The rising demand for indoor design is significantly accelerating the luxury furniture market. Nowadays social media plays a pivotal role in creating new hype about aesthetic outdoor design, resulting in the growing trend of consumers for home interiors. This led to an increasing demand for furniture having high aesthetic appeal. Also, the demand for balcony and garden decoration significantly seeks the attention of the consumers. This led to rising terrace gardens within their residences, resulting the more requirements for outdoor luxury furniture. Moreover, according to statistics by Warm Welcome company, worldwide customers are ready to pay comparatively 18% more for outdoor dining areas than normal indoor facilities. This demonstrates that individuals are increasingly preferring rooftop dining at restaurants. In parallel, many restaurant chains are coming up with the announcement of rooftop restaurant projects and the projects are expected to be completed in the coming years. As a result, the rising establishments of rooftop restaurants led to augmenting the demand for more outdoor luxury furniture and hence promoting the remunerative growth of the global Luxury furniture market.
According to the report published by Markntel, “Global Luxury Furniture Market Research Report: 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, Others), By Material (Wood, Plastic, Leather, Others), By Distribution Channel (Direct Sales, Indirect Sales, Online Platform), By End User (Residential, Offices, Commercial & Retail, Hospitality, Others), and others” Forecast 2024-30. The Global Luxury Furniture Market size was valued at around USD 27.65 billion in 2023 & is projected to reach around USD 41.95 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 5.57% during the forecast period, i.e., 2024-30.
Integration of Smart technology in luxury furniture
Smart interactive furniture facilitates optimizing space, comfortability, enhancing way of living, and interactive bedroom and kitchen. Additionally, this technological advancement allows consumers to manage various aspects of their living spaces with the help of smart furniture. This growing adoption of technological advancements helps in reshaping the essence of luxury and prompts to enhance tastes and preferences. This led to a significant upturn in the luxury furniture industry. Features such as built-in charging stations, LED Lighting, and furniture with integrated smart home capabilities, such as speakers, wireless charging, and automation, support enhancing the convenience and usability of luxury furniture.
Segmentation Analysis
The global luxury furniture market is segmented into four segments based on type, furniture type, material type, and user type.
On the basis of type, the market is segmented into Indoor furniture and Outdoor furniture, in 2024, Indoor furniture is expected to dominate the Global Luxury Furniture Market
On the basis of material, the market is segmented into Wood, Plastic, Leather, and Other, in 2024, Wood is expected to dominate the Global Luxury Furniture Market
Top Players in Global Luxury Furniture Market
Cassina S.p.A., Kimball International Inc., Marge Carson, Fendi Casa, and Brown Jordan Inc., are the major players in the market.
Market Development
2024: B&B Italia introduced new outdoor luxury furniture products, designed by renowned designers, namely Mario Bellini & Monica Armani.
2023: Kimball International Inc. partnered with two designers to launch a unique lounge solution for consumers.
Regional Analysis
Geographically, the countries covered in the global luxury furniture market are the U.S., Canada, Mexico. Europe, Germany, U.K., France, Spain, Italy, Turkey, Russia, Belgium, Netherlands, Switzerland, Denmark, Sweden, Norway, Finland, Poland, and Rest of Europe, China, Japan, South Korea, Australia, Malaysia, New Zealand, Singapore, India, Thailand, Indonesia, Philippines, Taiwan, Vietnam, Rest of Asia Pacific, U.A.E., Saudi Arabia, Egypt, Israel, South Africa, Oman, Bahrain, Kuwait, Qatar, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.
Asia-pacific to showcase remunerative market growth
Asia-Pacific region is estimated to experience augmented growth owing to the rising development of residential, commercial offices, and common properties. The market is accelerating because of the growing factors, such as increasing startups, especially in BFSI, automotive, IT, etc., as well as enhancing green field investments in countries such as India and Australia led to pushing demand for commercial office space. Additionally, the major companies in the region are upgrading their luxury furniture design, and offering luxury furniture for sale at famous stores or after-markets. This is expected to make these products more accessible to the population and anticipate the futuristic growth of the luxury furniture market.
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