Global Luxury Furniture Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of 4.50% during forecast period of 2019 to 2026.
Luxury furniture are movable furniture is used to live modern lifestyle comfortably. Luxury furniture constructed out of metal, glass, wood. Luxury furniture added the beautiful value in the array of applications such as homes, hotels, offices. Rise in the globalization and expansion of major population move to the urban areas worldwide are driving the growth in luxury furniture market. Some of the major key players in luxury furniture market anxious about tumbling their carbon footprints owing to increasing demand for environment friendly replacements.
Increased raw materials cost for luxury furniture limiting the growth in luxury furniture industry. Rising demand of furniture such as tables, chairs from the customer by online mode. Online retailing provides more discounts and wider options. Total luxury furniture market share by the domestic furniture segment is approximately 70% and commercial segment share approximately 30%.
Luxury furniture market is expected to dominate at high growth by wood material
Luxury furniture market is expected to dominate at high growth by wood material. Wooden furniture are used for their beautiful natural look. Wooden furniture offer flexibility, durability and it is easy to maintain comfortably. Furthermore, furniture key players are introducing materials in the design of luxury furniture like metal, leather, glass to replace wood.
Online sales segment is estimated to grow at high CAGR in the luxury furniture market.
Online sales segment is estimated to grow at high CAGR in the luxury furniture market. Online retailing provides more discounts and wider options to purchase the furniture. Online platform become popular owing to that it provide the delivery to doorstep by order of products. With online platform consumer can compare the price of luxury furniture on different websites. Online platforms provides the home delivery and free shipping and Exchange & return offer turns to increase the luxury furniture market.
Europe hold the large market share in luxury furniture market.
Europe hold the large market share in luxury furniture market owing to the increasing the demand of luxury furniture for modern lifestyle. Followed by Europe, Asia-Pacific is accounted to grow at high rate of CAGR owing to growing population in developing countries such as China and India.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the luxury furniture market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the luxury furniture market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain luxury furniture market of competitors.
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