LONDON--(BUSINESS WIRE)--The luxury furniture market size is expected to post a CAGR close to 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The rising demand for multi-functional luxury furniture is one of the major reasons for the luxury furniture market growth. With the increasing number of single and two-person households, the demand for small, portable, multi-purpose, and technologically advanced 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 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.
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As per Technavio, emergence of eco-friendly and organic luxury furniture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Luxury Furniture Market: Rapid Emergence of Eco-Friendly and Organic Luxury Furniture
The demand for and popularity of eco-friendly luxury furniture has increased in the past few years as there has been growing concern 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 being used for the manufacturig of eco-friendly luxury furniture. For instance, in March 2019, IKEA launched a new range of eco-friendly collection in India, which comprises of 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 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.
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Luxury Furniture Market: Segmentation Analysis
This market research report segments the 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.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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