Global Luxury Furniture Market Major Trends And Growth Drivers
Luxury Furniture Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Luxury Furniture Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, July 1, 2024 /EINPresswire.com/ -- The luxury furniture market size has experienced robust growth, increasing from $24.1 billion in 2023 to $25.71 billion in 2024, at a compound annual growth rate (CAGR) of 6.7%. This growth can be attributed to economic prosperity, evolving architectural and interior design trends, the surge in luxury real estate, cultural influences, celebrity endorsements, and influencer impact.
The market is projected to continue expanding strongly, reaching $32.29 billion by 2028, growing at a CAGR of 5.9%. Factors driving this growth include the rise of luxury e-commerce, emphasis on sustainability and eco-friendly practices, global wealth redistribution, and a growing focus on wellness and comfort in design.
Rising Trend of Home Renovation Driving Market Growth
The increasing trend of home renovation is a significant driver for the luxury furniture market. Homeowners are increasingly investing in upgrading their living spaces, seeking refinement, style, and sophistication through luxury furniture. This trend is pivotal in propelling market growth, as highlighted by Verana Ltd., which reported a substantial contribution of 53% from the house renovations sector among homeowners in 2021.
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Major Players and Market Trends
Leading companies in the luxury furniture market include IKEA Systems B.V., Ralph Lauren Home, La-Z-Boy Incorporated, Heritage Home Group LLC, and Arhaus LLC. These players are actively innovating, leveraging AI-driven digital design experiences to enhance customer engagement and satisfaction. For example, Inter IKEA Systems B.V. introduced IKEA Kreativ in June 2022, a platform using AI and mixed reality to simulate home furnishing solutions, offering customers immersive shopping experiences.
Luxury Furniture Market Segments
The luxury furniture market is segmented based on:
• Type: Tables, Chairs, Sofas and Lounges, Kitchen, Lighting, Interior Accessories, Beds, Other Types
• Material: Wood, Metal, Plastic, Glass, Leathers, Other Materials
• Distribution Channel: Online, Offline
• End User: Residential, Commercial
Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific emerged as the largest region in the luxury furniture market in 2023 and is expected to maintain its position as the fastest-growing region throughout the forecast period. Detailed regional dynamics and growth opportunities are covered in the comprehensive market report.
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Luxury Furniture Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Luxury Furniture Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on luxury furniture market size, luxury furniture market drivers and trends, luxury furniture market major players, competitors' revenues, market positioning, and market growth across geographies. The luxury furniture market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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