With the presence of a large pool of participants, the Global luxury furniture market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Henredon Furniture Industries Incorporation, Turri S.r.l, Herman Miller Inc., and Heritage Home Group LLC are some of the key vendors of luxury furniture across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the luxury furniture market study.
In a major boost to luxury furniture market, on September 4, 2018, DJ Khaled teamed up with Goldition to introduce a luxury furniture line refereed as We The Best Home.
As estimated in this report, the global luxury furniture market stood at US$ 23.05 billion in 2017. Witnessing a tremendous rise during the period from 2017 to 2023, the revenue in this luxury furniture market is expected to reach US$ 30.28 billion by the end of the forecast period. The main types available in this luxury furniture market are glass, wood, metal, leather, and plastic. Among the three, the demand for wooden luxury furniture is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
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Colossal Online Retail Activities To Raise Market Revenue Via Product Sales
“Massive penetration of ecommerce activities across the globe is projected to augment the growth of luxury furniture market over the years ahead,” says the author of this study. Apart from this, escalating product demand in commercial spaces such as clubs, restaurants, and hotels is forecast to sketch a profitable growth graph for luxury furniture market in the forecast timeline. With interior designing becoming the buzz word of the present generation, it is likely to generate huge growth potential for luxury furniture market over the years to come.
In addition, luxury furniture market has been substantially benefitted as a result of increase in the disposable income, globalization, and large chunk of populace drifting towards urbanization. Manufacturing of eco-friendly furniture has become a high priority focus for furniture manufacturers today. This is likely to further boost the popularity of luxury furniture in the forthcoming years.
Thriving Housing Sector To Support North America Maintain Dominance
Regionally, North America has been leading the worldwide luxury furniture market and is anticipated to continue on the dominant position in the years to come, states the luxury furniture market study. The thriving housing sector and paradigm shift witnessed in furniture manufacturing activities across the region is the main factor behind the dominance of the North America luxury furniture market. Furthermore, increase in the purchasing capacity of consumers resulting in more product sales across the region is another significant factor that is supporting the growth of this regional luxury furniture market.
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The global luxury furniture market is segmented as follows:
By Distribution Channel
- Departmental Stores
- Online Sales
- Independent Furniture Retailers
- Factory Outlets
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa