NEW YORK, The “Luxury Furniture Market In APAC by Distribution Channel (Offline and Online) and Application (Residential and Commercial) – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the luxury furniture market in APAC between 2021 and 2026 is USD 2.00 Billion. The report identifies the market to witness a CAGR of 5.38% during the forecast period.
Key Market Dynamics:
Market Driver: The growing influence of different retailing channels is one of the key drivers supporting the luxury furniture market growth in APAC. The growth of the global luxury furniture market is heavily influenced by the rising popularity of online as well as offline retailing channels globally. Moreover, led by rapid industrialization globally, these organized retailers have increased in numbers and have emerged as one of the main sources of selling luxury furniture and their distribution globally.Market Challenge: Frequent product recalls is one of the factors hindering the luxury furniture market growth in APAC. The increasing number of product recalls featuring sub-categories, such as bar stools, recliner chairs, sofas, beds, and dining tables, is a major challenge that is anticipated to hinder the growth of the global luxury furniture market during the forecast period. Product recalls hamper the reputation of any sector and result in operational and financial constraints among players operating in the global luxury furniture market.
The growing influence of different retailing channels and rising popularity of multifunctional luxury furniture are some of the key market drivers. However, factors such as frequent product recalls will challenge market growth.
Key Market Segment Highlights
The luxury furniture market report in APAC is segmented by Distribution Channel (Offline and Online) and Application (Residential and Commercial).
The offline distribution channel segment held the largest luxury furniture market share in APAC. The segment will continue to retain its market dominance in the long run mainly owing to the ability of offline stores to enable consumers to touch and feel luxury furniture as a part of the buying process, thereby allowing consumers to physically experience the product before purchasing them. Considering this advantage, a number of vendors are expanding and operating their offline stores across both developed and developing regions. Such expansion will lead to the growth of the global luxury furniture market through the offline distribution channel during the forecast period.
Top Market Player Insights
The luxury furniture market in APAC is fragmented and the vendors are deploying growth strategies such as price, quality, innovation, brand, and variety to compete in the market. Companies are engaging in offering innovative solutions and products to get an upper notch in the competitive environment. For instance, DBJ Furniture Ltd. is involved in offering wide range of luxury furniture in bathroom such as bespoke brass, country superstar among others which fit seamlessly with your lifestyle and stand out functionally and aesthetically as per the look and design. Similarly, Falcon Inc. PTE Ltd. is involved in offering wide range of luxury furniture for hospitality and commercial to serve end products and services that fulfill every need as per the requirement.
Some Companies Mentioned
DBJ Furniture Ltd.Dynamic Furniture Industries (M) Sdn BhdFalcon Inc. PTE Ltd.Inter IKEA Holding BVKovacs Design FurnitureMcMichael FurnitureShanghai JL and C Furniture Co. Ltd.VALDERAMOBILI srlWegmans Furniture Industries Sdn BhdWisanka Indonesia. To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
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