The North America luxury furniture market is predicted to expand at a CAGR of more than 4.4% by 2027, owing to enhanced construction expenditure from consumers.
Selbyville, Delaware, April 20, 2021 (GLOBE NEWSWIRE) --
According to latest report “Luxury Furniture Market by Type (Tables, Chairs, Sofas & Lounges, Kitchen, Lighting, Interior Accessories, Beds), Distribution Channel (Online, Offline), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of luxury furniture will cross $28.41 billion by 2027. The growth in disposable income in emerging countries has led to an increase in product demand from affluent households. The growth has also resulted in spending on lifestyle and consumer products, augmenting the luxury furniture demand.
With increasing new constructions, renovation activities, and rising consumer spending on home improvement, the demand for luxury furniture is expected to increase at a rapid pace. The improving lifestyles in emerging countries have propelled the demand for luxurious products. Growing residential construction activities in emerging countries are driving the luxury furniture market growth.
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Rising urbanization and disposable income of consumers are key contributors to the construction sector growth, especially in emerging countries such as China, India, Brazil, and South Africa. The increasing construction of hotels, restaurants, clubs, and commercial complexes will also influence the demand for luxury furniture in the commercial sector. The rapid creation of commercial zones & IT parks due to an increase in the number of corporate offices is increasing the demand for efficient office furniture across the globe. The furniture for office is designed precisely for use in corporate and commercial spaces such as individual workstations, meeting rooms, lounges, and cafeterias. Seating furniture, tables, and filing cabinets are some of the important furniture items that improve the overall aesthetics of these areas.
Nevertheless, the COVID-19 outbreak has disrupted supply chains, caused shortage of materials, and terminated contracts to control expenses. The lack of labor is also hampering the overall luxury furniture market expansion, particularly in countries including Italy, Spain, and Brazil. This may slowdown the industry growth during the forecast timeframe.
Tables segment is projected to reach more than USD 4 billion by 2027. The luxury table demand is strongly supported by increasing investments in the hospitality industry.
The online distribution channel will witness 5.5% growth rate till 2027. The growing presence of several high-end furniture manufacturers in several ecommerce platforms along with the launch of new fueled reality apps to support the furniture products section will impel the segment growth.
The North America luxury furniture market is predicted to grow at a CAGR of 4.4% through 2027, due to enhanced construction expenditure from consumers. Infrastructure growth is likely to surge the construction of residential and commercial buildings, fostering the market demand.
The numerous companies present in the market include Bentley Home, Knoll, Inc., Boca do Lobo, MARIONI, IKEA Group, Brabbu, Herman Miller, Inc., Kohler, Haworth Inc., Furniture Concepts, HNI Corporation, and Godrej & Boyce Manufacturing Co., Ltd.
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Some of the major findings in the Luxury Furniture Market report include:
Ecological compatibility, exceptional durability, high resistance against any mechanical damage, high comfort level, and impressive visual appeal will provide a strong business outlook.
The expanding hotel industry along with the rising count of educational institutions is boosting the demand for luxury tables.
Online distribution channels showcase the highest growth over the forecast timeframe and offline distribution channels dominate the industry share.
The high demand for durable, high-quality, innovative design, and posh furniture to adjust in compact spaces is spurring the North American market value.
Table of Contents (ToC) of the report:
Chapter 3 Luxury Furniture Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2017 - 2027
3.2.1 COVID 19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.3 Suppliers & Distributors
3.3.4 Luxury Furniture Assemblers
3.3.5 Distribution channel analysis
3.3.6 Profit margin trends
3.3.7 Vendor matrix
3.4 Key players of luxury furniture by region
3.5 Technology & innovation landscape
3.5.1 Computer Aided Design (CAD)
3.5.2 Computer Aided Manufacturing (CAM)
3.5.3 CNC bending and cutting
3.5.4 New Materials
3.5.5 Innovation for sustainability
3.5.6 Innovation in Marketing
3.6 Industry best practices & key buying criteria
3.7 Consumer buying behavior analysis
3.8 Regulatory landscape
3.9 Pricing analysis
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfalls & challenges
3.11 Growth potential analysis
3.12 Competitive landscape
3.13 Porter’s analysis
3.14 PESTLE analysis
3.15 COVID-19 impact on demand for luxury furniture market by application
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