The global luxury furniture Market size is expected to reach USD 34.69 billion by 2030, according to a new study by Polaris Market Research. The report “Luxury Furniture Market Share, Size, Trends, Industry Analysis Report, By Material (Leather, Glass, Wood, Metal, Plastic), By End-Use; By Furniture; By Design; By Product; By Distribution Channel; By Region; Segment Forecast, 2022 – 2030” provides detailed insight into current market dynamics and analysis of future market growth.
Increasing demand for the real estate business and booming urban population in distinct developing countries worldwide are some of the leading factors giving rise to the growth and momentum of the global luxury furniture market during the estimated period. Skilled craftsmen and interior design companies are focusing on bestowing rich living standards to the end consumer, and the internet, television, Ecommerce websites & apps, EMI options, and social media also play a vital role in the growth of the market globally.
Infrastructure enlargement and the growth of the hospitality sector in emerging economies across the world are anticipated to spur demand for the luxury furniture market. In the future, mega and ultra-luxurious commercial spaces such as hotels, fine dining clubs, and restaurants, are likely key end-users of luxury furniture as they constantly strive to create unique experiences and luxury experiences for customers.
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Growing demand for multifunctional furniture that offers extra storage choice, supplementary space design, and easy-to-move impulse interest in the luxury furniture market. Industry participants are trying prominent efforts to anticipate luxury furnishings and offer luxury and fascinating units to wealthy customers. A significant improvement in gigantic construction and favorable monetary policies will amplify the market development of the luxury furniture market.
Major players are promoting their products on social networks as they have become an integral part of people’s lives. The increases in the use of social media platforms and the increasing penetration of the internet, in general, have driven the demand for high-end furniture globally. According to recent statistics, all key players are dedicated to using social media platforms to promote their brands & products. By 2025, a big number of industry players depends on social networking to increase sales and brand building to overcome the competition.
Luxury furniture made from wood and metal is gaining popularity due to its durability and high aesthetic value. Material breakthroughs and innovative developments have led to the widespread use of materials such as stone and marble. They offer benefits such as high durability, long-lasting aesthetics and style, and low maintenance costs. Lighting is another segment that is expected to see high growth during the forecast period as premium lighting products enhance the ambiance of kitchens, bathrooms, living rooms, bedrooms, and outdoors. This will lead more consumers to choose the product and create positive demand in the market.
Luxury Furniture Market Report Highlights
- The wood segment commands the luxury furniture market and sustains its dominance throughout the forecast period owing to the durability, low-cost maintenance, and desired design availability are the key factors driving the tremendous growth of the market segment.
- The domestic use fragment occupies the major share of the luxury furniture market and is expected as designer household furniture is in greater demand because of the availability of a huge variety and designs compared to traditional commercial furniture.
- Offline channels are often used by customers driven by specific requirements and product quality. Due to the COVID-19 pandemic, some consumers are turning to online channels. Online shopping through e-commerce websites has become a popular choice among customers. Most businesses around the luxury furniture these days offer their products and services through their own websites and online stores.
- The North American region holds the majority share of the luxury furniture market and is expected to reserve its versatility throughout the forecast term. The glass material division is expected to grow rapidly during the forecast period due to its increasing acceptance of stylish luxury furniture designs.
- The global market includes Kindel Furniture, Scavolini, Henredon Furniture Industries, COCOCO HOME, Century Furniture, Gilani, Brown Jordan, Giovanni Visentin, Laura Ashley Holding, Nella Vetrina, and others.
Polaris Market Research has segmented the luxury furniture market report based on by material, end-use, furniture, by design, product, distribution channel, and region:
Luxury Furniture, Material Outlook (Revenue – USD Billion, 2022 – 2030)
Luxury Furniture, End Use Outlook (Revenue – USD Billion, 2022 – 2030)
- Indoor Office
- Living Room
Luxury Furniture, Furniture Outlook (Revenue – USD Billion, 2022 – 2030)
Luxury Furniture, Design Outlook (Revenue – USD Billion, 2022 – 2030)
Luxury Furniture, Product Outlook (Revenue – USD Billion, 2022 – 2030)
- RTA (Ready-to-assemble)
- Non-RTA (Non-Ready-to-assemble)
Luxury Furniture, Distribution Channel Outlook (Revenue – USD Billion, 2022 – 2030)
- Independent Furniture Retailers
- Factory Outlets
- Online Sales
- Departmental Stores
Luxury Furniture, Regional Outlook (Revenue – USD Billion, 2022 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa