Global Luxury Furniture Market Research Report: Forecast (2024-2030)

Market Insights & Analysis: Global Luxury Furniture Market (2024-30):

The Global Luxury Furniture Market size was valued at around USD 27.65 billion in 2023 & is projected to reach around USD 41.95 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 5.67% during the forecast period, i.e., 2024-30. The main factors contributing to the increased demand for contemporary luxurious furniture are the booming real estate sector and the growing consumer focus on aesthetic indoor design.

In recent years, there has been an ongoing trend of urbanization throughout the globe. Based on the records by the World Bank, as of 2024, more than 56% of the overall worldwide population is living in urban towns. As a result, the availability of land in the urban areas is shrinking and the individuals in the towns are forced to live in smaller living spaces. Thus, there may be a growing need for compact, multi-functional, and modern-day luxurious furniture, which may be both fashionable and space-saving. Along with this, research by the United Nations Conference on Trade and Development (UNCTAD) states that the urban population is predicted to upward thrust to almost 68% by 2030. This would consequently result in the residential units' development and uplift the requirement for modern luxury furniture.

Furthermore, high-end & modern luxury furniture demand is arising from the increasing development of real estate, including residential complexes, hotels, and resorts. These commercial & residential units require indoor as well as outdoor luxury furniture to enhance the overall aesthetic appeal of the buildings. Moreover, every building needs a unique & customized set of furniture based on the architecture. Therefore, the top furniture manufacturers are partnering with real estate developers to provide tailored furniture products, enlarging the market size & volume during the forecast period.

Additionally, the ongoing trend of smart cities in developing & developed nations such as Saudi Arabia, India, Egypt, Singapore, etc., is also enhancing the demand for modern luxury furniture within commercial and residential buildings. The top companies operating in the Luxury Furniture Industry are increasingly incorporating technology into their modern luxury furniture designs. The market players are introducing products, like luxury beds that use technology for improving comfort and sleep quality. Moreover, these beds include adjustable features, massage functions, and smart mattress systems that track sleep patterns and adjust mattress settings for optimal comfort. Similar to this, the companies are offering other smart luxury furniture for sale. This would continue to gain the attention of the younger generation and uplift the size & volume of the Luxury Furniture Market in the coming years.

Global Luxury Furniture Market Driver:

Expanding Real Estate Sector to Escalate Market Growth – During the historical years, the consistent growth of the real estate sector, especially in the luxury and upscale property segment, significantly contributed to the increased demand for high-end furniture in both residential and commercial spaces. In addition, the expansion of service-based industries, such as ICT, telecommunication, etc., has widely supported the demand for luxurious furniture during 2019-23. The key factors attributed to the rising service expansion are the growth initiatives of the global economies such as India, China, the UAE, Saudi Arabia, etc., to launch flexible FDI policies, taxation relations, and minimum barriers on entry and exit, with an intent to boost their gross domestic product (GDP) growth. Therefore, global economies are witnessing an accumulation in investments to expand new office spaces & warehouses across numerous regions, which is expected to enhance the luxury furniture industry growth during 2024-2030.

Global Luxury Furniture Market Challenge:

Fluctuations in the Costs of Raw Materials Impeding Market Growth – In recent years, the geopolitical tension among the nations & the stringent government regulations regarding deforestation have resulted in raw material price volatility. As per the ProEst Company, the prices of lumber increased by approximately 23%, compared to 2022. The increasing raw material price is compelling the manufacturers to face higher expenses for sourcing, processing, and finishing the materials. Therefore, to achieve the desired profit target, the manufacturers are selling the furniture items at a relatively higher cost. Thus, consumers with limited finances are seeking cheap luxury furniture, restraining the demand for modern luxury furniture.

Moreover, in recent years, the governing bodies as well as consumers have become more aware of environmental sustainability. Based on the survey by Harvard Business, more than 60% of individuals were conscious of environmental sustainability in 2023. As a result, the official authorities are actively laying initiatives that minimize the cut down of the plants, making raw material sourcing even more challenging for the market players. Hence, the top companies are forced to invest in sustainable practices, including responsible forestry and ethical sourcing, which further elevates the production process costs, and hamper the market growth & expansion.

