Global Luxury Furniture Market Report and Forecast 2024-2032

Global Luxury Furniture Market Outlook

The global luxury furniture market size reached a value of approximately USD 25.38 billion in 2023. The market is projected to grow at a CAGR of 5.3% between 2024 and 2032, reaching a value of around USD 40.33 billion by 2032.

Key Trends in the Market

Luxury furniture refers to high-end, premium-quality furniture that is designed and crafted with superior materials, exquisite detailing, and sophisticated aesthetics. It is often associated with luxury living spaces and is intended to provide improved comfort, elegance, and exclusivity. Luxury furniture pieces are known for their exceptional craftsmanship, unique designs, and attention to detail.

• The global luxury furniture market growth is being driven by several factors, including the thriving real estate sector and the growing urban population, especially in developing economies. Increased spending on luxury furniture for domestic use is also contributing to the market expansion.

• The flourishing hospitality, commercial, and infrastructure sectors further fuels the demand for luxury indoor and outdoor furniture in offices and hotels. The popularity of luxury indoor furniture for various spaces like bedrooms, bathrooms, and kitchens is also expected to boost the luxury furniture market demand.

• There is an increasing demand for luxury furniture made from premium wood such as mahogany and alder. Manufacturers are also focusing on developing innovative furniture pieces using materials like leather, glass, and metal to attract consumers, hence supporting the market development.

Market Analysis

On the basis of material, the global luxury furniture market segmentations are metal, wood, plastic, and glass, among others.  Based on end-use, the market is divided into domestic and commercial use. By distribution channel, the market is bifurcated into online and offline. On the basis of region, the market divisions are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global luxury furniture market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Duresta Upholstery Ltd. 

• Muebles Pico SA 

• Valderamobili (S.R.L.) 

• Giovanni Visentin Srl 

• Modloft 

• Laura Ashley Holding plc 

• ROSET SAS 

• Nella Vetrina 

• Turri srl 

• Koket

• Others

Market Share by Material

As per the luxury furniture market analysis, luxury furniture pieces made of wood and metal are gaining popularity among consumers due to their great aesthetic value and durability. The development of luxury eco-friendly and multipurpose furniture made with wood and metal is also fostering the market expansion.

Moreover, luxury furniture pieces made of glass are gaining popularity as they can enhance the aesthetics of a space, are compatible with various materials, and offer enhanced reliability.

Market Share by Region

Europe holds a prominent portion of the global luxury furniture market share. In this region, key players are actively launching their online platforms and forming partnerships with e-commerce retailers to enhance their distribution networks.

Meanwhile, the Asia Pacific region is expected to witness a healthy growth in the forecast period owing to rapid urbanisation and the increasing number of affluent individuals in countries like Hong Kong, China, Japan, and Singapore, among others.

Competitive Landscape

Duresta Upholstery Ltd. is a well-known British luxury furniture manufacturer specialising in upholstered furniture. The company is known for its high-quality craftsmanship and designs, offering a range of sofas, chairs, and other upholstered pieces.

Muebles Pico is a Spanish company involved in the production of luxury furniture. It offers a diverse selection of furniture items, catering to different styles and preferences, and is known for its elegant designs and attention to detail.

Valderamobili (S.R.L.) is an Italian luxury furniture manufacturer that focuses on creating high-end furniture products, particularly in the bedroom and living room categories. Its pieces often feature a combination of traditional craftsmanship and contemporary design.

Other luxury furniture market key players are Giovanni Visentin Srl, Modloft, Laura Ashley Holding plc, ROSET SAS, Nella Vetrina, Turri srl, and Koket, among others.

Key Highlights of the Report