According to MarkNtel Advisors study the Global Luxury Furniture Market size was valued at around USD 27.65 billion in 2023 & is projected to reach around USD 41.95 billion by 2030.

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Key Findings of the Study: Luxury Furniture market

Global Luxury Furniture Market Driver:

Expanding Real Estate Sector to Escalate Market Growth – During the historical years, the consistent growth of the real estate sector, especially in the luxury and upscale property segment, significantly contributed to the increased demand for high-end furniture in both residential and commercial spaces. In addition, the expansion of service-based industries, such as ICT, telecommunication, etc., has widely supported the demand for luxurious furniture during 2019-23. The key factors attributed to the rising service expansion are the growth initiatives of the global economies such as India, China, the UAE, Saudi Arabia, etc., to launch flexible FDI policies, taxation relations, and minimum barriers on entry and exit, with an intent to boost their gross domestic product (GDP) growth. Therefore, global economies are witnessing an accumulation in investments to expand new office spaces & warehouses across numerous regions, which is expected to enhance the luxury furniture industry growth during 2024-2030.

Global Luxury Furniture Market Challenge:

Fluctuations in the Costs of Raw Materials Impeding Market Growth – In recent years, the geopolitical tension among the nations & the stringent government regulations regarding deforestation have resulted in raw material price volatility. As per the ProEst Company, the prices of lumber increased by approximately 23%, compared to 2022. The increasing raw material price is compelling the manufacturers to face higher expenses for sourcing, processing, and finishing the materials. Therefore, to achieve the desired profit target, the manufacturers are selling the furniture items at a relatively higher cost. Thus, consumers with limited finances are seeking cheap luxury furniture, restraining the demand for modern luxury furniture.

Moreover, in recent years, the governing bodies as well as consumers have become more aware of environmental sustainability. Based on the survey by Harvard Business, more than 60% of individuals were conscious of environmental sustainability in 2023. As a result, the official authorities are actively laying initiatives that minimize the cut down of the plants, making raw material sourcing even more challenging for the market players. Hence, the top companies are forced to invest in sustainable practices, including responsible forestry and ethical sourcing, which further elevates the production process costs, and hamper the market growth & expansion.

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Scope of the Report and Luxury Furniture Market Segmentation:

By Type

• Indoor Furniture- Market Size & Forecast 2019-2030, (USD Million)
  • Bedroom Furniture- Market Size & Forecast 2019-2030, (USD Million)
  • Dining Furniture- Market Size & Forecast 2019-2030, (USD Million)
  • Office Furniture- Market Size & Forecast 2019-2030, (USD Million)
  • Kitchen Furniture- Market Size & Forecast 2019-2030, (USD Million)
  • Living Room Furniture- Market Size & Forecast 2019-2030, (USD Million)
• Outdoor Furniture- Market Size & Forecast 2019-2030, (USD Million)
  • Patio Furniture- Market Size & Forecast 2019-2030, (USD Million)
  • Rooftop Furniture- Market Size & Forecast 2019-2030, (USD Million)
  • Beachfront Furniture- Market Size & Forecast 2019-2030, (USD Million)
  • Others (Poolside, Deck Furniture, etc.)- Market Size & Forecast 2019-2030, (USD Million)

By Type of Furniture

• Bed- Market Size & Forecast 2019-2030, (USD Million)
• Sofa & Couch- Market Size & Forecast 2019-2030, (USD Million)
• Table & Desk- Market Size & Forecast 2019-2030, (USD Million)
• Chair & Stool- Market Size & Forecast 2019-2030, (USD Million)
• Wardrobes & Dresser- Market Size & Forecast 2019-2030, (USD Million)
• Cabinets & Nightstand- Market Size & Forecast 2019-2030, (USD Million)
• Others- Market Size & Forecast 2019-2030, (USD Million)

By Material

• Wood- Market Size & Forecast 2019-2030, (USD Million)
• Plastic- Market Size & Forecast 2019-2030, (USD Million)
• Leather- Market Size & Forecast 2019-2030, (USD Million)
• Others (Glass, Metal, etc.)- Market Size & Forecast 2019-2030, (USD Million)

By Distribution Channel

• Direct Sales- Market Size & Forecast 2019-2030, (USD Million)
• Indirect Sales- Market Size & Forecast 2019-2030, (USD Million)
• Online Platform- Market Size & Forecast 2019-2030, (USD Million)

By End User

• Residential- Market Size & Forecast 2019-2030, (USD Million)
• Offices- Market Size & Forecast 2019-2030, (USD Million)
• Commercial & Retail- Market Size & Forecast 2019-2030, (USD Million)
• Hospitality- Market Size & Forecast 2019-2030, (USD Million)
• Others (Government Agencies, etc.)- Market Size & Forecast 2019-2030, (USD Million)

Of them all, the outdoor furniture segment holds a substantial market share in the Global Luxury Furniture Market.

Luxury Furniture Market Development:

• 2024: B&B Italia introduced new outdoor luxury furniture products, designed by renowned designers, namely Mario Bellini & Monica Armani.
• 2023: Kimball International Inc. partnered with two designers to launch a unique lounge solution for consumers.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Geographically, North America accounted for a considerable luxury furniture market share during the historical years.

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