New York, NY, April 30, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Luxury Furniture Market by Material Type (Glass, Metal, Plastic, Leather, Wood and Others), by Distribution Channel (Departmental Stores, Online Sales, Independent Furniture Retailers, Factory Outlets and Others) and by End Users (Domestic and Commercial): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023”. According to the report, global luxury furniture market was valued at approximately USD 23.05 billion in 2017 and is expected to generate revenue of around USD 30.28 billion by end of 2023, growing at a CAGR of around 4.65% between 2017 and 2023.
Luxury furniture’s, are movable pieces, which showcase the best of an elite quality, and design associated with a certain era. Often crafted out of metal, glass, the wood they add to the aesthetic value of an establishment such as homes, hotels, offices and other indoor or outdoor areas.
Browse through 57 Tables & 25 Figures spread over 110 Pages and in-depth TOC on "Global Luxury Furniture Market: Industry Size, Share, Growth, Segments and Forecast, 2017 - 2023”.
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The luxury furniture division today is significantly benefiting from the rise in the disposable income, globalization and major population shift to the urban areas worldwide. Furniture companies in the luxury furniture market are more concerned about reducing their carbon footprints and have started offering environment-friendly alternatives. As technology is progressing furniture designers are getting more innovative and daring with their designs. Low toxicity is also one of the priority items on customers list when shopping for environment-friendly furniture as they want to reduce their negative impact on health which is taken care while by designing the furniture. Thus in this highly unorganized sector online retailing has made selecting and buying furniture with more discounts and wider options.
The luxury furniture market is segmented on the basis of material type into the glass, metal plastic, leather, wood, and others. The antique wooden furniture has long been appreciated worldwide. Likewise, rich and delicate attributes of design have enabled the wooden furniture business to create a strong foothold in the marketplace. Wooden furniture is majorly used for their beautiful natural look, resilience, and durability, easy to maintain and as a smart investment. Besides this, molten metal over wooden furniture is in vogue these days.
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Based on distribution channel the market is segmented into departmental stores, online sales, independent furniture retailers, factory outlets, and others. Inclination in the online retailing and higher media penetration are some of the major factors driving the growth of online sales.
Domestic and commercial are the key end-user segments of the global luxury furniture market. The rapid growth of office-based sectors particularly software, hospitals, schools etc. is fueling the increasing need for office space. In addition, modular furniture is a famous and effective way for optimizing expensive commercial space which is estimated to propel the growth of commercial sector for luxury furniture.
Browse the full "Luxury Furniture Market by Material Type (Glass, Metal, Plastic, Leather, Wood and Others), by Distribution Channel (Departmental Stores, Online Sales, Independent Furniture Retailers, Factory Outlets and Others) and by End Users (Domestic and Commercial): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023" report at https://www.zionmarketresearch.com/report/luxury-furniture-market
North America and Europe dominate the luxury furniture market due to increasing disposable income of consumers and rising economic growth. Momentum in the North American housing sector is continued to influence the furniture manufacturing positively. The furniture segment as a whole has witnessed major advancements over the past years. Likewise, the region has received new orders and sales have increased significantly. Europe holds a dominant share as compared to North America since manufacturing companies of semi-finished wooden furniture in Europe represents mainly the upstream category of the value chain.
The Asia-Pacific market is projected to have the highest CAGR during the forecast period. China has emerged as the biggest and fastest developing furniture market in the Asia Pacific, highly driven by the growth in living standards and disposable income. Majority of business in the region is dominated by old hand retailers; nonetheless, they are now observing an influence of show rooming concept with increasing popularity of online sales.
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Latin America and the Middle East and Africa hold the least position in luxury furniture market in comparison to other regions. However, the hospitality sector of these two regions has been identified as one which will provide the global market many lucrative opportunities in near future.
Some of the key players in luxury furniture market include Muebles Pico, Nella Vetrina, Laura Ashley Folding PLC, VALDERAMOBILI srl, Scavolini S.p.A., Henredon Furniture Industries, Inc., Giovanni Visentin srl, Iola Furniture Ltd., Turri S.r.l, Herman Miller, Inc., Heritage Home Group LLC and others. Companies born to serve the made to order requirements are now opening their stores in different geographical locations to provide buyers creative designs that go well with time. Besides this, many furniture manufacturers are partnering up with artists or interior designers to create and offer a luxury range of furniture.
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This report segments the global luxury furniture market as follows:
Global Luxury Furniture Market: Material Type Segment Analysis
- Glass
- Metal
- Plastic
- Leather
- Wood
- Others
Global Luxury Furniture Market: Distribution Channel Segment Analysis
- Departmental Stores
- Online Sales
- Independent Furniture Retailers
- Factory Outlets
- Others
Global Luxury Furniture Market: End-User Segment Analysis
- Domestic
- Commercial
Global Luxury Furniture Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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