Luxury Furniture Market to reach USD 43.96 Bn at a CAGR of 5 percent over the forecast period

Luxury Furniture Market to reach USD 43.96 Bn at a CAGR of 5 percent over the forecast period
Luxury Furniture Market
Luxury Furniture Market size was valued at US$ 31.24 Bn. in 2023. Wooden, one of the segments reviewed in our reports dominated the Luxury Furniture Market.

Luxury Furniture Market is segmented based on Product Type, Material, End User, and Distribution Channel. A bottom-up approach was used to estimate the Luxury Furniture Market size. Increasing consumer awareness about Luxury Furniture is expected to boost the Luxury Furniture Market growth.

Maximize Market Research, a global Consumer Goods market research firm has published a market research report on the “Luxury Furniture Market”. The Luxury Furniture Market size was valued at USD 31.24 Bn in 2023. The total Luxury Furniture Market revenue is expected to grow at a CAGR of 5 percent from 2024 to 2030, reaching USD 43.96 Bn during the forecast period.

 Luxury Furniture Market Report Scope and Research Methodology

Market Size in 2023: USD 31.24 Billion

Market Size in 2030: USD 43.96 Billion

CAGR: 5 Percent

Forecast Period: 2024-2030

Base Year: 2023

Number of Pages: 215

No. of Tables: 138

No. of Charts and Figures: 191

Segment Covered: By Product Type, Material, End Use, and Distribution Channel

Regional Scope: North America, Europe, Asia Pacific, Middle East and Africa, South America

Report Coverage: Market Share, Size and Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.

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 Luxury Furniture Market Scope and Research Methodology

The report offers an extensive analysis of the Luxury Furniture Market, encompassing a competitive analysis featuring company profiles, financial standings, product ranges, and strategic approaches of prominent players within the industry. It also delves into key insights such as primary market drivers, challenges encountered by participants, and global growth opportunities. Additionally, the report provides a thorough analysis of market players’ investments aimed at growing their international footprint, positioning it as a valuable resource for investors.

The report examines segments including Product Type, Materials, End Use, and Distribution Channel within the Luxury Furniture market. Data collection employed both Primary and Secondary research methods, with Primary research serving to validate findings from the Secondary research. The size of the Luxury Furniture market was determined using a bottom-up approach for estimation.

Luxury Furniture Market Overview

The Luxury Furniture Market provides a comprehensive insight into the dynamics, trends, and key factors influencing the luxury furniture industry. It typically includes an analysis of the market size, growth prospects, major players, and segments such as product types, end-uses, and distribution channels. Additionally, it has delved into consumer preferences, emerging markets, technological advancements, and sustainability initiatives within the luxury furniture sector. The report serves as a foundational understanding for stakeholders, including investors, manufacturers, retailers, and consumers, to navigate and capitalize on opportunities within the luxury furniture market.

Luxury Furniture Market Dynamics

As consumers increasingly prioritize sophisticated design and desire customized, distinctive furnishings for their homes, the luxury furniture market experiences growth. Luxury furniture is often regarded as a symbol of status and an expression of individual style, leading to heightened demand. Additionally, during periods of economic prosperity, individuals tend to allocate more disposable income towards purchasing upscale furniture items.

For furniture manufacturers, fluctuating raw material prices have long been a persistent issue, even under optimal conditions. The uncertainty surrounding raw material costs, highlighted by challenges in 2023, is poised to escalate due to ongoing pandemic-related disruptions and the escalation of global trade tensions. The prices of raw materials and related inputs are estimated to continue to rise and exhibit instability, presenting additional hurdles for the industry.

Luxury Furniture Market Regional Analysis

Europe region held the largest Luxury Furniture Market share accounting for more than 40percent percent in 2023 and is expected to dominate the market over the forecast period. The increasing environmental awareness of the population has led to increasing demand for high-end eco-friendly furniture. The increasing penetration of online retailing in the world is expected to further drive the demand.

The Asia Pacific region is projected to see steady growth at a 5 percent compound annual growth rate (CAGR) through the forecast period. China, in particular, has emerged as the leading and swiftest-growing furniture market in the region, fuelled by improvements in living standards and disposable income. Traditional traders largely dominate the business landscape in this area. Though, online sales are gaining traction, influenced by the showrooming concept. These dynamics are anticipated to be key drivers of market growth in the foreseeable future.

