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NEW YORK, June 30, 2022 /PRNewswire/ — The “Luxury Furniture Market by Distribution Channel, Application, and Geographic – Forecast and Analysis 2021-2025” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the luxury furniture market between 2020 and 2025 is USD 7 billion, as per the latest market analysis report by Technavio. The report predicts the market to witness an accelerating growth momentum at a CAGR of 5% during the forecast period. The increasing number of new luxury furniture showroom launches is one of the key factors likely to influence the market growth positively during the forecast period. In addition, another key factor driving the luxury furniture market growth is the rapid emergence of eco-friendly and organic luxury furniture. However, frequent product recalls and unstable prices of raw materials will limit the market’s growth.
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The luxury furniture market report is segmented by Distribution Channel (offline and online), Application (residential and commercial), and Geography (Europe, North AmericaAPAC, MEA, and South America).
- The offline distribution channel segment held the largest luxury furniture market share in 2020. The segment will continue to account for the highest revenue throughout the forecast period. The growth of this segment will be attributed to the rising sales of luxury furniture through various offline media such as specialty furniture stores, department stores, discount stores, hypermarkets , supermarkets, warehouse clubs, manufacturer-branded stores, and designer stores.
- Europe will be the leading region with 35% of the market’s growth during the forecast period. GermanyUK and Italy are the key markets for luxury furniture in Europe. Market growth in this region will be faster than the growth of the market in MEA and South America regions. The increasing number of single-occupancy households will propel the luxury furniture market growth in Europe over the forecast period.
Download sample report for insights into the contribution of other segments and regional opportunities
The luxury furniture market is fragmented and the vendors are deploying growth strategies such as strategic collaborations, M&A, and partnerships to expand their R&D activities, gain access to advanced technologies, and establish a distribution network for successful product commercialization to compete in the market.
To make the most of the opportunities and recover from post pandemic impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The luxury furniture market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Top Companies Mentioned with their Offerings
- Club House Italia SpA: The company offers luxury furniture such as Margaret bracelet armchair, Truman sofa, and more under the brand name FENDI Casa.
- Giorgio Armani Spa: The company offers luxury furniture such as TROCADERO dining table, ENYA consoles, and more
- Herman Miller Inc. The company offers luxury furniture such as Eames Lounge Chair and Ottoman, embody chair, and more.
- Minotti SpA: The company offers luxury furniture collection under the brand name Brasilia.
- MUEBLES PICO SA:The company offers luxury furniture under the brand name Georgia collection, Venecia collection, and more.
Some more companies covered in this report are:
- Natuzzi SpA
- Opera Contemporary
- Reflex Spa
- Rugiano srl
- Vaughan Bassett
- To gain access to more vendor profiles with their key offerings, Request Sample Report
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