The North America & Europe Luxury Interior Fabric Market size is expected to reach USD 2.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.9% from 2021 to 2028. Rising awareness about the benefits and comfort offered by these stylish interior fabrics is boosting the market growth. As lifestyles are changing, consumers are inclined towards good quality, comfortable, and visually attractive interior fabrics.
With the expansion of real estate, the market is bound to witness growth in the interiors industry, which is likely to propel the demand for the fabric in the segment. In accordance with the index specialist, the value of property owned for the purpose of achieving investment returns reached USD 9.8 trillion in 2019, 7.8% more than in 2018. The rising demand for new houses owing to the growing population is also expected to boost the market growth in the foreseeable future.
The number of single-family permits in the U.S. increased by 8.4% in 2018, from the previous year, according to the National Association of Home Builders. Thus, developments in the domestic category are projected to drive the demand for luxury interiors, thereby pushing the market growth. Changing trends in home furnishing are also expected to boost the market growth. Consumers are seeking attractive statement interior pieces that can stand on their own in their minimalistic-decorated homes. Moreover, rising environmental consciousness among consumers is bringing the spotlight on organic and sustainable materials and fabrication that includes repurposed and recycled elements. In addition, with consumer interest shifting towards sustainability, a surge in demand for more natural textures and colors is being observed. This, in turn, is expected to boost the demand for luxury interior fabrics in the forecast period.
Technological advancements are also changing how people are shopping for luxury interior fabrics in stores. Physical stores are expected to provide better experiences with the proliferation of digitalization and consumer-facing technology that is used to make it easier for shoppers to research, find, and buy interior fabrics.
As more customers commence to leverage technology to guide their purchasing decisions, retailers are using that data to drive sales. Now retailers can make decisions that are profit-driven on the basis of the data provided by browsing the web, online shopping, and digital couponing. Moreover, as manufacturers are learning more about what consumers are looking for, the better they will be at generating offers that attract shoppers and increase sales.
The upholstery product segment held over 52.7% of the revenue share in 2020. Upholstered furniture is one of the fastest-growing segments in the furniture industry. Upholstered furniture such as beds, chairs, sofas, and cushions have been witnessing significant demand. Upholstered furniture is more comfortable since it is padded and covered with a piece of fabric. Increasing purchasing power of consumers, improvements in the standard of living, and changing lifestyles have led to the development of luxurious upholstery fabrics for various types of seating furniture. An increase in the number of building constructions also supports the industry owing to new furniture requirements, once new homes have been built.
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North America & Europe Luxury Interior Fabric Market Report Highlights
- In North America, the U.S. is expected to register a CAGR of 12.2% from 2021 to 2028. Manufacturers operating in the U.S. continue to offer luxury furniture made using sophisticated and visually appealing materials. The demand for luxury and premium furniture from certain consumer sections is boosting the market growth
- The jacquard raw material is expected to witness the highest CAGR of 12.4% from 2021 to 2028
- The domestic end-user segment held the largest revenue share of 60.0% in 2020 owing to its higher penetration across households