniture that is not only beautiful but also functional and efficient. In conclusion, the Market is a thriving industry that caters to the desire for high-quality, unique, and elegant Furniture pieces. The Market is driven by a global demand for refined and sophisticated living spaces and is constantly evolving to meet the changing needs and preferences of consumers.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
158 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 5.16% |
|
Market growth 2024-2028 |
USD 9.54 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
4.81 |
|
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
|
Performing market contribution |
Europe at 34% |
|
Key countries |
US, UK, Germany, China, and Italy |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
ANGELO CAPPELLINI and C. Srl, Club House Italia S.p.A, Eichholtz B.V., Eric Kuster Metropolitan Luxury International Holding Ltd., Giorgio Armani S.p.A., Giorgio Collection, MillerKnoll Inc., LONGHI S.p.a., Minotti S.p.A., MUEBLES PICO SA, Natuzzi SpA, Opera Contemporary, Reflex S.p.a., ROCHE BOBOIS SA, Rugiano Srl, Silik s.r.l., Vaughan Bassett, and Williams Sonoma Inc. |
|
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
