Global Luxury Furniture
Market Report
2024
The Global Luxury Furniture market size will be USD 22.5 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 6.90% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
PDF Access: Password protected PDF file, Excel File Access: Quantitative data, PPT Report Access: For the presentation purpose, Cloud Access: Secure Company Account Access.
Share your contact details to receive free updated sample copy/pages of the recently published edition of Luxury Furniture Market Report 2024.
According to Cognitive Market Research, The Global Luxury Furniture market size will be USD 22.5 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 6.90% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Luxury Furniture Market Sales Revenue 2023 | $ 22.5 Billion |
Global Luxury Furniture Market Sales Revenue 2030 | $ 31.58 Billion |
Global Luxury Furniture Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.9% |
Europe Luxury Furniture Market Sales Revenue 2023 | $ 7.88 Billion |
Europe Luxury Furniture Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.8% |
Asia Pacific Luxury Furniture Market Sales Revenue 2023 | $ 5.63 Billion |
Asia Pacific Luxury Furniture Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8% |
South America Luxury Furniture Market Sales Revenue 2023 | $ 1.35 Billion |
South America Luxury Furniture Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.3% |
Middle East and Africa Luxury Furniture Market Sales Revenue 2023 | $ 0.9 Billion |
Middle East and Africa Luxury Furniture Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.5% |
North America Luxury Furniture Market Sales Revenue 2023 | $ 6.75 Billion |
North America Luxury Furniture Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.5% |
Market Split by Material Type |
|
Market Split by Furniture Type |
|
Market Split by Design |
|
Market Split by Distribution Channel |
|
Market Split by Product |
|
List of Competitors |
|
Regional Analysis |
|
Country Analysis |
|
Key Qualitative Information Covered |
|
Report scope is customizable as we have a huge database of Luxury Furniture industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Luxury Furniture Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Luxury furniture pieces are made from high-quality materials and a diversity of designs. Some of the most popular materials used to make these products include metal, glass, wood, and others. The industry is primarily driven by overall consumer spending and other factors like household debt levels, per-capita income, and consumer expectations. The increasing disposable income, improvement in living standards, and the rising demand for furniture are contributing to the market growth. Furthermore, the increasing trend of home renovation and decoration among the urban population has fueled industry progress. These strategies help key players capture a significant market share and be competitive in the dynamic luxury furniture market.
The global luxury furniture market is witnessing substantial growth due to an upsurge in home decor projects worldwide. As consumers increasingly invest in enhancing their living spaces, the demand for high-end and aesthetically pleasing furniture has surged. The market benefits from a rising focus on luxury living, with discerning consumers seeking exclusive, well-crafted furniture pieces to elevate their interiors. This trend is particularly pronounced as more individuals undertake home decor projects, creating a favorable market landscape for luxury furniture manufacturers and retailers. As a result, the market is poised for continued viability and expansion in response to the growing emphasis on sophisticated home design and luxury living.
The global luxury furniture market is poised for growth due to the rising trend of online retailing in the furniture industry. As consumers increasingly prefer the convenience of online shopping, luxury furniture brands are leveraging digital platforms to reach a wider audience. E-commerce facilitates easier product access, comparison, and purchase, contributing to market expansion. This shift in consumer behavior, driven by the ease and variety offered by online channels, is expected to propel the growth of the luxury furniture market on a global scale.
(Source:www.bhg.com/ikea-nytillverkad-october-2023-collection-launch-7562026)
The global luxury furniture market needs help with the availability of counterfeit products, hindering its growth. While the market thrives on exclusivity and high-quality craftsmanship, the influx of counterfeit furniture needs to improve the perceived value and uniqueness of authentic luxury items. Counterfeit products often compromise on quality and design, impacting consumer trust and brand integrity. To sustain growth, the industry must address this issue through rigorous quality control measures, intellectual property protection, and heightened consumer awareness. As authenticity becomes a key concern for luxury furniture buyers, combating counterfeit items is essential for the long-term success and credibility of the global luxury furniture market.
The global luxury furniture market faced disruptions due to COVID-19, experiencing both challenges and opportunities. With lockdowns affecting production and supply chains, the market initially encountered setbacks. However, increased remote work and a heightened focus on home aesthetics led to a surge in demand for luxury furniture, especially ergonomic and aesthetically pleasing designs. E-commerce and digital platforms played a crucial role in reaching consumers during lockdowns. As the industry adapted to new consumer behaviors and safety measures, the luxury furniture market demonstrated resilience and adaptability, showcasing the significance of evolving market strategies in the wake of the pandemic.
