Press release
Luxury Furniture Market Size, Share, Analysis, Growth And Industry Forecast 2023-2032
Luxury Furniture Market Report
The Business Research Company's Luxury Furniture Global Market Report 2023 identifies the rising trend of home renovation as the major driver for the luxury furniture market's growth in the forecast period. Home renovation is the process of significantly altering, enhancing, or upgrading a residential home. By bringing a touch of refinement, style, and sophistication to the living areas, luxury furniture plays a key role in home renovation projects.
The global luxury furniture market is expected to grow from $22.56 billion in 2022 to $24.10 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The luxury furniture market is expected to reach $30.32 billion in 2027 at a CAGR of 5.9%.
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Major competitors in the luxury furniture market are IKEA Systems B.V., Ralph Lauren Home, La-Z-Boy Incorporated, Heritage Home Group LLC, Arhaus LLC.
A key trend in the luxury furniture market includes advanced recycled materials. Major companies operating in the luxury furniture market are using a new generation of advanced recycled materials to make sustainable luxury furniture and sustain their position in the market. For instance, in March 2023, House of Ecologie, a US-based sustainable furniture and home goods brand, developed a line of luxury capsule furniture that is environmentally friendly and made using innovative recycled materials. The collaboration will include various classic, handcrafted items to enhance the contemporary, functional house, guided by Ecogensus' dedication to emphasizing the welfare of people and the environment.
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The luxury furniture market is segmented -
•By Type: Tables, Chairs, Sofas And Lounges, Kitchen, Lighting, Interior Accessories, Beds, Other Types
•By Material: Wood, Metal, Plastic, Glass, Leathers, Other Materials
•By Distribution Channel: Online, Offline
•By End User: Residential, Commercial
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the luxury furniture market.
The Business Research Company's "Global Luxury Furniture Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Luxury Furniture Market Include:
1. Executive Summary
2. Luxury Furniture Market Characteristics
3. Luxury Furniture Market Trends And Strategies
4. Luxury Furniture Market - Macro Economic Scenario
5. Global Luxury Furniture Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
……
32. Global Luxury Furniture Market Competitive Benchmarking
33. Global Luxury Furniture Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Luxury Furniture Market
35. Luxury Furniture Market Future Outlook and Potential Analysis
36. Appendix
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