The luxury furniture market was worth USD 21.4 billion in 2014. It is anticipated to attain USD 28.6 billion by 2022, exhibiting 3.7% CAGR during 2015 to 2022 (forecast period). High disposable earnings allowing the purchase of high-end furniture are the major market driver. Multi-functional furniture coupled with online market platforms that reduce operating expenses will prove beneficial for the market through the forecast period.
Luxury furniture can improve the aesthetic aspects of surroundings. It is made of metal, wood, and glass. Low toxicity of wood should entice consumers in the long run, providing market impetus. Raw material expenses & lack of skilled artisans can hinder the luxury furniture market.
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Wood, glass, metal, leather, and plastic are the sources of luxury furniture manufacturing. Teak, jackfruit, and mahogany are used to make wooden furniture. Wooden luxury furniture was valued over USD 5.2 billion due to its high class office interiors & wooden furnishings. Global & local wooden furniture makers help it maintain its hold over the luxury furniture market.
Glass would register significant growth on account of advanced technologies in manufacturing procedures & new designs. Demand for stone furniture should increase over the forecast period owing to low maintenance, style, and high durability.
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Applications of the luxury furniture market are commercial and domestic. Domestic uses are categorized into bedroom & living rooms, bathrooms, kitchens, lighting, and outdoors. Commercial is further segmented into offices and hospitality. Domestic uses dominated the market on the basis of revenues. Their growth factors include rising disposable earnings and western culture influence. Living rooms registered large revenues in 2014 due to their aesthetic value and customizations. Lighting exhibited a CAGR above 8% in lieu of technical developments.
Hospitality recorded the highest incomes among commercial uses. Enhanced customer experience in hotels & restaurants would boost this sector in the forecast period. Regions wise, Europe dominated the market in 2014, and registered revenues tantamount to USD 7.3 billion. Large regional players & changing consumer lifestyles are anticipated to contribute growth. Real estate developments in Asia Pacific could open regional avenues. Asia Pacific will experience 5.5% CAGR during the next seven years.
Major players in the worldwide luxury furniture market comprise Muebles Pico, Laura Ashley Holding Plc, Turri S.r.l., and Henredon Furniture Industries Inc.
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