Global Luxury Furniture Market Trend:

Integration of Advanced Technology & Smart Features into High-End Furniture Products – In recent years, the luxury furniture industry has experienced a significant upswing, due to the integration of smart technology into their products, allowing consumers to control various aspects of their living spaces through furniture. This includes features like built-in charging stations, LED lighting, and furniture with integrated smart home capabilities, such as speakers, wireless charging, and automation. Thus, the integration of furniture with smart homes enhances the convenience and usability of luxury furniture, catering to tech-savvy consumers across the globe. The biggest players in the luxury furniture market such as Duresta, Herman Miller, Inc., etc. are dynamically innovating in terms of production, design, and materials to create unique furniture pieces that resonate with smart homes globally. As, luxury furniture, known for its elevated comfort level, is gaining popularity among consumers across the globe, which is further anticipated to elevate the luxury furniture market growth in the forthcoming years.

Global Luxury Furniture Market (2024-30): Segmentation Analysis

The Global Luxury Furniture Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. Based on the analysis, the market has been further classified as:

Based on Type:

• Indoor Furniture
  • Bedroom Furniture
  • Dining Furniture
  • Office Furniture
  • Kitchen Furniture
  • Living Room Furniture
• Outdoor Furniture
  • Patio Furniture
  • Rooftop Furniture
  • Beachfront Furniture
  • Others (Poolside, Deck Furniture, etc.)

Of them all, the outdoor furniture segment holds a substantial market share in the Global Luxury Furniture Market. The demand for outdoor luxury furniture is increasing due to the growing focus of consumers on utilizing the balcony spaces & their terraces. Consumers are increasingly setting up terrace gardens within their residences, owing to which there is a demand for outdoor luxury furniture. Along with this, individuals are increasingly preferring rooftop dining at restaurants. As per the statistics by Warm Welcome company, customers across the globe are willing to pay 18% more for outdoor dining areas than for normal indoor facilities. This transition & changing consumer behavior would enhance the demand for outdoor luxury furniture in the forthcoming years.

Based on Material:

• Wood
• Plastic
• Leather
• Others (Glass, Metal, etc.)

The high durability and aesthetic design offered by wooden materials in the luxury furniture industry positively supported the growth of the wood segment during the historical years. Luxury furniture buyers across the Middle East & Europe region often seek long-term investments, and wooden pieces provide this assurance to the customers. The longevity of wood reduces the need for frequent replacements, making it a cost-effective choice for longer periods as compared to plastic and other types of raw materials. In addition, wooden furniture effortlessly blends with a variety of interior design styles, ensuring its relevance through different trends and design preferences, which is another factor for the growth of the wood segment, which will further augment the market size & volume during 2024-2030.

Global Luxury Furniture Market (2024-30): Regional Projections

Geographically, the Global Luxury Furniture Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Geographically, North America accounted for a considerable luxury furniture market share during the historical years. The increasing disposable income in the US, Canada, etc., and the rising focus of individuals on aesthetics and urban lifestyles are leading to the increased usage of high-end furniture. Along with this, buyers are shifting their preference toward quality and stylish furniture products. Therefore, they are shifting from cheap luxury furniture to exquisite modern luxury furniture, leading to significant sales in North America.

Besides, in the upcoming years, the Asia-Pacific (APAC) region is expected to experience a remarkable surge due to the rapid development of residential and commercial properties. The market is thriving due to a combination of continuous innovation and a strong consumer inclination toward designer luxury furniture. Thus, the establishment of commercial & residential properties in the APAC would continue to augment the revenue growth of the Asia-Pacific Luxury Furniture Market during 2024-2030. In addition, the top companies in the region are upgrading their luxury furniture design based on the architecture and offering luxury furniture for sale at famous home improvement stores. This is anticipated to make these products more accessible to the population in the region and would support the market growth during the forecast period.

Global Luxury Furniture Industry Recent Development:

• 2024: B&B Italia introduced new outdoor luxury furniture products, designed by renowned designers, namely Mario Bellini & Monica Armani.
• 2023: Kimball International Inc. partnered with two designers to launch a unique lounge solution for consumers.

Gain a Competitive Edge with Our Global Luxury Furniture Market Report

1. Global Luxury Furniture Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
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