The global premium furniture & furnishings market was valued at US$ 24.12 Billion in 2020 and is expected to reach US$ 41.36 Billion by 2030, growing at a CAGR of 5.5% from 2021 – 2030.
Premium furniture & furnishings are luxurious showcases that enhance the aesthetic appeal of places such as living rooms, hotels, homes, kitchens, offices, and other indoor & outdoor spaces including mattresses, interiors, furnishings, and upholstery solutions. These are commonly built of leather, glass, plastic, wood, metals, and even ceramics. Aesthetic looks, elite vibes, and growing disposable incomes are the key reason people are opting for premium furniture & furnishings. People work harder to maintain their social status and hence luxurious items are the best way to mark an impact on the viewer; this has widely inclined people to purchase premium furniture & furnishings globally. Antique furniture is globally known for its ethnicity & class and is highly preferred by people globally. However, new designs, innovations, and digital strategies are majorly driving the growth of the global premium furniture & furnishings market.
Rapid urbanization, demand for elegance & luxury, rising disposable income, and increased expenditure on lifestyle are the major reasons boosting the global premium furniture & furnishings market. Also, the urge to maintain status symbols, eco-friendly furniture, and technological advancements leading to innovative designs are further augmenting the market vigorously. However, high costs of raw materials, and the unavailability of skilled laborers are hindering the market growth. A lot of people have started buying furniture through online apps this in turn, boosts the global premium furniture & furnishings market.
The global premium furniture & furnishings market is fragmented on the basis of Material, End-Use, and geography. By Material, the global market is bifurcated into Leather, Metal, Plastic, Wood, Glass, and others. Among all the segments, Wood is leading the global market owing to its high usage in the premium furniture & furnishings market. Woods come in a variety such as Redwood, Mahogany, Cedar, Fir, Birch, and others. Wooden furniture are widely used because of their sleek design, natural & eco-friendly vibes, and durability. By end-Use, the scope of the report offers Domestic and Commercial use. The Domestic segment is further sub-segmented into Kitchen, Living and bedroom, Bathroom, Outdoor, and Lighting. Whereas, the Commercial segment is divided into Office, Hospitality, Others. At present, multiple functional furniture is high on demand owing to their convenient use such as sofa turning into beds and vice-versa.
Based on Region, the global substation market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America is further classified into the U.S., Canada, and Mexico. Europe is further segmented into Germany, the U.K., France, Italy, Spain, Russia, and the rest of Europe. Asia-Pacific is segmented into China, Japan, India, Australia, South Korea, and the rest of APAC. The RoW includes South & Central America, the Middle East, and Africa. North America is leading the global market among all the geographies. However, APAC is anticipated to be the fastest-growing region owing to countries such as China. Global Market players are always looking for innovative designs, extraordinary luxury along with a style statement, this in turn has propelled the manufacturers and designers to go online.
Prominent players of the global premium furniture & furnishings market are Valderamobili, Giovanni Visentin, Duresta Upholstery Ltd., Muebles Pico, Scavolini, Laura Ashley Holding Plc, Nella Vetrina, Henredon Furniture Industries Inc., Iola Furniture Ltd., and Turri S.r.l., among others.
Market Segmentation and Scope of the Global Premium Furniture & Furnishings Market
Rest of the World
Prominent Players of the Global Premium Furniture & Furnishings Market