Press Release

Luxury Furniture Market Valued at USD 27.65 Billion in 2023, Expected to Reach USD 41.95 Billion by 2030

The Global Luxury Furniture Market size was valued at around USD 27.65 billion in 2023 & and is estimated to reach around USD 41.95 billion by 2030. Also, the market is anticipated to grow at a CAGR of about 5.67% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The global demand for luxury furniture is increasing, mainly driven by the growing inclination of consumers toward home decor. The inclination of consumers toward home interior and design, mainly through social media, supported the growing trend. This led to an increasing demand for products having high aesthetic appeal. The demand for balcony and garden decoration significantly caught the attention of the consumers. This increased the preference of consumers toward home decor, which has largely been accelerating the demand for luxury furniture as it raises the aesthetic appeal of the living space of consumers.

There have been rapid increases in urbanization and the working population worldwide, particularly in developing economies. It has been leading to a fast-growing demand for houses from the working population in cities across emerging nations. Therefore, as the demand for residential spaces increases, real estate companies are initiating to expand the construction of new residential spaces for customers. This fast-growing demand has also led to the launch of several residential sector projects worldwide which are estimated to be in action in the next few years. Thus, with the increase in residential spaces, the same would require furniture for living rooms, bedrooms, balconies, common areas, etc.

Most importantly, as customers are mostly seeking multi-utility furniture, the demand for luxurious furniture across residential spaces is estimated to increase in the coming years and ultimately it would augment the size & volume of the luxury furniture industry, further states the research report, “Global Luxury Furniture Market Analysis, 2024.”

Global Luxury Furniture Market Segmentation Analysis

Outdoor Furniture Segment Holds the Largest Market Share

Based on type, the market is further bifurcated into, indoor and outdoor furniture. Out of them, the luxury outdoor furniture segment has been experiencing growing demand in the market. This demand is mainly driven by commercial space construction, like hospitals, malls, educational institutes, etc., all over the globe. Since these commercial centers require outdoor seating in shared spaces, the increased rate of construction of such places has spurred the demand for luxury furniture for the outdoors. A parallel trend in increasing consumer incline towards landscaping the outdoor area of their residential units has also accelerated the demand for outdoor luxury furniture.

Also, in recent years, rooftop dining has risen across the world. As a result, many restaurant chains are coming up with the announcement of rooftop restaurant projects and the projects are expected to be completed in the coming years. So, with new roof-top restaurants setting up, demand for outdoor luxury furniture across these places will also increase. 

Asia-Pacific to Experience Substantial Revenue Growth

Geographically, Asia-Pacific is expected to experience accelerated growth in the Global Luxury Furniture Industry. This has been largely driven by the increasing expansion of commercial offices across the region. There have been several factors that have driven growth in the commercial sector within the region. Among these is the increasing number of startups within sectors such as BFSI, automotive, IT, etc., which has pushed the demand for commercial office space in the region. Enhanced green field investments in countries such as India, and Australia, have also improved demand for commercial office spaces.

As companies expand their operation at new geographical locations, they require new office spaces to operate. This rising demand for commercial office spaces has led real estate developers to announce their projects in the region to leverage this rising demand. Hence, as more commercial offices would come up in the region, the demand for luxury furniture would also upscale. This would be primarily because real estate developers prefer to install their spaces with high-quality and multi-utility furniture to attract higher rental yields.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Cassina S.p.A., Kimball International Inc., Marge Carson, Fendi Casa, Brown Jordan Inc., B&B Italia, Marioni, Boca Do Lobo, Duresta, Bentley Home, Natuzzi, Haworth, Inc., West Elm, Pico Muebles, Maiden Home, and other are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?