The luxury furniture market is no longer reserved for the elite; it’s an experience waiting to be crafted. This market, currently valued at a substantial USD 22.6 billion, is projected to reach a magnificent USD 38.97 billion by 2033, fueled by a robust CAGR of 5.6%.
The appreciable rise in the real estate sector over recent years has intensified the demand for office and residential spaces. Further, the surging demand for office workspace, conducive corporate culture, and urban and semi-urban accommodation have supplemented the growth of the real estate sector.
In addition to this, the soaring construction activities related to residential and commercial buildings are expected to propel the market growth. The real estate sector in India is estimated to be worth US$ 1 trillion by the end of 2030, starting from US$ 200 billion in 2021, as per the estimates by India Brand Equity Foundation (IBEF). The sector is further expected to contribute 13% to India’s GDP by the end of 2025.
Top Highlights from the FMI’s Analysis of the Luxury Furniture Market:
- Europe’s luxury furniture market is expected to gain a handsome market share over the forecast period.
- The Asia Pacific is expected to witness robust growth in the years to come.
- Wood as the raw material is predicted to acquire a massive market share over the forecast period owing to its fine finishing and touch, adding to its aesthetic appeal.
- The offline channel holds a considerable market share. This can be attributed to the wide consumer base that prefers in-person purchases of luxury furniture.
Market Update New Developments by Key Competitors in the Market
- Haworth Inc. revealed that it acquired Luxury Living Group, a firm that manufactures luxury furniture, in July 2020. With this acquisition, the company intends to invigorate its product portfolio and related category as well as overall financials.
Going forward, the growing demand for luxury property has escalated the adoption of luxurious furnishings in areas like offices, bedrooms, and kitchens. Additionally, with the help of smart devices and widespread, high-speed internet networks, the e-retail industry is inclining forward at a rapid pace. The introduction of such advanced technologies helps make the purchase of furniture easier. Additionally, the growing demand for online shopping has resulted in several companies launching their online stores, further expanding their reach and clientele.
Nilkamal Pvt. has introduced an online shopping portal showcasing an exclusive range of home furnishings, furniture, and upholstery. The presence of multiple product options and features to compare prices are some factors that are propelling customers to shop online. When shopping online, customers can also check previous reviews, compare multiple products and stores, and analyze prices from different sellers.
Enlisted below are the key players in the market:
- SCAVOLINI S.P.A.
- Cassina S.p.A
- Kimball International, Inc.
- Brown Jordan International
- Herman Miller, Inc.
- Vivono
- Boca do Lobo
- DURESTA
- Haworth, Inc.
- MUEBLES PICO SA
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Luxury Furniture Market by Category
By Raw Material:
- Wood
- Metal
- Plastic
- Other Raw Materials
By End User:
- Luxury Furniture for Residential Users
- Luxury Furniture for Commercial users
By Distribution Channel:
- Online Availability
- Offline Availability
By Region:
- North America Market
- Europe Market
- Asia Pacific Market
- Latin America Market
- the Middle East and Africa Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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