We have various report editions of Luxury Furniture Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.
The global luxury furniture market boasts a competitive landscape with prominent players vying for market share. The company’s focus is on premium materials, bespoke offerings, and unique designs to maintain a competitive edge. The market is characterized by strategic collaborations, acquisitions, and product launches aimed at meeting the evolving preferences of discerning consumers. As the demand for opulent and customized furniture grows, the competitive landscape continues to evolve, emphasizing the importance of brand reputation and product differentiation in this dynamic sector.
Top Companies Market Share in Luxury Furniture Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 30% of the global revenue. The market dominance is attributed to a combination of high disposable income, a robust housing sector, and a strong cultural inclination towards premium and aesthetically pleasing home furnishings. A growing focus on interior design and home decor fuels the demand for luxury furniture in the region.
On the other hand, Europe emerges as the fastest-growing region due to evolving consumer preferences, a surge in urbanization, and a rising awareness of luxury lifestyles. Countries like Germany, France, and the United Kingdom are significant contributors to this growth, with consumers investing in high-quality, innovative, and designer furniture. Additionally, a growing emphasis on sustainability in furniture production aligns with European preferences, further propelling market expansion.
The current report Scope analyzes Luxury Furniture Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
According to Cognitive Market Research, the global Luxury Furniture market size was estimated at USD 22.5 Billion, out of which Europe held the major market of more than 35% of the global revenue with a market size of USD 7.88 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030 due to the combination of sophisticated consumer preferences and a strong focus on interior aesthetics. Overview-wise, Europe's rich cultural heritage and design sensibilities contribute to the market's robust growth. The dominating segment in the European market includes bespoke and designer luxury furniture pieces, reflecting the region's inclination towards unique and high-quality home furnishings. As consumers increasingly prioritize interior decor, luxury furniture becomes a statement of both style and status. In conclusion, the European luxury furniture market signifies a harmonious blend of tradition and innovation. The dominating segment underscores the demand for exclusive, meticulously crafted furniture, presenting significant growth opportunities for luxury furniture brands to cater to the discerning tastes of the European clientele.
According to Cognitive Market Research, the global Luxury Furniture market size was estimated at USD 22.5 Billion, out of which Asia Pacific held the major market of more than 25% of the global revenue with a market size of USD 5.63 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2023 to 2030 due to the increasing prosperity and a growing appetite for premium home furnishings. Overview-wise, APAC's diverse cultures and rising middle-class affluence contribute to the market's robust expansion. The dominating segment in the APAC market includes bespoke and designer luxury furniture, reflecting the region's inclination towards unique and aesthetically appealing interior solutions. As consumers prioritize sophisticated living spaces, luxury furniture becomes a symbol of status and refinement. In conclusion, the APAC luxury furniture market represents a fusion of cultural diversity and contemporary elegance. The dominating segment underscores the demand for exclusive and meticulously crafted furniture, presenting significant growth opportunities for luxury furniture brands aiming to cater to the evolving preferences of the discerning APAC consumer.
According to Cognitive Market Research, the global Luxury Furniture market size was estimated at USD 22.5 Billion, out of which Latin America held the major market of more than 6% of the global revenue with a market size of USD 1.35 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2023 to 2030 due to the growing economy and an increasing appreciation for high-end home decor. Overview-wise, the region's unique cultural influences contribute to the market's dynamic growth. The dominating segment in the Latin American market includes designer and bespoke luxury furniture, reflecting the region's preference for sophisticated and distinctive pieces. As consumers aspire to create luxurious living spaces, the demand for exclusive and aesthetically pleasing furniture rises. In conclusion, the Latin American luxury furniture market signifies a convergence of cultural aesthetics and upscale design. The dominating segment underscores the demand for personalized and top-quality furniture, presenting substantial growth opportunities for manufacturers aiming to cater to the discerning tastes of the Latin American clientele.
