Luxury Furniture Market Latest Advancements and Industry Outlook 2020 to 2024

Luxury Furniture Market Latest Advancements and Industry Outlook 2020 to 2024

Global economic development has led to rising standards of living. The influx of people in urban areas in conjunction with rising disposable income is expected to generate demand for high-end products in the upcoming years. As per Market Research Future (MRFR), the global luxury furniture market is projected to expand at a steady but constant CAGR over the assessment period 2016 to 2021.

The growth witnessed in the real estate sector is anticipated to drive the growth of the luxury furniture market in the years to come. Increasing residential complexes are expected to generate demand for high-end furniture for decorating and designing the interiors. This, in turn, is projected to expedite market expansion in the forthcoming years.

The introduction of new designs and innovations are expected to act as the growth catalyst to the luxury furniture market over the assessment period. Key players are also emphasizing on the development of new materials to produce this furniture. Some of the materials that have gained popularity among the manufacturers are metal, wood, and plastic. Also, the shift being witnessed towards biodegradable product materials is anticipated to emerge as the growth trend of the market in the nearby future.

Changing lifestyle in conjunction with shifts in aesthetic preferences are expected to keep the market on its growth trajectory over the next couple of years. The growth of the hospitality sector is also forecasted to catalyze the growth of the luxury furniture market through the projection period. Increasing demand from hotels and resorts are anticipated to accelerate revenue generation for the industry leaders. Also, the increasing number of designer furniture stores and luxury furniture brands are expected to propel market expansion in the forthcoming years.

Industry News:

In May 2019, Baccarat Crystal, a French manufacturer of fine crystal glassware, has ventured into the furniture market with its complete furniture collection – Baccarat La Maison, that features glamorous high-end furniture.

Market Segmentation:

By raw material, the global luxury furniture market has been segmented into wood, metal, plastic, and others.

On the basis of retail formats, the luxury furniture market has been segmented into furniture retailers, departmental stores, online retailing, and others.

The luxury furniture market, by end-use, has been segmented into residential and commercial.

Access Report Details @ https://www.marketresearchfuture.com/reports/luxury-furniture-market-1305

Competitive Dashboard:

The prominent players expected to contribute to the development of the global luxury furniture market are Duresta Upholstery Ltd., Giovanni Visentin s.r.l., Valderamobili s.r.l., Scavolini Spa, Turri S.r.l., Iola Furniture Ltd., Henredon Furniture Industries Inc., Laura Ashley Holding Plc, and Muebles Pico.

Regional Analysis:

The geographical assessment of the global luxury furniture market spans across four major regions, viz. North America, Europe, Asia Pacific, and the Rest of the World (RoW).  Asia Pacific plays a significant role in the development of the global market. The region is witnessing transforming economic developments, which is likely to unleash developmental opportunities in the luxury furniture market in the forthcoming years. Again, the rising count of residential and commercial construction projects is anticipated to catapult the regional market on an upward trajectory across the review period. North America is expected to stand at its second spot in the global marketplace over the forecast period.