Luxury Furniture Market Report 2024 (Global Edition)

Global Luxury Furniture Market Report 2024 Market Size Split by Material Type (Leather, Glass, Wood, Metal, Plastic, Others), by Furniture Type (Outdoor, Indoor, Office, Living Room, Bathroom, Bedroom...

Luxury Furniture Market Report Description

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.

Luxury Furniture Market Insights Video

Competitive Landscape of the Luxury Furniture Market

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.

• In October 2022, Linly Designs acquired the luxury furniture brand Marge Carson, which manufactures high-end residential furniture. The acquisition is expected to enhance operational efficiencies and product offerings.

(Source:https://www.globenewswire.com/en/news-release/2022/10/17/2535770/0/en/Interior-Design-Firm-Linly-Designs-Acquires-Luxury-Furniture-Brand-Marge-Carson.html)

Top Companies Market Share in Luxury Furniture Industry: (In no particular order of Rank)

• 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
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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.

North America dominated the market in 2023 and accounted for around 30% of the global revenue

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

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Luxury Furniture Market

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.

Europe Luxury Furniture Market

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.

Asia Pacific Luxury Furniture Market

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.

South America Luxury Furniture Market

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.

Middle East and Africa Luxury Furniture Market

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.

Luxury Furniture Market Analysis

Luxury Furniture Material Type Segment Analysis

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.

• Leather
• Glass
• Wood
• Metal
• Plastic
• Others

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!

Luxury Furniture Furniture Type Segment Analysis

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.

• Outdoor
• Indoor
• Office
• Living Room
• Bathroom
• Bedroom
• Kitchen
• Hospitality

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Luxury Furniture Design Segment Analysis

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.

• Contemporary
• Modern/Stylish

Luxury Furniture Distribution Channel Segment Analysis

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.

• Independent Furniture Retailers
• Factory Outlets
• Online Sales
• Departmental Stores
• Others

Luxury Furniture Product Segment Analysis

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.

• RTA (Ready-to-assemble)
• Non-RTA (Non-Ready-to-assemble)

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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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.

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