According to Cognitive Market Research, the global Luxury Furniture market size was estimated at USD 22.5 Billion, out of which the Middle East and Africa held the major market of more than 4.00% of the global revenue with a market size of USD 0.90 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2023 to 2030 due to region's increasing affluence and growing demand for sophisticated home decor. Overview-wise, MEA's diverse cultural influences contribute to the market's dynamic growth. The dominating segment in the MEA market includes bespoke and designer luxury furniture, reflecting the region's inclination towards unique and opulent interior furnishings. As consumers aspire to create exclusive living spaces, luxury furniture becomes a symbol of status and style. In conclusion, the MEA luxury furniture market signifies a convergence of cultural aesthetics and contemporary design. The dominating segment underscores the demand for personalized, high-end furnishings, offering substantial growth opportunities for manufacturers aiming to cater to the discerning tastes of the MEA consumer.
According to Cognitive Market Research, the global Luxury Furniture market size was estimated at USD 22.5 Billion, out of which North America held the major market of more than 30% of the global revenue with a market size of USD 6.75 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030 due to the robust economy and a culture that values high-end and bespoke home furnishings. Overview-wise, North America's diverse consumer preferences contribute to the market's dynamic growth. The dominating segment in the North American market includes designer and custom-made luxury furniture, reflecting a demand for exclusive, stylish, and functional pieces. As consumers prioritize quality and unique designs, luxury furniture becomes a key element of interior decor. In conclusion, the North American luxury furniture market signifies a convergence of luxury and lifestyle preferences. The dominating segment highlights the demand for personalized, premium furniture, presenting substantial growth opportunities for manufacturers to cater to the developed tastes and preferences of the affluent North American clientele.
Global Luxury Furniture Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Luxury Furniture Industry growth. Luxury Furniture market has been segmented with the help of its Material Type, Furniture Type Design, and others. Luxury Furniture market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Leather furniture remains a dominating segment, epitomizing sophistication and durability. Upholstered leather sofas, chairs, and furnishings are highly sought after for their timeless appeal and luxurious feel. The segment caters to those seeking elegance and longevity in their furniture choices.
Simultaneously, the glass furniture segment offers a contemporary and sleek aesthetic. Glass tables, cabinets, and shelves contribute to an open and modern living space, often favored for their ability to create an illusion of spaciousness. This segment aligns with the preferences of those seeking minimalist and avant-garde designs in luxury home decor.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Luxury Furniture Industry. Request a Free Sample PDF!
In the outdoor luxury furniture segment, there is a rising demand for high-end patio and garden furniture that combines aesthetics with durability. Materials like teak, wrought iron, and all-weather wicker dominate this segment, providing luxurious options for outdoor spaces.
In contrast, the indoor luxury furniture segment caters to the wealthy interior design preferences of consumers. It includes sophisticated living room sets, luxurious bedroom furniture, and high-end dining sets. Fine materials such as solid wood, leather, and premium fabrics characterize indoor luxury furniture, offering a combination of comfort and style.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Luxury Furniture market report 2024 Edition by contacting our team.
The global luxury furniture market is diversified into various segments, with Contemporary and Modern/Stylish being prominent categories that cater to distinct consumer preferences. Contemporary luxury furniture embraces current design trends, featuring clean lines, neutral colors, and innovative materials. This segment appeals to those seeking a sophisticated yet timeless aesthetic, often blending traditional craftsmanship with modern elements.
On the other hand, the Modern/Stylish segment emphasizes cutting-edge designs and materials, prioritizing sleek, minimalist styles with an emphasis on functionality. This category often incorporates innovative materials such as glass, metal, and unconventional shapes, appealing to consumers with a preference for bold and avant-garde aesthetics.
The global luxury furniture market is experiencing notable segmentation, with Independent Future Retailers and Factory Outlets playing distinct roles. Independent Future Retailers in this market focus on creating unique and personalized luxury furniture shopping experiences. These retailers often emphasize exclusivity, offering curated collections and personalized services to cater to the discerning tastes of high-end consumers.
On the other hand, Factory Outlets represent a segment that provides an avenue for consumers to access luxury furniture at discounted prices. These outlets often feature excess or previous seasons' inventory, making luxury furniture more accessible to a broader audience.
RTA luxury furniture is characterized by its convenience and ease of assembly, making it a popular choice among consumers seeking modern aesthetics with a DIY approach. This segment often targets urban dwellers and those who value efficient shipping and storage.
