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23 Jun, 2022, 02:30 BST
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ALBANY, N.Y., June 22, 2022 /PRNewswire/ — The luxury furniture market size has expanded on the back of growing proclivity of premium home improvement products that are a combination of aesthetics, durability, and made of eco-friendly materials. Top luxury furniture manufacturers have reaped vast revenue gains from rise in demand in commercial facilities including but not limited to hotels and restaurants. Advancing at CAGR of 5.2% from 2022 to 2031 (forecast period), the global luxury furniture market is projected to surpass US$ 38.9 Bn by 2031.
Most prominent manufacturers are increasingly focusing on strengthening their distribution channels, mainly by increasing their emphasis on online retailing. Luxury furniture market statistics 2022 suggest that expanding e-commerce industry is imparting robust impetus to the expansion of the luxury furniture market. Key players are expected to benefit from the popularity of luxury furniture among customers in emerging economies, and have witnessed sizable prospects in the hospitality industry.
The continuing expansion of hypermarkets and supermarkets has boosted the prospects of the luxury furniture market. A growing number of players are leaning on unveiling new designs and are adopting innovative promotional mix strategies to attract demand. Many global furniture manufacturers are keen on promoting luxurious experience as a key customer proposition.
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Key Findings of Luxury Furniture Market Study
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Luxury Furniture Market: Key Drivers
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Luxury Furniture Market: Regional Growth Dynamics
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Luxury Furniture Market: Key Players
Some of the key players in the market are Heritage Home Group LLC., Giovanni Visentin srl, Turri S.r.l, Iola Furniture Ltd, Cassina S.p.A, Muebles Pico, and Nella Vetrina.
Luxury Furniture Market Segmentation
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Outdoor Furniture Market – The outdoor furniture market accounted over US$ 17 Bn in 2020, which is expected to expand at a CAGR of 6% in terms of value during the forecast
Online Home Decor Market – The online home decor market accounted for US$ 151.1 Mn in 2019, which is expected to expand at a CAGR of ~8% in terms of value throughout the forecast period
Kids Furniture Market – The kids furniture market is estimated to exceed US$ 109 Bn in 2019, and expand at a CAGR of ~6% in terms of value during the forecast period
Online Premium Home Improvement Market – The North America online premium home improvement market is expected to cross value of US$ 1 Bn by the end of 2031, expand at a CAGR of 6.2% from 2022 to 2031
Premium Range High Chair Market – The global premium range high chair market is expected to surpass the value of US$ 368.2 Mn by the end of 2031, expand at a CAGR of 4.7% from 2021 to 2031
Midrange High Chair Market – The global midrange high chair market is expected to cross the value of US$ 661.2 Mn by the end of 2031, expand at a CAGR of 5.5% from 2021 to 2031
Outdoor Structures & Beach Chair/Camping Chair Market – North America outdoor structures & beach chair/camping chair market is estimated to reach the value of US$ 3 Bn by 2030, expanding at a CAGR of ~5% during the forecast period
Luxury Hotels Market – luxury hotels market is expected to exceed the value of US$ 304.6 Bn by the end of 2031, it is estimated to expand at a CAGR of 6.2% from 2021 to 2031
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