The global luxury furniture market is expected to reach $27.01 billion by 2020 growing at a CAGR of 4.1%. Among the luxury furniture niche, wooden luxury furniture has gained substantial demand worldwide, followed by metal furnitures. Family run domestic companies have a wide and significant presence in the luxury furniture market. Wooden luxury furniture comprised nearly 24% of the luxury furniture market in 2014 and the trend is expected to continue. During the rest of 2015 and into 2016, the domestic end user segment would continue to dominate and drive the global luxury furniture market.
Bangalore, India -- (ReleaseWire) -- 09/16/2015 --At a CAGR of 4.1%, the global luxury furniture market is expected to reach $27.01 billion by 2020. The fastest growth would be witnessed by the Asia Pacific region, driven by a rise in disposable incomes.
Among the luxury furniture niche, wooden luxury furniture has gained substantial demand worldwide, followed by metal. Durability and the modern yet antique look have resulted in the high acceptance of wooden furniture. Furthermore, wooden furniture is a good fit for both household as well as the commercial usage. However the shortage of timber would be the reasons behind the wooden luxury furniture segment, not growing, according to the demand and the potential.
Family run domestic companies have a wide and significant presence in the luxury furniture market. Online portals are extensively used as a sales platform for this highly fragmented segment and these exclusive furniture portals, have enabled the wide reach of the segment. The scope of this segment has been increased by strategic tie ups between the market participants and the interior designers.
The luxury furniture market growth is further boosted by the trend of viewing luxury furniture, especially wooden furniture, as symbols of social status of individuals. The high aesthetic value associated with wooden furnitures is the highest in the global furniture industry and this has increased its demand.
Wooden luxury furniture comprised nearly 24% of the luxury furniture market in 2014 and the trend is expected to continue and increase in the coming years. The growth rate of the metal luxury furniture is also expected to be significantly higher during 2015 through to 2016.
During the rest of 2015 and into 2016, the domestic end user segment would continue to dominate and drive the global luxury furniture market.
The lighting segment of the luxury furniture market is expected to record a growth of 8.3% for 12015 and for a few years after that. Apart from the domestic segment, the commercial demand for luxury furniture would be driven by the hospitality sector and it would exhibit a steady demand for luxury furniture, registering a CAGR of 3.4% during 2015 – 2020.
Similar to the Furniture market trends in the recent years, the manufacturers in the luxury furniture segment would compete on the basis of the aspect of aesthetic value. The key strategies expected to be undertaken by the companies include new product launch complimented with innovative designs. The overall market growth of the luxury furniture segment would be further boosted by the prospects in e-commerce platforms.
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