Luxury Furniture Market on Track to Hit USD 27.65 billion in 2023, Growing at 5.67% CAGR by 2030

Global Luxury Furniture Market: In-Depth Analysis and Forecasts for 2024-2030

MarkNtel Advisors, a leading market research firm, has showed its latest study titled “Luxury Furniture Market“, offering a detailed industry overview and market perspective. This comprehensive research provides insights into the current state of the market, highlighting recent advancements and emerging trends.

The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.

Analysis and Insights into the Luxury Furniture Market: 2024-2030

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 5.67% during the forecast period, i.e., 2024-30. The main factors contributing to the increased demand for contemporary luxurious furniture are the booming real estate sector and the growing consumer focus on aesthetic indoor design.

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What are the primary factors driving the growth of the Luxury Furniture Market?

Expanding Real Estate Sector to Escalate Market Growth – During the historical years, the consistent growth of the real estate sector, especially in the luxury and upscale property segment, significantly contributed to the increased demand for high-end furniture in both residential and commercial spaces. In addition, the expansion of service-based industries, such as ICT, telecommunication, etc., has widely supported the demand for luxurious furniture during 2019-23. The key factors attributed to the rising service expansion are the growth initiatives of the global economies such as India, China, the UAE, Saudi Arabia, etc., to launch flexible FDI policies, taxation relations, and minimum barriers on entry and exit, with an intent to boost their gross domestic product (GDP) growth. Therefore, global economies are witnessing an accumulation in investments to expand new office spaces & warehouses across numerous regions, which is expected to enhance the luxury furniture industry growth during 2024-2030.

Luxury Furniture Market Segmentation:

The Luxury Furniture market is categorized in to different segments. Analyzing growth across these segments enables a comprehensive understanding of key growth areas within the industry. This segmentation provides valuable market insights, empowering stakeholders to make strategic decisions and identify primary market applications effectively.

By Type

Indoor Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Bedroom Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Dining Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Office Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Kitchen Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Living Room Furniture- Market Size & Forecast 2019-2030, (USD Million)
Outdoor Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Patio Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Rooftop Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Beachfront Furniture- Market Size & Forecast 2019-2030, (USD Million)
- Others (Poolside, Deck Furniture, etc.)- Market Size & Forecast 2019-2030, (USD Million)

By Type of Furniture

Bed- Market Size & Forecast 2019-2030, (USD Million)
Sofa & Couch- Market Size & Forecast 2019-2030, (USD Million)
Table & Desk- Market Size & Forecast 2019-2030, (USD Million)
Chair & Stool- Market Size & Forecast 2019-2030, (USD Million)
Wardrobes & Dresser- Market Size & Forecast 2019-2030, (USD Million)
Cabinets & Nightstand- Market Size & Forecast 2019-2030, (USD Million)
Others- Market Size & Forecast 2019-2030, (USD Million)

By Material

Wood- Market Size & Forecast 2019-2030, (USD Million)
Plastic- Market Size & Forecast 2019-2030, (USD Million)
Leather- Market Size & Forecast 2019-2030, (USD Million)
Others (Glass, Metal, etc.)- Market Size & Forecast 2019-2030, (USD Million)

By Distribution Channel

Direct Sales- Market Size & Forecast 2019-2030, (USD Million)
Indirect Sales- Market Size & Forecast 2019-2030, (USD Million)
Online Platform- Market Size & Forecast 2019-2030, (USD Million)

By End User

Residential- Market Size & Forecast 2019-2030, (USD Million)
Offices- Market Size & Forecast 2019-2030, (USD Million)
Commercial & Retail- Market Size & Forecast 2019-2030, (USD Million)
Hospitality- Market Size & Forecast 2019-2030, (USD Million)
Others (Government Agencies, etc.)- Market Size & Forecast 2019-2030, (USD Million)

Geographical Analysis into the Luxury Furniture Market:

The Luxury Furniture market is categorized based regional:

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

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Competitive Landscape and Luxury Furniture Market Share Analysis:

The competitive landscape of the Luxury Furniture Market includes comprehensive details about competitors. These details encompass company overviews, financial performance, revenue generation, market potential, investments in research and development, new market strategies, production facilities, strengths and weaknesses, product launches, ongoing trials, approvals, patents, product range, dominant applications, and technology life cycle.

Cassina S.p.A.
Kimball International Inc.
Marge Carson
Fendi Casa
Brown Jordan Inc.
B&B Italia
Marioni
Boca Do Lobo
Duresta
Bentley Home
Natuzzi
Haworth, Inc.
West Elm
Pico Muebles
Maiden Home

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Questions Addressed in this Study

What factors are driving the Luxury Furniture Market growth?
How is the Luxury Furniture Market expected to grow over the next five years?
What are the key insights into the current trends in the Luxury Furniture Market?
What is the current size of the Luxury Furniture Market, and how is it projected to change in the future?
What is the future outlook for the Luxury Furniture Market in terms of technological advancements and market expansion?

Why choose MarkNtel?

MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.