Dublin, Aug. 08, 2024 (GLOBE NEWSWIRE) -- The "LAMEA Luxury Furniture Market Size, Share & Trends Analysis, 2024-2031" report has been added to ResearchAndMarkets.com's offering.
The Latin America, Middle East and Africa Luxury Furniture Market is expected to witness market growth of 8.1% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Luxury Furniture Market by country in 2023, and should continue to be a dominant market till 2031; thereby, achieving a market value of $646.3 million by 2031. The Argentina market will showcase a CAGR of 8.4% during 2024-2031. Additionally, the UAE market is forecast to register a CAGR of 7.8% during 2024-2031.
The market is characterized by dynamic trends that reflect evolving consumer preferences, technological advancements, and shifts in societal values. These trends influence the design and functionality of this furniture and how it is marketed and sold. For example, an increasing number of consumers are prioritizing environmental impact in their purchasing decisions. In response, the furniture brands focus on sustainable practices, including using recycled materials, sustainably sourced wood, and non-toxic finishes.
Also, today's furniture buyers seek pieces customized to their specific preferences in size, material, color, and finish. This desire for personalization allows them to ensure that their furniture fits perfectly within their space and matches their style. Luxury brands increasingly offer bespoke services that allow for extensive customization, making furniture buying more personal and involved.
UAE, particularly in cities like Dubai and Abu Dhabi, is known for its luxury real estate developments. These high-end residential projects, including upscale apartments, villas, and gated communities, require premium furnishings to match their luxurious appeal, driving demand for luxury furniture. As per the Dubai Statistics Center, in 2022, there were 13,236 buildings under construction in Dubai and 1,941 completed buildings. Rapid urbanization has increased demand for housing, commercial spaces, and public amenities.
Cities like Dubai and Abu Dhabi have grown substantially, requiring more infrastructure and real estate developments. The UAE attracts many expatriates and high-net-worth individuals who seek high-quality, stylish living spaces. This affluent demographic is willing to invest in luxury furniture to furnish their homes, boosting the market for premium furniture. Therefore, increasing regional commercial and residential construction is driving the market's growth.
List of Key Companies Profiled
- Ashley Furniture Industries, LLC
- Lee Industries, Inc. (American Leather Holdings LLC)
- Maiden Home, Inc.
- Williams-Sonoma, Inc.
- Kimball International, Inc.
- Century Furniture LLC (RHF Investments, Inc.)
- Duresta Upholstery Limited
- Giovanni Visentin S.r.l.
- Scavolini S.p.A.
- Muebles Pico S.A.
Market Segmentation
By Distribution Channel
- Offline
- Online
By Materials
- Wood
- Metal
- Leathers
- Glass
- Plastic
- Others
By End User
- Residential
- Living & Bedroom
- Kitchen
- Outdoor
- Lighting
- Bathroom
- Commercial
- Hospitality
- Office
- Others
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/ettc28
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