Portland, OR — (SBWIRE) — 11/07/2017 — North America Luxury Furniture MarketReport, published by Allied Market Research, forecasts that the market is expected to garner $9.2 billion by 2022, registering a CAGR of 3.1% during the period 2016 – 2022.The U.S. is the biggest luxury furniture market in North America, followed by Canada. Improving economic conditions throughout the region, have created favourable conditions for the growth of luxury furniture market.
The North American luxury furniture market is fragmented, with the presence of several family-run domestic companies. Moreover, players from other regions also operate in this market, thereby further intensifying the competition. Online portals are extensively used as a platform for sales by the companies operating in the market. The strategic tie-ups between the market participants and the interior designers have broadened the scope of this market and help to create product awareness among the end users.
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The demand for wood furniture is highest in the North American market because of high aesthetic value associated with it. The glass furniture segment is expected to witness the fastest growth from 2016 to 2022, catalysed by its rising demand in the corporate and hospitality sector. The plastic furniture segment is likely to grow at the slowest pace during the forecast period owing to the environmental concerns associated with plastic degradation and its lack of aesthetic value, as compared to other materials.
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The key players in the North America luxury furniture 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 industry are putting efforts to develop multifunctional furniture.
North America Luxury Furniture Market Key Segments:
By End Use