The global luxury furniture market is predicted to register a CAGR of 5.6% over the forecast period, as per FMI’s analysis. The industry’s size is anticipated to increase from US$ 22.6 billion in 2023 to US$ 38.97 billion by 2033 end.
Appreciable rise in the real estate sector over recent years has intensified the demand for office as well as 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.
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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 that showcases an exclusive range of home furnishings, home 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.
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.
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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.
- Olivia’s, which is a part of Motto Group, completed the acquisition of Houseology which manufactures aesthetic furniture, in March 2020. With the help of this acquisition, the company aims to expand its suppliers and customers for a flawless company transition.
- Muebles Pico and Rimontgó, which is a luxury real estate brokerage in Spain, stood up a joint venture in January 2022, to work on multiple real estate projects. With the help of this partnership, the company aims to extend its clientele.
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
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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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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