Luxury Furniture Market Size To Grow By USD 9215.63 Million From 2022 To 2027 Top Market Assessment, Five Forces Analysis, Market Dynamics And Segmentation

NEW YORK, November 16, 2022 /PRNewswire/ — The Global luxury furniture market the share is set to increase by USD 9215.63 million from 2022 to 2027. Furthermore, the growth momentum of the market will accelerate to CAGR of 5.21% according to the latest market forecast report from Technavio. The market will also record a 4.66% every year Growth rate during the forecast period.

Technavio has announced its latest market research report titled Global Luxury Furniture Market 2023-2027

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Global luxury furniture marketMain market analysis

Technavio classifies the global luxury furniture market as part of the global home furnishings market, within the global home durable goods industry. The major global home furnishings market includes products and companies engaged in the manufacturing/marketing of furniture, home textiles, floor coverings, and decorative products. Technavio calculates the size of the global home furnishings market based on the combined revenue generated by manufacturers/sellers of consumer electronics, furniture, decorative products, home appliances and other home improvement products.

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Five Forces Global Luxury Furniture Market Features:

The global luxury furniture market is fragmented and Technavio’s five forces analysis provides an accurate insight:

  • Bargaining power of buyers

  • The threat of new entrants

  • Threat of rivalry

  • Bargaining power of suppliers

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    Global Luxury Furniture Market: Customer Landscape

  • Threats of disruption are strategic in nature, and operational risks to suppliers have been mapped based on their negative impact on the business and likelihood of occurring.

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Global luxury furniture marketSegmentation assessment

Geographic segment overview

Technavio Market research report contains detailed information about regional opportunities in store for the vendors, which will help to generate sales revenue. The global luxury furniture market according to the geography it is classified in North America, EuropeAPAC, South Americaand the Middle East And Africa. The report gives an accurate forecast of all regions’ contribution to the global Luxury Furniture market size growth and actionable market insights.

Regional Highlights:

  • Europe it is the fastest growing region in the global luxury furniture market compared to other regions. 35% where growth will come from Europe. The main markets with the greatest potential demand for luxury furniture are France, Italy, GermanyThe UK, Belgium, Netherlands, SpainAnd Russia. In Europe, there is a hugely higher demand for elegant high-end furniture with eye-catching designs. However, the slow economic expansion and rising raw material costs could limit the expansion of the European market.

Type Segment overview

  • The global luxury furniture market according to the application segmentation is classified into residential and commercial.

  • Revenue Generating Segment – Residential segment market share growth will be significant during the forecast period. The section includes furniture items such as sofas, coffee tables, side tables, dining and kitchen tables, lounge chairs, ottomans, benches, outdoor furniture, dining and side chairs, and stools. This market is mainly driven by the growing demand for multipurpose and multifunctional luxury home furniture, mainly consisting of extendable sofas and folding beds.

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Global luxury furniture market – Market dynamics

Main driver that stimulates the market

  • One of the major factors fueling the expansion of the global luxury furniture market is the growing number of new luxury furniture showroom openings. The regular introduction of new luxury furniture and showrooms around the world is stimulating the expansion of the sector under consideration. New luxury furniture outlets are opening around the world in an effort to capitalize on the market’s immense growth potential. The above elements will fuel the market expansion over the forecasted period.

Key trends influencing the growth of glamping

  • The global luxury furniture market will increase as green and organic furnishings gain popularity. Due to growing global concerns about the harmful effects of deforestation and hazardous furniture finishes on the environment, there has been an increase in the demand and attractiveness of eco-friendly luxury furniture in recent years. The above-mentioned elements have inspired numerous market players to create eco-friendly furniture using green technologies.

  • Due to the above factors, eco-friendly and organic luxury furniture has become a significant trend which will favorably influence the target market in the projection year.

Major challenges interrupting market growth

  • A significant obstacle to the expansion of the global luxury furniture market is the frequency of product recalls. The increasing number of product recalls involving sub-categories such as bar stools, recliners, sofas, beds and dining tables are expected to significantly impede the growth of the market under review during the projection period.

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Technavio suggests three forecast scenarios (optimistic, probable and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research contains market research reports on the direct and indirect impact of COVID-19.

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Luxury Furniture Market 2023-2027: Highlights

  • Market CAGR during the forecast period 2023-2027

  • Detailed information on factors that will assist luxury furniture market growth during the next five years

  • Estimation of the size of the luxury furniture market and its contribution to the parent market

  • Predictions about upcoming trends and changes in consumer behavior

  • The growth of the luxury furniture market

  • Analysis of the market competitive landscape and insights into vendors

  • Comprehensive details of factors that will challenge the growth of luxury furniture market vendors

Related reports:

  • The US home furnishings and bedding market it is expected to grow USD 10.86 billion with a CAGR of 18.38% during the forecast period 2021 to 2026. The report extensively covers the Home Furniture and Bedding market in the US segmentation by distribution channel (offline and online) and product (furniture for living room, bedroom furniture, storage furniture and others).

  • The Smart Pillow Market it is expected to grow USD 661.29 million with a CAGR of 15.75% during the forecast period 2021 to 2026. The report extensively covers the Smart Pillow market segmentation by distribution channel (offline and online) and geography (North America, EuropeAPAC, South Americaand the Middle East And Africa).

Scope of the luxury furniture market

Report coverage

Details

Page number

120

Reference year

2022

Historical year

2017-2021

Forecast period

2023-2027

Growth momentum and CAGR

Accelerates to a CAGR of 5.21%

Market growth 2023-2027

USD 9215.63 million

Market structure

Fragmented

Year-Over-Year Growth (%)

4.66

Regional analysis

Europe, North America, APAC, South America, the Middle East and Africa

Performing market contribution

Europe at 35%

Main consuming countries

United States, China, Germany, United Kingdom and Italy

Competitive landscape

Leading Companies, Competitive Strategies, Consumer Engagement Scope

Key companies profiled

ANGELO CAPPELLINI & C. Srl, Club House Italia SpA, Eichholtz BV, Eric Kuster Metropolitan Luxury International Holding Ltd., Giorgio Armani SpA, Giorgio Collection, Herman Miller Inc., LONGHI Spa, Minotti SpA, MUEBLES PICO SA, Opera Contemporary, Reflex Spa, ROCHE BOBOIS SA, Rugiano Srl, Silik srl, Vaughan Bassett, Williams Sonoma Inc., and Natuzzi SpA

Market dynamics

Analysis of the main market, drivers and barriers to market growth, analysis of the fast and slow growing segments, analysis of the impact and recovery of COVID-19 and future consumer dynamics and market condition analysis for the forecast period.

Customization expertise

If our report didn’t include the data you’re looking for, you can reach out to our analysts and customize the segments.

Summary:

1 Executive Summary

2 Market landscape

3 Market sizing

4 Historical size of the market

5 Analysis of the five forces

6 Market segmentation by application

7 Market segmentation by distribution channel

8 Customer landscape

9 Geographical landscape

10 drivers, challenges and trends

11 Supplier overview

12 Vendor analysis

13 Appendix

Who we are

Technavio is a world-leading technology research and consulting company. Their research and analysis focus on emerging market trends and provide actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, covering 800 technologies, spanning 50 countries. Their client base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing client base is based on Technavio’s comprehensive coverage, extensive research and actionable market insights to identify opportunities in the markets existing and potential and evaluate their competitive positions within evolving market scenarios.

Contact

Technavio Search
Jesse Maida
Media and marketing executive
United States: +1 844 364 1100
United Kingdom: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Global luxury furniture market 2023-2027

Global luxury furniture market 2023-2027

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SOURCE Technavio

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