Luxury furniture enhances the aesthetic value of establishments such as homes, hotels, offices, and other indoor or outdoor areas. The North American luxury furniture market significantly benefits from the economic growth of the countries in this region, which include the U.S., Canada, and Mexico. The increasing spending capacity of the consumers and the growing real estate sector are the key growth facilitators of the luxury furniture market in the region. Consumers in this region are inclined toward eco-friendly furniture owing to the increased environmental awareness. However, increasing cost of raw materials, such as wood and leather, may restrain the market growth. Online retailing and the increasing demand of multifunctional furniture present significant opportunities for growth of this market.
North America luxury furniture market is expected to grow at a CAGR of 3.1% during 2016-2022. This market is segmented on the basis of material, end use, and country. On the basis of materials, the market is categorized into metal, plastic, wood, glass, leather, and others. The wood furniture segment in the market is likely to remain dominant during the forecast period, as wooden furniture is the most popular choice owing to its superior aesthetic appeal. The glass material segment is estimated to grow at the fastest rate during the forecast period, as a result of its increasing adoption in modern furniture designs. The end-user segment comprises domestic and commercial users. The domestic segment is further sub-segmented into kitchens, living & bedrooms, bathrooms, outdoors, and lighting. The commercial segment is further classified into office, hospitality, and others.
The domestic segment accounted for a higher market size as compared to the commercial segment, because of the extensive use of luxury furniture in homes. The living & bedroom segment accounted for approximately 45% of the market share in the domestic sector, and is expected to be the highest revenue-generating segment throughout the analysis period. In the commercial segment, the hospitality sector contributed the highest market share and is likely to grow at a rapid pace over the forecast period. The market is segmented across countries such as U.S., Canada, and Mexico.
The key players in this market include Giovanni Visentin S.r.l., Scavolini S.p.a., Laura Ashley Holding Plc., Nella Vetrina, Henredon Furniture Industries Inc., Brown Jordan, Century Furniture LLC, Kindel Furniture Company, Cococo Home, and Gilani Furniture. Operating players in the market are putting efforts to develop multifunctional furniture.
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