Luxury Furniture Market Size and Share, Trends and Growth to 2022: Hexa Reports

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Luxury Furniture Market Share, Size, Trends and Growth,

By Product Analysis, Application and Segment Forecasts To

2022

Global luxury furniture market is expected to reach USD 28,600.7 million by 2022 growing at an

estimated CAGR of 3.7% from 2015 to 2022, according to a new study by Grand View Research, Inc. This

expected growth in demand can be ascribed to rapid urbanization and growing demand for home

furnishings.

Additionally, disposable income of individuals in North America and Asia-Pacific region has also

witnessed high growth. Thus, increasing disposable income of individuals is acting as a major driver for

the industry progress.

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Luxurious products are becoming an essential part of life; as a result, population is ready to spend on

luxurious products. This would contribute to drive the sector growth. In addition, increasing disposable

income of individuals has led to think regarding the social status, driving the increased spending on

products including furniture.

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Further key findings from the study suggest:

Wooden luxury furniture was valued for over USD 5,200 million owing to its higher preference for usage

in high class office and home interiors, and wooden furnishings. Presence of several global and local

luxury furniture manufacturers present in the sector is also attributive towards larger share of wooden

products.

Glass is anticipated to witness significant growth in the coming years because of the expected

advancements in this segment with respect to manufacturing and incorporation of attractive and stylish

designs.

Domestic use dominated the sector in terms of revenue generated from end-use segments. Factors that

are responsible for such large share of this segment include increased adoption owing to the rise in...