Allied Market Research has recently published an in-depth report on the global luxury furniture market during 2015-2020. The study is based on the vital industry parameters such as market size, share, growth, trends, and financial performance over the study period. It takes into account the market structure by each segment, and analyzes the pertinent primary and secondary information to forecast a 4.1% CAGR throughout the period 2015-2020. As per the projections made, the industry is expected to garner revenue worth $27.01 billion by the end of 2020.
The global luxury furniture market report is detailed insight into the internal market structure, the manufacturers and their processes, their marketing and business strategies, as well as the distribution and sales channels. The quantitative and qualitative information derived after rigorous data regression on a pool of raw market intelligence has been compiled in a comprehensive format using pictographic representations wherever possible. The industry functions have been broken down into parts and segments based on the type of materials used, end use of the finished goods, and geographical regions to build a better understanding among the readers.
Read full summary of the report at: https://www.alliedmarketresearch.com/luxury-furniture-market
The global luxury furniture market report projects the fastest growth prospects for the Asia-Pacific market given the rise of per capita incomes across the countries in this region and the increase in disposable income. 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.
The global luxury furniture industry is largely fragmented due to the presence of family-run domestic businesses across regional avenues. Despite the fragmentation, the online sales platforms have removed the geographical limitations for business owners. The report identifies the importance of the online this does not limit the market reach of the companies as online portals are extensively used as a platform for sales. Among the prominent business variations, the strategic collaboration among the manufacturers and interior designers have augmented the operational scope for the industry.
The market witnesses a constant high demand for wooden furniture owing to the aesthetics value that is associated with it. As per study, the glass furniture segment is estimated to register the fastest CAGR up to 2020. In addition, the strict government rules on the import of leather restrain the market growth of leather furniture to its complete potential. In recent trends, as observed by the study, ecofriendly and multi-functional furniture are rising in term of consumer popularity. The global luxury furniture market was dominated by the domestic sector in terms of end use, with two-thirds revenue contribution to the overall figure in 2014. As observed, the commercial sector is a holds a smaller share, out of which the hospitality sector generates most demand.
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Key Findings of the Luxury Furniture Market:
- The wooden luxury furniture segment led the global market in terms of revenue with a 24% market share in 2014. The segment is expected to dominate the market throughout the forecast period. On the other hand, the metal luxury furniture segment is estimated to register a higher growth rate that the wooden segment.
- In terms of end use, the domestic segment is projected to maintain its dominance over global market throughout the forecast period.
- The luxury furniture market would witness a rapid growth of the lighting segment, close to about a CAGR of 8.3% during the study period 2015–2020.
- As projected, the hospitality sub segment within the commercial use sector continues to exhibit a steady demand for the market offerings. Analysts project a CAGR of 3.4% for the segment over 2015–2020.
The global luxury furniture market report presents detailed company profiles of the major manufacturers that mark their presence in this segment. Some of the established players that have been profiled for their manufacturing processes, product portfolio, financial performance, and global presence include names such as Laura Ashley, Scavolini, Giovanni Visentin, and Muebles Pico. These are the domestic manufacturers of luxury furniture that have their focus on production of sophisticated luxury furniture products with high-quality materials. The report highlights the competitive scenario that exists within the industry channels regarding the aesthetic value that they offer to their consumers. It studies the strategic business moves undertaken by these companies to strengthen their market presence across global avenues. As observed, product launch is the most successful strategy to bring innovative designs to the consumer platforms. The report observes the addition of new sales channels over the web as a lucrative opportunity for manufacturers to expand their geographical presence that is expected to boost the overall market growth.
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