Dublin, Sept. 03, 2024 (GLOBE NEWSWIRE) -- The "Commercial Luxury Concept Furniture Market by Product (Seating, Storage Units, Tables), Style (Contemporary, Industrial, Minimalist), Price Range, Material, Application, Sales Channel, End-Users - Global Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Commercial Luxury Concept Furniture Market grew from USD 6.09 billion in 2023 to USD 6.45 billion in 2024. It is expected to continue growing at a CAGR of 6.25%, reaching USD 9.31 billion by 2030.
Commercial luxury concept furniture represents an exclusive segment within the furniture industry that caters specifically to high-end commercial spaces such as luxury hotels, upscale restaurants, elite corporate offices, and premium retail outlets. This category emphasizes a blend of opulence, unique design aesthetics, and superior craftsmanship.
The furniture pieces are often meticulously crafted from high-quality materials, such as exotic woods, premium metals, fine leathers, and rare fabrics, ensuring durability and a high degree of aesthetic appeal. By incorporating cutting-edge technology and innovative design principles, commercial luxury concept furniture often features custom-made elements tailored to the specific provisions of the clientele. Additionally, these high-end pieces include eco-friendly or sustainable practices in their fabrication, adhering to a growing demand for environmental responsibility.
As urban areas expand and more luxury residential and commercial properties are developed, the demand for luxury concept furniture rises. In addition, a growing preference for sophisticated, aesthetically pleasing living and working environments is prompting consumers to invest in luxury furniture. However, global supply chain disruptions can affect the availability and pricing of raw materials, impacting production timelines and costs.
Furthermore, post-COVID, the Commercial Luxury Concept Furniture market has witnessed significant opportunities fueled by evolving consumer preferences. Health and wellness have become paramount, accelerating the demand for ergonomically designed, sustainable, and high-quality materials that align with eco-conscious values. Moreover, brands strive to provide customization options and leverage digital platforms for virtual showrooms, and augmented reality can cater to the personalized needs of a more discerning clientele, ensuring an immersive and tailored shopping experience.
In North America, particularly the United States and Canada, there is a strong demand for high-end furniture driven by affluent urban centers, including New York, Los Angeles, and Toronto. These cities have a significant number of corporate offices, luxury hotels, and exclusive residential properties that prioritize high-quality, bespoke furnishings. In South America, countries such as Brazil and Argentina show growing interest in luxury furniture, albeit at a more moderate pace due to economic fluctuations and varying purchasing power across the region.
Moreover, Europe represents a significant market for luxury concept furniture, with major countries including Germany, the United Kingdom, Sweden, and France. These nations boast a rich heritage of design and craftsmanship, fostering a market where premium-quality furnishings are appreciated. Southern Europe, including Italy and Spain, continues to emphasize artisanal craftsmanship and timeless designs, cementing their status as pivotal regions in the luxury furniture sector.
In the Middle East, particularly in the Gulf Cooperation Council countries, burgeoning real estate projects and a high influx of tourism have driven demand for high-end, bespoke furniture in commercial spaces, including hotels and upscale office buildings. Africa, while still emerging in this sector, presents significant potential, particularly in dynamic urban centers, with a growing appetite for luxury furnishings inspired by both local craftsmanship and international designs.
The APAC region, led by economic powerhouses such as China, India, and Japan, showcases a robust market boosted by rapid urbanization, increasing disposable income, and a trend toward modern and stylish workspaces. Singapore and Hong Kong markets shine as hubs of luxury due to their strong commercial real estate and hospitality sectors. The pandemic has catalyzed positive developments, particularly in terms of heightened consumer demand and changing lifestyle preferences. Additionally, a global shift towards sustainability and eco-conscious living has encouraged designers and manufacturers to innovate with sustainable materials and practices, appealing to a growing segment of eco-savvy individuals.
Recent Developments
Steelcase launches Rockford and Galesburg collections in partnership with the Frank Lloyd Wright Foundation, blending historical design with modern needs for luxury buyers
- Steelcase has introduced the Rockford and Galesburg furniture collections in collaboration with the Frank Lloyd Wright Foundation, blending historical design with modern needs. Inspired by Wright's Laurent House and Usonian homes, the Rockford collection includes armchairs and tables made from plywood for a contemporary appeal. Drawing from Wright's built-in banquet seating, the Galesburg collection features armchairs and a versatile sofa with a detachable ottoman.
Stanley Lifestyles aims to double business in four years with metro expansion and local partnerships after a successful IPO
- Stanley Lifestyles, a leading luxury furniture brand, plans to double its business in the next four years. Following a successful IPO debut with a 34% premium on NSE, the company aims to focus on major metro cities like Delhi, Mumbai, Hyderabad, Pune, and Calcutta due to high-end furniture's significant investment appeal. They plan to keep a steady 20% annual growth rate and double their stores in these affluent areas. Localizing up to 80% of raw materials by partnering with European suppliers should reduce costs and import dependency.
Bentley Home unveils luxury home office furniture collection at Milan Design Week 2024, featuring sustainable designs and top designers
- Bentley Home has expanded into home office furniture, unveiling a new collection at Milan Design Week 2024. This collection includes items like the Wilton desk and Bollington office armchair, plus complementary pieces such as the Loftus sofa, Chilton armchair, and Langport bed. Collaborating with designers Carlo Colombo, Federico Peri, and Francesco Forcellini, Bentley combines sustainability and advanced production techniques. This move bolsters Bentley's brand equity, attracts new customers, and addresses the growing demand for luxury home office setups
Key Attributes:
| Report Attribute | Details |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $6.45 Billion |
| Forecasted Market Value (USD) by 2030 | $9.31 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Market Dynamics
Market Drivers
- Growing preference for sophisticated and aesthetically pleasing working environments
- Increased disposable income and demand for luxury goods
Market Restraints
- Fluctuating costs and availability of raw materials required for commercial luxury concept furniture
Market Opportunities
- Development of eco-friendly and ethically produced luxury furniture
- Increasing online availability and virtual showrooms of luxury concept furniture
Market Challenges
- Rapid changes in consumer choices and preferences
Market Segmentation Analysis
- Product: Growing popularity of designer armchairs to offer elegant aesthetics and comfort
Key Company Profiles
- Arteriors Home
- Baker Interiors Group
- Boca do Lobo
- DEDON GmbH
- Durian Industries Ltd.
- Fogia Collection
- Herman Miller, Inc.
- Interior Define
- Kartell World
- Kettal, SL
- Kinnarps AB
- Lammhults Mobel AB
- Ligne Roset
- MillerKnoll, Inc.
- Minotti SpA
- Molteni&C S.p.A
- Moroso s.p.a.
- Poltrona Frau S.p.a.
- Roche Bobois
- SC Niky Comstil SRL
- Swedese Mobler AB
- Turri S.r.l.
- VitrA
For more information about this report visit https://www.researchandmarkets.com/r/ihsgba
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
