What is the Growth of Luxury Furniture Market till 2030?
The global luxury furniture market size was valued at USD 21.67 billion in 2022. The market is projected to grow from USD 22.78 billion in 2023 to USD 33.31 billion by 2030, recording a CAGR of 5.57% during the forecast timeframe of 2023-2030.
The industry outlook is being positively influenced by growing consumer spending and various other factors such as household debt levels, per-capita income, and consumer expectations. Other aspects, such as ever-increasing disposable income, improvement in living standards, growing demand for furniture, and robust popularity of home renovation and decoration projects, will also fuel the market growth.
Segments
Aesthetic Design and High Durability Offered by Wooden Furniture to Support Market Expansion
Based on raw material, the market is divided into wood, metal, plastic, and others. The wood segment is expected to hold a dominant market share, owing to its adaptability and high-quality finishing. Wood is the most popular material due to its high aesthetic value and durability. These features will boost the sales of luxurious wooden furniture.
The research report analyzes the industry in detail and highlights several crucial aspects such as prominent companies, competitive landscape, raw materials, end users, and distribution channels. Apart from this, the report also offers insights into the industry trends and underlines many important developments in the market.
Drivers and Restraints:
Rapid Growth of Real Estate Sector to Contribute to the Luxury Furniture Industry Growth
The real estate sector has recently shown substantial expansion due to increased demand for office and residential spaces. The growing construction of residential and commercial buildings will drive the market progress.
The wide availability of counterfeit products might hinder the market development. Counterfeiting also involves placing the logo or trademark of a famous brand on a product, but the product is not manufactured or authorized by that brand.
Regional Insights:
In terms of region, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa (MEA). The Europe region is anticipated to capture a sizeable luxury furniture market share during the forecast period as many companies across the region are involved in in-depth research & development. They are also constantly upgrading technologies used in the production of luxury furniture, thereby spurring the product sales across the region.
The North America region is also predicted to hold a major market share as there is a notable presence of reputed luxury furniture manufacturers. Also, the construction of residential and commercial buildings will spur the adoption of luxurious furnishing products.
Information Source: https://www.fortunebusinessinsights.com/luxury-furniture-market-107326
