Global Luxury Furniture Market Projections 2019-2024 - Increasing Penetration of Online Retailing Continues to Spur Growth

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Dublin, April 17, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.According to the report, the global luxury furniture market reached a value of around US$ 25 Billion in 2018. Looking forward, the market value is projected to reach a value of US$ 31 Billion by 2024, expanding at a CAGR of 3.8% during 2019-2024.This report provides a deep insight into the global luxury furniture market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. The changing lifestyles and constantly improving living standards of the people in urbanised regions are increasingly adopting luxury furniture. Moreover, manufacturers are coming up with striking new designs of furniture and collaborating with interior designers to increase their visibility to capture a wider customer base. The significant growth in the real estate sector is continuously influencing the demand for luxury furniture across both the residential and commercial sectors. In addition to this, the increasing penetration of online retailing and growing population, particularly in the developing nations, are fostering the growth of the luxury furniture market.Further, the rising disposable incomes have inclined the consumers towards purchasing luxury items which act as a status symbol and add value to a space, catalysing the global luxury furniture market.Some of the other factors spurring the market growth are growing preference for branding and positioning, accelerating demand for eco-friendly luxury furniture, rising impact of globalisation, the low operational cost and expanding infrastructure investments. Based on the raw material, wood accounts for the largest market share, followed by metal. Other popular raw materials include glass, leather and plastic.On the basis of application, the market has been segregated into domestic and commercial sectors, wherein the domestic sector currently represents the largest segment, holding the majority of the total market. The domestic sector is further segmented as living room and bedroom, kitchen, bathroom, outdoor and lighting. Whereas, the commercial sector is categorised as office, hospitality and others.On the basis of distribution channel, the market has been further categorised into departmental stores, online stores, independent furniture retailer, factory outlets and others.Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, Europe is the leading market, accounting for the majority of the global market, followed by North America and Asia Pacific.

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Globe Newswire: 10:49 GMT Wednesday 17th April 2019

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