PORTLAND, Oregon, May 25, 2015 /PRNewswire/ --
According to a new report by Allied Market Research, titled, "Global Luxury Furniture Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014 - 2020", the global luxury furniture market is expected to reach $27.01 billion by 2020, registering a CAGR of 4.1% during 2015 - 2020. Asia Pacific would witness the fastest growth, owing to the rise in disposable incomes. Wooden luxury furniture has gained substantial demand worldwide, followed by metal. The high acceptance of wooden furniture is primarily due to durability and the modern yet antique look, which makes it a good fit for both household as well as the commercial usage.
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The luxury furniture market is highly fragmented with a large presence of family run domestic companies. However, this does not limit the market reach of the companies as online portals are extensively used as a platform for sales. The strategic tie ups between the market participants and the interior designers have broaden the scope of this market and help in creating product awareness among the end users. Luxury furniture also reflects the social status of individuals; a trend that also boosts the growth of the luxury furniture market.
The demand for wood furniture is highest in the global market due to high aesthetics value associated with it. The glass furniture segment is expected to witness the fastest growth through 2020, catalyzed by its growing demand in the corporate and hospitality sector. The plastic furniture segment would grow at the slowest pace during the forecast period due to the environmental concerns associated with plastic degradation and its lack of aesthetic value, as compared to other materials. The leather furniture segment would grow at a considerable pace; however, the growth of this segment would be restricted due to its limited use in sofas and ottomans. Additionally, stringent government regulations on the import of leather largely restrain the market growth of this segment. Eco-friendly furniture and multifunctional furniture have gradually gained popularity. Growing environmental awareness and space constraints in urban regions, are key factors that drive the adoption of this furniture in the global market.
The domestic sector contributed nearly two-third of the global luxury furniture market revenue in 2014. The furniture used in living rooms and bedrooms, hold the highest demand in the domestic sector. The commercial sector is a comparatively smaller market, which is primarily governed by the hospitality sector. A large presence of upscale hotels, commercial infrastructures and a booming hospitality industry, arising from an increasing pace of foreign investments in the Middle East, account for the dynamic growth of the luxury furniture market in the commercial sector. Additionally, growth in the hospitality and tourism sector, especially, in cities such as Abu Dhabi, Doha, Dubai, Jeddah, Muscat and Riyadh, exhibits a dynamic market for the commercial luxury furniture.
Presently, Europe is the largest market for luxury furniture followed by North America. The market in the Asia Pacific holds a great potential with lucrative prospects in the domestic market. A rise in disposable incomes, in the recent years, majorly contributes to the growth of the APAC market. The LAMEA region would also follow suit owing to the high demand for luxury furniture in its hospitality sector.
Similar Market Research Reports by Allied Market Research
Global Kitchen Appliances Market - Kitchen appliances are gaining popularity due to the rising disposable incomes and changing lifestyles of people, which in turn is narrowing the price gap between similar consumer products offered by different companies. In addition to this, technological advancements in appliances have also catalyzed the growth of kitchen appliances market. Easy and functional appliances are the need of the hour, which has led to the development of smart and efficient appliances. The massive energy consumption of kitchen devices is a major concern for the market.
Key findings of the study:
Domestic manufacturers in the luxury furniture market such as Laura Ashley, Scavolini, Giovanni Visentin and Muebles Pico largely focus on manufacturing stylish luxury furniture products with high quality raw materials. Thus, the companies in the luxury furniture market largely compete on the aspect of aesthetic value. New product launch complimented with innovative design is the key strategy adopted by companies. In addition, the prospects in e-commerce platforms would also help the market players in expanding their geographic presence, which, in turn, would boost the overall market growth.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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