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Global Luxury Furniture Market 2019-2023 | 5% CAGR Projection Over the Next Five Years | Technavio

October 14, 2019
Global Luxury Furniture Market 2019-2023 | 5% CAGR Projection Over the Next Five Years | Technavio
Global Luxury Furniture Market 2019-2023 | 5% CAGR Projection Over the Next Five Years | Technavio

LONDON--(BUSINESS WIRE)--Oct 14, 2019--

The luxury furniture market size is expected to post a CAGR close to 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global luxury furniture market 2019-2023. (Graphic: Business Wire)

The rising demand for multi-functional luxury furniture is one of the major reasons for the luxury furniture market growth. With the increasing number of single and two-person households, the demand for small, portable, multi-purpose, and technologically advanced luxury furniture is increasing. Consumers have also developed a liking for multi-functional luxury furniture products as it provides them the liberty to quickly re-configure the entire area and minimize clutter by reducing the number of isolated pieces of furniture used in a room. Due to such innovative factors, the increase in the demand for multi-functional luxury furniture is expected to drive market growth during the forecast period.

To learn more about the global trends impacting the future of market research, download free sample: https://www.technavio.com/talk-to-us?report=IRTNTR31553

As per Technavio, emergence of eco-friendly and organic luxury furniture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Luxury Furniture Market: Rapid Emergence of Eco-Friendly and Organic Luxury Furniture

The demand for and popularity of eco-friendly luxury furniture has increased in the past few years as there has been growing concern about the adverse effects of deforestation and toxic furniture finishes on the environment. Many vendors operating in the global luxury furniture market have developed eco-friendly furniture using green technology. Biodegradable, sustainable, and renewable raw materials are being used for the manufacturig of eco-friendly luxury furniture. For instance, in March 2019, IKEA launched a new range of eco-friendly collection in India, which comprises of indigo rugs hand-woven in India and sustainable rattan armchairs. Such launches of eco-friendly and organic luxury furniture will positively impact the global luxury furniture market.

“Apart from the rapid emergence of eco-friendly and organic luxury furniture, the growth in demand for luxury furniture among millennials and increasing technological innovations in global luxury furniture market are some other major aspects that are expected to boost market growth during the forecast period,says a senior analyst at Technavio.

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Luxury Furniture Market: Segmentation Analysis

This market research report segments the luxury furniture market by distribution channel (offline and online), by material (wood, metal, and others), by application (residential luxury furniture and commercial luxury furniture) and geographic regions (Europe, North America, APAC, MEA, South America).

The European region led the market in 2018, followed by North America, APAC, MEA, South America respectively. During the forecast period, the European region is expected to maintain its dominance over the global market and register the highest incremental growth due to the rising trend of online retailing in the region.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

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Some of the key topics covered in the report include:

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191014005512/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: HOME GOODS RETAIL LUXURY

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 10/14/2019 01:00 PM/DISC: 10/14/2019 01:00 PM

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