$ 6.43 Bn growth expected in Luxury Furniture Market | 1.39% YOY growth in 2020 amid COVID-19 Spread | Europe to Notice Maximum Growth | Technavio

NEW YORK, May 27, 2021 /PRNewswire/ -- The global luxury furniture market by distribution channel (offline and online), application (residential and commercial), and geography (APAC, Europe, MEA, North America, and South America) has been added to Technavio's offering. The global luxury furniture market is expected to grow by USD 6.43 billion, at a CAGR of over 4% during 2020-2024.

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Despite the outbreak of the COVID-19 pandemic, the market witnessed a rise in the number of luxury furniture stores. For instance, in March 2020, 2XL furniture opened its stores in Abu Dhabi. The company is also planning to launch stores in Saudi Arabia and Oman. Similarly, other vendors in the market are constantly targeting regions with high growth potential to expand their presence and increase revenue.

The market is expected to be driven by factors such as the rising demand for multi-functional luxury furniture and the emergence of eco-friendly and organic luxury furniture.

The report also offers information on the upcoming trends and challenges that will influence market growth.
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Luxury Furniture Market: Opportunities

The real estate industry has witnessed significant growth in developing countries over the past few years. This subsequently increased the adoption of luxury furniture. For instance, the total housing, including luxury furniture units supplied in India reached nearly 1,94,000 in 2018. This is nearly 32% higher when compared with the number of units supplied in the country in 2017. In addition, the thriving e-commerce sector in such developing countries is creating huge growth opportunities for market vendors.

Luxury Furniture Market: Segmentation by Distribution Channel

Based on the segmentation by distribution channel, the market generated maximum revenue in the offline segment in 2019. The segment is driven by the increasing sales of luxury furniture in specialty furniture stores, department stores, discount stores, hypermarkets, supermarkets, warehouse clubs, manufacturer-branded stores, and designer stores. In addition, the proliferation of offline retail stores in both developed and developing countries will have a positive impact on the growth of the segment during the forecast period.

Luxury Furniture Market: Segmentation by Geography

Europe held the largest market share in 2019 and the market growth in the region is expected to be slower compared to the growth of the market in North America and APAC. The growth of the market in Europe can be attributed to the increasing number of single-occupancy households. Also, the rising trend of online retailing will contribute to the growth of the luxury furniture market in Europe during the forecast period.

One of the fortune 500 companies had used the detailed research report on the luxury furniture market and had decided to increase their market share in the European region which offers the highest market opportunities during the forecast period.

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Luxury Furniture Market: Major Vendors

Club House Italia Spa

The company offers products such as Lancaster Sofa, Roseberry Armchair, Rugby Armchair, Sherwood Armchair, Stamford Sofa, Avebury Bed, Canterbury Bed, Stamford Bed, and Eastgate Bedside Table.

Giorgio Armani Spa

The company offers products such as Furniture, Lighting, Textiles, Home Accessories, Floral, Decorative, Special Arrangements, and Floral Boxes through its brands such as Armani Casa, Armani Dolci, Armani Fiori, Armani Hotels, Clubs, Restaurants, and Armani Silos. The company offers pholstery, Eliseo, Jingo, Nathan, Nelso, and others.

Knoll Inc.

The company offers products such as Rockwell Unscripted, Antenna Workspaces, AutoStrada, Currents, Dividends Horizon, and Reff Profiles.

Minotti Spa

The company offers Sofas, Chaise longue, Armchairs Accessories, Chairs and stools Tables, Coffee tables, Console tables, Bookcases and sideboards, Rugs Beds, Night-tables and Bedwear. Daniels, West, Lawson, Alexander, Granville, and others are some of the key products offered by the company.

Natuzzi Spa

The company offers Sofas, Sofabeds, Reclining Sofas, Armchairs, Recliners, Wall Systems and Bookcases, Coffee Tables, Desks And Consoles, Bar Cabinet, Dining Tables, Torsion Table, Chairs, Sideboards And Cupboards, Tableware, Beds, Bedside Tables, Chest Of Drawers, Mattresses, And Bed Linen.

Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the luxury furniture market report: 

 Regional Analysis 

•  Further breakdown of the market segmentation at requested regions. 

 Market Player Information 

• Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
• Know the strategies adopted by vendors during the COVID-19 Recovery Phase.

Speak to our Analyst for a Customized Report

Related Reports on Luxury furniture Market:

Global Wooden Furniture Market – Global wooden furniture market is segmented by application (home and office) and geography (APAC, Europe, North America, South America, and MEA).
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Global Pet Furniture Market – Global pet furniture market is segmented by product (pet house, pet bed and sofa, pet tree and condo, and others), end-user (dogs, cats, and others), and geography (APAC, Europe, MEA, North America, and South America).
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Global Furniture Market – Global furniture market is segmented by product (home, office, and others) and geography (APAC, Europe, North America, South America, and MEA).
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Global Furniture Wood Coatings Market – Global furniture wood coatings market is segmented by technology (Solvent-borne, Water-borne, Radiation-cured, and Powder coating) and geography (APAC, Europe, North America, South America, and MEA).
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Global Ready To Assemble Furniture Market – Global ready to assemble furniture market is segmented by product (home and office), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and MEA).
Request a Free Sample Report

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Executive Summary

Market Landscape

• Market ecosystem
• Market characteristics
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Application

• Market segments
• Comparison by Application
• Residential - Market size and forecast 2019-2024
• Commercial - Market size and forecast 2019-2024
• Market opportunity by Application

Market Segmentation by Distribution channel

• Market segments
• Comparison by Distribution channel
• Offline - Market size and forecast 2019-2024
• Online - Market size and forecast 2019-2024
• Market opportunity by Distribution channel

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• Europe - Market size and forecast 2019-2024
• North America - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Club House Italia Spa
• Giorgio Armani Spa
• Herman Miller Inc.
• Knoll Inc.
• Minotti Spa
• MUEBLES PICO SA
• Natuzzi Spa
• Opera Contemporary
• Reflex Spa
• Rugiano Srl

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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Report: www.technavio.com/report/luxury-furniture-market-size-industry-analysis

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