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Luxury Furniture Market Segmentation

By Product Type

  • Tables
  • Chairs
  • Sofas & Lounges
  • Beds
  • Cabinets
  • Others

Based on Product Type, the market is segmented into Tables, Chairs, Sofas and Lounges, Beds, etc. The bedroom category stands out as the primary driver of market growth, expected to demonstrate with growing CAGR throughout the forecast period. The increasing preference among consumers for upscale furniture items, particularly in the bedroom segment, is largely attributed to advancements in technology within the home furnishings industry.

By Material

  • Metal
  • Plastic
  • Wood
  • Glass
  • Leather

Based on Material, the market is segmented into Metal, Plastic, Wood, Glass, and Leather. In 2023, the wooden segment has maintained its dominance in the market, capturing a substantial XXpercent share. Wooden furniture remains highly sought-after for its exquisite natural aesthetics, flexibility, long-lasting durability, ease of maintenance, and reputation as a sound investment.

 By End Use

  • Commercial
    • Office
    • Hospitals
    • Others
  • Residential
    • Kitchen
    • Living Room & Bedroom
    • Bathroom
    • Others

Based on End-User, the market is segmented into Commercial and Residential. The residential sector emerges as the primary driver of market growth, with an expected CAGR during the forecast period. The surge in demand for luxury furniture and home decor in the global residential market is fuelled by the increasing prominence of luxury residential properties and evolving consumer lifestyles, particularly evident in developing countries. Luxury residential real estate plays a significant role in shaping the market landscape.

By Distribution Channel

  • Online
  • Offline

Based on the Distribution Channel, the market is segmented into online and offline. The offline segment held the highest share owing to the some furniture stores offer customization services where customers can choose specific materials, finishes, or dimensions for their furniture. The level of customization is often better facilitated in-store, where customers can discuss their preferences directly with sales associates.

Luxury Furniture market key players include

  • GNC Holdings Inc.
  • Abbott Laboratories
  • Red Bull GmbH
  • The Coca-Cola Company
  • PepsiCo Inc.
  • Amway Corporation
  • Nestlé S.A.
  • Glanbia plc
  • Vitabiotics Ltd.
  • BioTechUSA
  • Olimp Laboratories
  • Herbalife Nutrition Ltd.
  • Yakult Honsha Co., Ltd.
  • Bio-Engineered Supplements and Nutrition, Inc. (BSN)
  • MusclePharm Corporation
  • Swisse Wellness Pty Ltd.
  • Nutrilite
  • Nutrimed
  • Pronat Indústria e Comércio de Alimentos Ltda.
  • NeoLife International
  • Usana Health Sciences, Inc.
  • Swiss Arabian Perfumes Group
  • Nutrition Valley
  • Vitaspace
  • Fitness Fuel Factory
  • BPI Sports
  • MuscleTech
  • XXX

 Key questions answered in the Luxury Furniture Market are:

  • What are Luxury Furniture Market?
  • What was the Luxury Furniture market size in 2024?
  • What is the expected Luxury Furniture market size by 2030?
  • What is the demand pattern for the Luxury Furniture market?
  • Which region held the largest share in the Luxury Furniture market?
  • Who are the key players in the Luxury Furniture market?
  • What is the growth rate of the Luxury Furniture Market?
  • Which are the factors expected to drive the Luxury Furniture market growth?
  • Which segment dominated the Luxury Furniture market growth?

 Key Offerings:

  • Past Market Size and Competitive Landscape (2018 to 2022)
  • Past Pricing and price curve by region (2018 to 2022)
  • Market Size, Share, Size & Forecast by Different Segment | 2024−2030
  • Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
  • Market Segmentation – A detailed analysis by Product Type, End User, Material, and Distribution Channel
  • Competitive Landscape – Profiles of selected key players by region from a strategic perspective
    • Competitive landscape – Market Leaders, Market Followers, Regional player
    • Competitive benchmarking of key players by region
  • PESTLE Analysis
  • PORTER’s analysis
  • Value chain and supply chain analysis
  • Legal Aspects of business by region
  • Lucrative business opportunities with SWOT analysis
  • Recommendations

 Maximize Market Research is leading Consumer Goods research firm, has also published the following reports:

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 About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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