LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Luxury Furniture Market by distribution channel (offline and online), by material (wood, metal and others), by application (residential luxury furniture and commercial luxury furniture) and geographic regions (Europe, North America, APAC, MEA, South America)” is witnessed to grow USD 7.58 billion, at a CAGR of over 5% from 2019 to 2023.
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Global Luxury Furniture Market: Rapid emergence of eco-friendly and organic luxury furniture
The demand for and popularity of eco-friendly luxury furniture have increased in the past few years as there has been growing concern globally about the adverse effects of deforestation and toxic furniture finishes on the environment. Many vendors operating in the global luxury furniture market have developed eco-friendly furniture using green technology. Biodegradable, sustainable, and renewable raw materials are used in the manufacturing of eco-friendly luxury furniture. For instance, in March 2019, IKEA launched a new range of eco-friendly collection in India, which comprises indigo rugs hand-woven in India and sustainable rattan armchairs. Such launches of eco-friendly and organic luxury furniture will positively impact the global luxury furniture market.
“Apart from the rapid emergence of eco-friendly and organic luxury furniture, the growth in demand for luxury furniture among millennials and the increasing technological innovations in global luxury furniture market are some other major aspects that are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Luxury Furniture Market: Segmentation analysis
This market research report segments the global luxury furniture market by distribution channel (offline and online), by material (wood, metal, and others), by application (residential luxury furniture and commercial luxury furniture) and geographic regions (Europe, North America, APAC, MEA, South America).
The European region led the market in 2018, followed by North America, APAC, MEA, South America respectively. During the forecast period, the European region is expected to maintain its dominance over the global market and register the highest incremental growth due to the rising trend of online retailing in the region.
Global Luxury Furniture Market: Rising popularity of multi-functional luxury furniture
The rising demand for multi-functional luxury furniture is an emerging trend in the global luxury furniture market. With the increasing number of single and two-person households, the demand for small, portable, multi-purpose, and technologically influenced luxury furniture is increasing. Consumers have also developed a liking for multi-functional luxury furniture products as it provides them the liberty to quickly re-configure the entire outdoor area and minimize clutter by reducing the number of isolated pieces of furniture used in a room. Due to such innovative factors, the increase in the demand for multi-functional luxury furniture is expected to drive market growth during the forecast period.
Few Major Vendors in the Luxury Furniture Market are:
- Herman Miller, Inc.
- HNI Corp.
- Inter IKEA Group
- Muebles Picó SA
- Steinhoff International Holdings NV
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