LONDON--(BUSINESS WIRE)--The global luxury furniture market is expected to grow by USD 6.43 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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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. Multi-functional luxury furniture products provide users 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, the 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 significant trends and market drivers that will influence market growth over 2020-2024.
Luxury Furniture Market: Emergence of Eco-friendly and Organic Luxury Furniture
The demand for and popularity of eco-friendly luxury furniture has increased over 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 manufacture 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. The launch of such eco-friendly and organic luxury furniture will positively impact the global luxury furniture market.
“Factors such as the growth in demand for luxury furniture among millennials and the increasing technological innovations in the global luxury furniture market will have a significant impact on the growth of the luxury furniture market value 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) and geography (Europe, North America, APAC, MEA, and South America).
The European region led the luxury furniture market in 2019, followed by North America, APAC, MEA, and South America respectively. During the forecast period, the European region is expected to 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:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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