On the other hand, non-RTA luxury furniture represents pre-assembled or custom-crafted pieces that emphasize craftsmanship, intricate designs, and premium materials. This segment caters to consumers who prioritize exclusivity, premium quality, and a tailored approach to their interior spaces.
Research Analyst at Cognitive Market Research
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
Sneha Mali is a research analyst working in various domains including the Consumer Goods, market research and transport & logistics and her primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. Her knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively.Sneha stay up-to-date with the latest research trends, methodologies, and technologies to ensure that her research is accurate, relevant, and impactful.
In her current role, Sneha is committed to continuous learning and staying abreast of emerging trends in research methodologies. Regular participation in workshops, webinars, and industry conferences ensures that her skills remain sharp and relevant. She have demonstrated ability to transform complex data sets into clear and concise narratives that inform key business strategies. Collaborating with cross-functional teams.Sneha remains an invaluable asset in the dynamic landscape of market research.
The Global Luxury Furniture Market is witnessing significant growth in the near future.
In 2023, the Leather segment accounted for noticeable share of global Luxury Furniture Market and is projected to experience significant growth in the near future.
The Outdoor segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Kohler Inc , IKEA and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
A new iOS mobile app has been released by Williams-Sonoma, Inc.'s consumer goods brand West Elm which is a luxury furniture brand. With the help of a West Elm Design Crew associate, users may arrange free in-store, in-home, or virtual meetings, create and share West Elm registries, and get live shopping assistance through the app. To maintain user personalization, the app also has filtering features. Day Kornbluth, President of West Elm, highlights that providing customers with an enjoyable and hassle-free purchasing experience is the company's main focus. To provide tailored messages and obtain a comprehensive understanding of customer behavior, the corporation is also investing in AI-powered technology.
Disclaimer:
Material Type | Leather, Glass, Wood, Metal, Plastic, Others |
Furniture Type | Outdoor, Indoor, Office, Living Room, Bathroom, Bedroom, Kitchen, Hospitality |
Design | Contemporary, Modern/Stylish |
Distribution Channel | Independent Furniture Retailers, Factory Outlets, Online Sales, Departmental Stores, Others |
Product | RTA (Ready-to-assemble), Non-RTA (Non-Ready-to-assemble) |
List of Competitors | Kohler Inc, Illulian Luxury Rugs, IKEA, cassina MARIONI, Bentley Home, Knoll Inc, Boca do Lobo, Heritage Home, Furniture Concepts, Haworth Inc, Godrej & Boyce Manufacturing Co. Ltd, HI |
This chapter will help you gain GLOBAL Market Analysis of Luxury Furniture. Further deep in this chapter, you will be able to review Global Luxury Furniture Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Luxury Furniture Market Trends North America Luxury Furniture Technological Road Map North America Luxury Furniture Market Drivers North America Luxury Furniture Market Restraints North America Luxury Furniture Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
You can purchase only the Executive Summary North America Market (2019 vs 2024 vs 2031)
Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
You can purchase only the Executive Summary Asia Pacific Market (2019 vs 2024 vs 2031)
Chapter 5 South America Market Analysis
You can purchase only the Executive Summary South America Market (2019 vs 2024 vs 2031)
Chapter 6 Middle East and Africa Market Analysis
You can purchase only the Executive Summary Middle East and Africa Market (2019 vs 2024 vs 2031)
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Material Type Analysis 2019 -2031, will provide market size split by Material Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Material Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Furniture Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 12 Market Split by Design Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 13 Market Split by Distribution Channel Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 14 Market Split by Product Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Luxury Furniture market
Chapter 15 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Leather have a significant impact on Luxury Furniture market? |
What are the key factors affecting the Leather and Glass of Luxury Furniture Market? |
What is the CAGR/Growth Rate of Outdoor during the forecast period? |
By type, which segment accounted for largest share of the global Luxury Furniture Market? |
Which region is expected to dominate the global Luxury Furniture Market within the forecast period? |
Segmentation Level Customization |
|
Global level Data Customization |
|
Region level Data Customization |
|
Country level Data Customization |
|
Company Level |
|
Additional Data Analysis |
|
Additional Qualitative Data |
|
Additional Quantitative Data |
|
Service Level Customization |
|
Report Format Alteration |
|
Published Report Editions
are Just a Tip of an Iceberg
Access the Complete Database of
Luxury Furniture Market
Request Sample