Industry Insights
The global luxury
furniture market is anticipated to reach
$28.60 billion by 2022 at a CAGR of 3.7% in the forecast period. The key
factors affecting the growth of this sector is disposable income. The growth of
the luxury furniture sector is directly proportional to the adoption of
e-retailing methods to reduce the operating expenses in sales & distribution
and growth of real estate industry. The real estate sector has shown a
significant slowdown in the 1st half of 2017.
However, the market is
expected to grow with the moderate speed. Development of the real estate
industry for commercial as well as the residential place would push the luxury
furniture market forward. Also, the development is coupled with the change in
lifestyle of the consumers, especially in urban areas due to increase in
disposable income. However, the growth can be hampered by the increasing
expenses for a raw material required, the design of furniture and the lack of
skilled workforce.
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Raw Material Insights
By raw material, the luxury
furniture market is categorized into plastic, metal, wood, glass, leather, and
others. Mahogany, Teak, Jackfruit, Cedar and Redwood trees are the primary
sources of raw material. The increase in the cost of materials, such as wood,
leather, and stones, may restrain the market growth.
Consumers are inclined
toward eco-friendly furniture due to the increased environmental awareness.
Also, the companies are concerned about their carbon footprints and now started
to offer eco-friendly alternatives which are possible due to technology and
innovative ideas of designers such as marble, stone, plastic, and metal.
Moreover, these materials have high durability and low maintenance cost.
Regional Insights
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.
China 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.
Competitive 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.
Key players: Valderamobili
s.r.l, Laura Ashley Holding Plc, Giovanni Visentin s.r.l., Duresta Upholstery
Ltd, Nella Vetrina, Turri S.r.l. Muebles Pico, Scavolini S.p.a., Henredon
Furniture Industries Inc., Turri S.r.l.
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