Global Luxury Furniture Market Surpasses USD 27.65 Billion in 2023, Expects 5.67% CAGR Growth by 2030

Latest Market Study report by MarkNtel Advisors: Leading market research company, Title “Global Luxury Furniture Market- By Type (Indoor Furniture [Bedroom Furniture, Dining Furniture, Office Furniture, Kitchen Furniture, Living Room Furniture], Outdoor Furniture [Patio Furniture, Rooftop Furniture, Beachfront Furniture, Others]), By Type of Furniture (Bed, Sofa & Couch, Table & Desk, Chair & Stool, Wardrobes & Dresser, Cabinets & Nightstand)” and other forecast 2024-30”.

This detailed report provides a thorough look at the industry, covering key aspects like the Luxury Furniture Market Size, its growth in share, development, and the top companies involved. It examines what's driving the market, using historical, current, and projected data, as well as emerging trends, technology updates, important insights, recent developments, potential limitations, and other factors that will influence the industry's direction in the future.

How Much is the Luxury Furniture Industry Worth?

Global Luxury Furniture Market size is valued at around USD 27.65 billion in 2023 is estimated to grow at a CAGR of around 5.67% during the forecast period, i.e., 2024-2030.

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Factors Influencing the Growth of the Luxury Furniture Industry:

Increasing Development of Real Estate Sector to Escalate Market Growth - During the historical years, the consistent growth of the real estate sector, especially in the luxury and upscale property segment, significantly contributed to the increased demand for high-end furniture in both residential and commercial spaces. In addition, the expansion of service-based industries, such as ICT, telecommunication, etc., has widely supported the demand for luxurious furniture during 2018-21.

The key factors attributed to the rising service expansion are the growth initiatives of the global economies such as India, China, the UAE, Saudi Arabia, etc., to launch flexible FDI policies, taxation relations, and minimum barriers on entry & and exit, with an intent to boost their gross domestic product (GDP) growth. Therefore, global economies are witnessing an accumulation in investments to expand new office spaces & warehouses across numerous regions, which is expected to enhance the luxury furniture market growth during 2024-2030.

Competitor Insight - Global Luxury Furniture Market

In the market competitor analysis section, we examine how different companies are performing compared to each other. We look at their strengths and weaknesses to understand who is doing well and why. This helps us see what strategies are working and what changes might be needed to stay competitive. key players are included in this report: - Cassina S.p.A., Kimball International Inc., Marge Carson, Fendi Casa, Brown Jordan Inc., B&B Italia, Marioni , Boca Do Lobo, Duresta, Bentley Home, Natuzzi, Haworth, Inc., West Elm, Pico Muebles, Maiden Home, Other.

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Segmentation Summary - Luxury Furniture Market

The breakdown of the Luxury Furniture market into different segments provides a quick overview. It helps businesses understand what customers prefer and where they are located. By dividing the market into smaller groups based on purchasing habits and geography, companies can improve their business strategies. This summary offers a straightforward guide to better understanding the market.

By Type

Indoor Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Bedroom Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Dining Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Office Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Kitchen Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Living Room Furniture- Market Size & Forecast 2019-2030, (USD Million)
Outdoor Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Patio Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Rooftop Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Beachfront Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Others (Poolside, Deck Furniture, etc.)- Market Size & Forecast 2019-2030, (USD Million)

By Type of Furniture

Bed- Market Size & Forecast 2019-2030, (USD Million)
Sofa & Couch- Market Size & Forecast 2019-2030, (USD Million)
Table & Desk- Market Size & Forecast 2019-2030, (USD Million)
Chair & Stool- Market Size & Forecast 2019-2030, (USD Million)
Wardrobes & Dresser- Market Size & Forecast 2019-2030, (USD Million)
Cabinets & Nightstand- Market Size & Forecast 2019-2030, (USD Million)
Others- Market Size & Forecast 2019-2030, (USD Million)

By Material

Wood- Market Size & Forecast 2019-2030, (USD Million)
Plastic- Market Size & Forecast 2019-2030, (USD Million)
Leather- Market Size & Forecast 2019-2030, (USD Million)
Others (Glass, Metal, etc.)- Market Size & Forecast 2019-2030, (USD Million)

By Distribution Channel

Direct Sales- Market Size & Forecast 2019-2030, (USD Million)
Indirect Sales- Market Size & Forecast 2019-2030, (USD Million)
Online Platform- Market Size & Forecast 2019-2030, (USD Million)

By End User

Residential- Market Size & Forecast 2019-2030, (USD Million)
Offices- Market Size & Forecast 2019-2030, (USD Million)
Commercial & Retail- Market Size & Forecast 2019-2030, (USD Million)
Hospitality- Market Size & Forecast 2019-2030, (USD Million)
Others (Government Agencies, etc.)- Market Size & Forecast 2019-2030, (USD Million)

Geographically Insight: Global Luxury Furniture Market

Geographically, the Luxury Furniture Market expands across:

North America
South America
Europe
Middle East & Africa
Asia-Pacific

Of all, North America accounted for a considerable luxury furniture market share during the historical years. The market growth imputes to the increasing disposable income in the US, Canada, etc., increasing the focus of individuals on aesthetics and urban lifestyles, and this is further leading to the increased usage of high-end furniture. With the increasing number of consumers shifting their preference toward quality and stylish furniture products due to higher disposable incomes and better lifestyle requirements, the luxury furniture market in North America is expected to witness significant growth in the coming years..

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