Luxury furniture enhances the work & living environment and improves the aesthetic value of homes, hotels and offices along with indoor and outdoor spaces. The growth and developments in the real estate industry largely drive the global luxury furniture market. A rise in disposable incomes, globalization and an increase in the population living in urban regions across developing countries, majorly boosts the market growth. It is anticipated that the eco-friendly luxury furniture segment would witness higher growth during the forecast period, owing to the growing environmental consciousness among consumers. In addition, it is expected that high growth in online retailing, would also have a positive impact on the market. Lack of skilled labor and the increasing cost of raw materials are the major challenges of the market. Improving life styles and an increase in disposable incomes would provide significant opportunities in the market.
Wood furniture has generated highest revenue in 2014 followed by metal furniture. The glass furniture segment would grow with highest rate among the key materials used for furniture manufacturing during the forecast period. Out of the total market revenue, domestic furniture segment and commercial sector accounted for nearly 70% and 30% respectively. In the current scenario, living and bedroom segment has generated largest revenue in the domestic market, followed by kitchen. It is expected that lighting segment would at the fastest rate during the forecast period. Luxury furniture for hospitality sector has generated largest revenue in the commercial sector and would grow at the fastest rate during the forecast period. On the basis of geography, Europe has generated highest revenue in 2014. Asia Pacific region would grow with significant rate followed by LAMEA region, during the forecast period.Â
The market is segmented on the basis of material, end-users and geography. On the basis of materials, the market is segmented into metal, plastic, wood, glass, leather and others. The end-user segment comprises of domestic and commercial use. The domestic segment is further sub segmented into kitchens, living & bedrooms, bathrooms, outdoors and lighting. The commercial segment is further classified into office, hospitality and others. Geographically, the market is segmented across North America, Europe, Asia-Pacific and LAMEA.Â
The key players in the market include Duresta Upholstery Ltd., Muebles Pico, Valderamobili, Giovanni Visentin, Scavolini, Laura Ashley, Iola Furniture Ltd., Nella Vetrina, Henredon Furniture Industries Inc. and Turri S.r.l. Â The market players are actively in the process of developing multifunctional furniture due to its rising demand among consumers.
POTENTIAL BENEFITS FOR THE STAKEHOLDERS
KEY MARKET SEGMENTS
The global luxury furniture market segmentation is illustrated below:
Market by Material
Market by End Use
Market by GeographyÂ