Growing demand for wooden furniture will complement growth of luxury furniture market from 2014 to 2020
Asia-Pacific would see the fastest growth, due to rising disposable incomes
POTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, Jan. 14, 2022 /EINPresswire.com/ — Luxury Furniture Market Overview:-
The Luxury Furniture Market Report, published by Allied Market Research, forecasts the global market to be worth $27.01 billion by 2020, registering a CAGR of 4.1% during the period 2015-2020 . Asia-Pacific would experience the fastest growth, due to rising disposable incomes. Luxury wooden furniture has gained substantial demand worldwide, followed by metal. The high acceptance of wooden furniture is mainly due to its durability and modern yet antique look, making it a good choice for both home and commercial use.
The luxury furniture market is very fragmented with a strong presence of national family businesses. However, this does not limit the reach of businesses in the market, as online portals are widely used as a sales platform. The strategic linkages between market players and interior designers have expanded the reach of this market and help to create awareness of the product among end users. Luxury furniture also reflects the social status of individuals; a trend that is also boosting the growth of the luxury furniture market.
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Driving the Growth of Luxury Furniture Market:-
The demand for wooden furniture is highest in the global market due to the high aesthetic value associated with it. The glass furniture segment is expected to witness the fastest growth through 2020, catalyzed by its growing demand in the corporate and hospitality sector. The plastic furniture segment would experience the slowest growth over the forecast period due to environmental concerns associated with plastic degradation and lack of aesthetic value, compared to other materials. The leather furniture segment would grow at a considerable rate; however, the growth of this segment would be limited due to its limited use in sofas and ottomans. Additionally, strict government regulations on the importation of leather are largely limiting the market growth of this segment. Eco-friendly furniture and multi-functional furniture have gradually gained popularity. Growing environmental awareness and space constraints in urban regions are key factors driving the adoption of this furniture in the global market.
The household sector contributed almost two-thirds of the global luxury furniture market revenue in 2014. Furniture used in living rooms and bedrooms is the most demanded in the household sector. The commercial sector is a relatively smaller market, which is mainly governed by the hospitality sector. A strong presence of high-end hotels, commercial infrastructure and a booming hotel industry, resulting from an increasing pace of foreign investment in the Middle East, explain the dynamic growth of the luxury furniture market in the commercial sector. . Additionally, the growth of the hospitality and tourism sector, especially in cities like Abu Dhabi, Doha, Dubai, Jeddah, Muscat, and Riyadh, presents a vibrant market for commercial luxury furnishings.
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Key Findings of the Luxury Furniture Market:
The luxury wooden furniture segment dominates the market with around 24% market share in 2014 and is expected to dominate the market throughout the forecast period. However, luxury metal furniture segment would experience a comparatively higher growth rate
The domestic end-user segment would continue to dominate the global market during the forecast period
The luxury furniture market in the lighting segment is expected to grow at a CAGR of 8.3% during the period 2015-2020
The hospitality industry within the business user segment is said to show steady demand for luxury furniture, registering a CAGR of 3.4% during the period 2015-2020.
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Domestic luxury furniture market manufacturers such as Laura Ashley, Scavolini, Giovanni Visentin and Muebles Pico largely focus on manufacturing elegant luxury furniture with high quality raw materials. Thus, companies in the luxury furniture market largely compete on the aspect of aesthetic value. Launching new products complemented by innovative design is the key strategy adopted by companies. Furthermore, the prospects of e-commerce platforms would also help the market players to expand their geographical presence which, in turn, would drive the overall market growth.
LIST OF FIGURES
FIG. 1 MAJOR IMPACT FACTORS, BASE CASE (2020-2025)
FIG. 2 MAIN IMPACT FACTORS, OPTIMISTIC CASE (2020-2025)
FIG. 3 MAIN IMPACT FACTORS, CRITICAL CASE (2020-2025)
FIG. 4 MAIN IMPACT FACTORS
FIG. THE 5 BEST INVESTMENT POCKETS IN THE LUXURY FURNITURE MARKET
FIG. 6 PORTER’S FIVE FORCES MODEL
FIG. 7 VALUE CHAIN ANALYSIS
FIG. 8 INCREASE IN DISPOSABLE INCOME PER CAPITA IN EASTERN EUROPE, LATIN AMERICA AND ASIA-PACIFIC (2007 – 2012)
FIG. 9 SWOT ANALYSIS OF DURESTA UPHOLSTERY LTD.
FIG. 10 SWOT ANALYSIS OF MUEBLES PICO
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