The global luxury furniture market is projected to reach USD 43.96 billion by 2030. This growth reflects an increasing demand for high-quality, meticulously crafted furniture made from premium materials like solid wood, exotic hardwoods, and hand-blown glass. Beyond aesthetics, luxury furniture is valued for its superior durability and alignment with contemporary design trends, making it a symbol of sophistication and status.
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As people spend more time indoors, the demand for both beautiful and comfortable furnishings is rising. Modern luxury furniture, characterised by a rich mix of fabrics and pure leather, is becoming increasingly popular. Italian manufacturers, for instance, use a variety of woods, from softwoods to durable hardwoods, to ensure longevity and appeal.
The market size was valued at USD 31.24 billion in 2023. This growth is bolstered by the expanding role of e-commerce, which enhances accessibility and customisation options for consumers. Online platforms have increased product visibility and consumer convenience, driving market expansion.
Sustainability is also becoming a significant trend, with manufacturers adopting eco-friendly practices and materials such as recycled wood and bamboo. However, challenges related to raw material availability, such as high-quality wood and exotic leathers, continue to impact production costs and availability.
Key players
North America leads the market, driven by economic conditions, high disposable income, and a strong preference for eco-friendly and ethical manufacturing practices. The presence of luxury apartments and homes in urban areas further fuels demand for luxury furniture in the region.
As for the key players in Europe, the list is as follows:
- Laura Ashley (United Kingdom)
- Scavolini S.p.A. (Italy)
- Swarovski Home (Austria)
- TURRI(Italy)
- Roche Bobois (France)
Source: www.openpr.com