DUBLIN (PRNewswire) – According to a new report by Allied Market Research, titled, “Global Luxury Furniture Market – Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014-2020,” the global luxury furniture market is expected to reach $27 billion by 2020.
Asia Pacific is expected to witness the fastest growth, owing to the rise in disposable incomes.
Wooden luxury furniture has gained substantial demand worldwide, followed by metal. The high acceptance of wooden furniture is primarily due to durability and the modern yet antique look, which makes it a good fit for both household and commercial usage.
Presently, Europe is the largest market for luxury furniture, followed by North America.
Companies mentioned in the report included:
- Duresta Upholstery Ltd.
- Giovanni Visentin
- Henredon Furniture Industries Inc.
- Iola Furniture Ltd.
- Laura Ashley
- Muebles Pico
- Nella Vetrina
- Turri S.r.l.
- The wooden luxury furniture segment leads the market with about 24% market share in 2014 and is predicted to dominate the market throughout the forecast period. However, the metal luxury furniture segment would witness a comparatively higher growth rate.
- The domestic end user segment will continue to dominate the global market over the forecast period.
- The market for luxury furniture in the lighting segment will grow 8.3% from 2015-2020.
- The hospitality sector within the commercial user segment will exhibit a steady demand for luxury furniture, registering a 3.4% increase during 2015-2020.
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