Luxury high end furniture is made by very skilled craftsmen, with zero margins for error, using the very best materials such as top quality wood, top quality leather and top quality glass. it is a work of art, designed and completed with the highest level of finish, well balanced and of superlative quality.
The luxury furniture division today significantly benefits from the rise in the disposable income, globalization and major population shift to the urban areas worldwide. Furniture companies in the luxury furniture market, concerned about reducing their carbon footprints have now started offering environment friendly alternatives. As technology progresses, furniture designers get more innovative and daring with their designs. Low toxicity is also a priority items on customers list, when shopping for an environment friendly furniture because they want to reduce their negative impact on health.
The global luxury high end furniture market is expected to reach USD 40012.1 million by 2027, growing at a CAGR of more than 5.28% from 29382.7 million in 2021; North America is the largest sales region, with 39.09% market share in 2020, followed by Europe and Asia Pacific, with 35.12% and 18.02% respectively.
Global Luxury High End Furniture Market- Key Players
Currently, Restoration Hardware, Knoll, Brown Jordan , Gold Phoenix, Vitra, Roche Bobois, Hermes Home, Kimball Hospitality, Poliform, B&B Italia, Fookyik Furniture, Minotti, Ligne Roset, Cassina, Luxury Living Group (Fendi Casa), Fritz Hansen, Haastens, Flexform, Baxter, Visionnaire, Moroso, Turri, Christian Liaigre, Edra, Manutti, Capellini, are the leaders of luxury high end furniture industry. The revenue of top ten manufacturers accounts about 17.89% of the total revenue in 2020. The industry is highly fragmented and there are numerous brands in the industry.
Global Luxury High End Furniture Market: Type Analysis
The luxury high end furniture categories include sofas, armchairs, dining tables, beds and others according to the product type. As of 2020, sofas segment holds the largest market contributing more than 42.46% of the total market share, reach to US$ 11597.9 million, followed by armchairs, which is US$ 4468.7 million, with 16.36% share, while luxury beds segment seeing a fastest growing.
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