Luxury Furniture Market to See Substantial Growth Through 2025
Luxury Furniture Market to Reach USD 39.9 Billion by 2025
According to a new market research report published by ReportsnReports, the global luxury furniture market is projected to reach USD 39.9 billion by 2025, growing at a CAGR of 4.2% from 2020 to 2025.
The growth of the luxury furniture market is being driven by the increasing disposable incomes of consumers, particularly in developing countries, as well as the rising popularity of home décor and interior design. In addition, the growing number of high-net-worth individuals (HNWIs) and the increasing demand for personalized and customized furniture are further fueling the growth of the market.
The online distribution channel is expected to witness significant growth during the forecast period, owing to the increasing adoption of e-commerce platforms and the growing preference for online shopping among consumers. The offline distribution channel, however, is still expected to hold the largest share of the market in 2020.
The living room segment is expected to hold the largest share of the luxury furniture market in 2020. The bedroom segment is projected to grow at the highest CAGR during the forecast period, driven by the increasing demand for comfortable and stylish bedroom furniture.
Some of the key players operating in the luxury furniture market include names like Roche Bobois, Boca do Lobo, Henredon, Minotti, Restoration Hardware, Edra, Poltrona Frau, Christopher Guy, Scavolini, and Luxury Living Group.
The report segments the luxury furniture market on the basis of distribution channel (online and offline), by product type (living room, bedroom, kitchen & dining room, outdoor, and others), and region (North America, Europe, Asia Pacific, Middle East & Africa, and South America).
