This report segments the global luxury furniture market by application (domestic and commercial), by retail formats (monobrands, furniture retailer, departmental stores, and online retailing), by raw material (wood, metal, and others), and by geography (Europe, North America, APAC, and ROW). The top vendors evaluated in the report are Duresta Upholstery, Giovanni Visentin, Laura Ashley, Muebles Pico, and Scavolini.
Technavio’s market research analysts estimate the global luxury furniture market to grow at a CAGR of around 4% between 2015 and 2019. Luxury furniture is undergoing rapid modifications, wherein vendors are coming up with various striking new designs and collaborating with interior designers to increase their visibility to capture high customer base. Europe is the largest market for luxury furniture, occupying more than 43% of the overall market share. The luxury furniture market in Europe is primarily driven by the emerging fashion trends, availability of various luxury brands, and latest innovations in designs.
The new market research report from Technavio provides a breakdown and analysis of the luxury furniture segments by technology.
“One major trend motivating the market growth is the advent of eco-friendly furniture, which is driven by the growing environmental concerns that have driven the furniture vendors to go green. The manufacturers are developing eco-friendly furniture, owing to growing environmental concerns and depletion of forests. Business and Institutional Furniture Manufacturers Association (BIFMA) has developed standards and guidelines to help office furniture manufacturers and suppliers ensure that their business practices promote environmental equilibrium, health, and human well-being,” says Brijesh Kumar Chaubey, Lead Analyst, Consumer & Retail, Technavio Research.
The rise in domestic real estate industry and growing number of high net worth individual’s (HNWI) and ultra-high net worth individual’s (UHNWI) population globally, has led to the growth of domestic segment with a market share of nearly 72% as of 2014. Also, the increase in the sales of new homes will propel the domestic luxury furniture market growth.
The key players in the global luxury furniture market include Duresta Upholstery, Giovanni Visentin, Laura Ashley, Muebles Pico, and Scavolini. This market is marked by the presence of well-diversified international and regional vendors. However, regional players are finding it difficult to compete with international players in terms of technology and pricing. Thus, vendors in the market are continuously looking for ways to enhance their quality by concentrating on original designs and technology.
A more detailed analysis is available in the Technavio report, Global Luxury Furniture Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Global Furniture Wood Coatings Market 2015-2019
- Global Home Office Furniture market 2015-2019
- Office Furniture Market in India 2015-2019
- Office Furniture Market in Russia 2014-2018
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