Market World Luxury Furniture Market Analysis | Page 2

Raw Material Insights
By raw material, the luxury furniture market is categorized into plastic, metal, wood, glass, leather, and others.
Mahogany, Teak, Jackfruit, Cedar and Redwood trees are the primary sources of raw material. The increase in
the cost of materials, such as wood, leather, and stones, may restrain the market growth.
Consumers are inclined toward eco-friendly furniture due to the increased environmental awareness. Also, the
companies are concerned about their carbon footprints and now started to offer eco-friendly alternatives which
are possible due to technology and innovative ideas of designers such as marble, stone, plastic, and metal.
Moreover, these materials have high durability and low maintenance cost.
End-use Insights
Luxury furniture is used for commercial as well as domestic purpose. The domestic sector contributes nearly
two-third of the global luxury market revenue. In the domestic sector, living and bedroom dominated the rest
of the segments by the returns in 2014 due to the consumers that are specific in the purchase of exact and
precise kind of furniture to give an attractive and aesthetic look to their bedroom and living room.
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Lighting products add to the mood and ambiance in the living & bedrooms, kitchen, bathrooms and outdoors.
This has shaped an optimistic situation for lighting furniture, as an outcome, it is gaining admiration among
consumers and is estimated to witness substantial growth.
Service segment contributes the largest share of the revenue in the commercial sector. Consumption of luxury
furniture in the service sector is expected to grow at a higher pace to provide a better service experience to the
customers. Gyms, hotels, restaurants install luxury furniture following the rise in market demand significantly.
Modern, as well as Traditional designs, are receiving admiration thus driving towards the growth in this segment.
Regional Insights
Europe dominates the global furniture market, followed by North America. Asia Pacific is expected to witness
the fastest growth with a lucrative CAGR of 5.5% due to a rapid increase in per capita income and rapid growths
in the real-estate industry in Asia Pacific countries such as China and India, which in turn opens up prominent
opportunities for the sector during 2014-2022. Companies of manufacturing semi-finished wood furniture in