Global luxury furniture market is anticipated to reach $28.60 billion by 2022 at a CAGR of 3.7% in the forecast period.

The domestic sector contributes nearly two-third of the global luxury market revenue. In the domestic sector, living and bedroom dominated the rest of the segments by the returns in 2014 due to the consumers that are specific in the purchase of exact and precise kind of furniture to give an attractive and aesthetic look to their bedroom and living room.

Lighting products add to the mood and ambiance in the living & bedrooms, kitchen, bathrooms and outdoors. This has shaped an optimistic situation for lighting furniture, as an outcome, it is gaining admiration among consumers and is estimated to witness substantial growth.

Service segment contributes the largest share of the revenue in the commercial sector. Consumption of luxury furniture in the service sector is expected to grow at a higher pace to provide a better service experience to the customers. Gyms, hotels, restaurants install luxury furniture following the rise in market demand significantly. Modern, as well as Traditional designs, are receiving admiration thus driving towards the growth in this segment.

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Europe dominates the global furniture market, followed by North America. Asia Pacific is expected to witness the fastest growth with a lucrative CAGR of 5.5% due to a rapid increase in per capita income and rapid growths in the real-estate industry in Asia Pacific countries such as China and India, which in turn opens up prominent opportunities for the sector during 2014-2022. Companies of manufacturing semi-finished wood furniture in Europe represents mainly the upstream group of the value chain. Revenue generated by Europe is estimated at $7329. 8 million in 2014.

India And South Korea has emerged as the largest and fastest emerging furniture market in Asia Pacific, vastly driven by the increase in the living standards and disposable income.

Market Insights

The luxury furniture companies, mainly compete on the aspect of aesthetic values. New products and innovative design/material are the key strategy adopted by the companies. Major companies are using an e-commerce platform to reach the customers more effectively and efficiently and also increase their customer base. Besides this, many luxury furniture companies are associating up with designers to develop and launch a luxury range.

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