Furniture Industry News
Global Luxury Hotel Furniture Market Report 2024 Market Size Split by, Hotel Type (Business Hotel, Suite Hotel, Airport Hotel, Resort Hotel), Application (Room, F&B, SPA, Others), Material (Wood, Leat...
According to Cognitive Market Research, the global luxury Hotel Furniture market size will be USD XX billion in 2023 and will expand at a compound annual growth rate (CAGR) of 6.00% from 2023 to 2030.
- The demand for Luxury Hotel Furniture Market is rising due to? rapid growth of the real estate sector to contribute to the luxury hotel furniture market growth.
- Demand for business hotels remains higher in the Luxury Hotel Furniture Market.
- The room category held the highest Luxury Hotel Furniture Market revenue share in 2023.
- Europe Luxury Hotel Furniture Market will continue to lead, whereas the North American Luxury Hotel Furniture Market will experience the most substantial growth until 2030.
Luxury Hotel Furniture Market Report Description
Introduction of Luxury Hotel Furniture
Luxury furniture pieces are made from high-quality materials and come in a variety of designs. Some of the most popular materials used to make these products include metal, glass, wood, and others. The industry is primarily driven by overall consumer spending and other factors such as household debt levels, per-capita income, and consumer expectations. The global luxury hotel furniture market includes a growing demand for sustainable and eco-friendly furniture as well as the incorporation of advanced technology in design and functionality. Rapid growth of the real estate sector to contribute to the luxury hotel furniture market growth, along with factors like e-commerce, availability of high-speed internet networks, and the rise in eco-friendly and multifunctional luxury furniture. Additionally, there is a rising preference for minimalist and contemporary designs that exude elegance and sophistication. These strategies help key players capture a significant market share and remain competitive in the dynamic luxury hotel furniture market.
Rapid Growth of the Real Estate Sector to Contribute to Market Growth
The real estate sector has recently experienced substantial growth due to the increased demand for office and residential spaces. The growing need for office space, a conducive corporate environment, and urban and semi-urban accommodation have complemented the expansion of the real estate sector. Furthermore, the growing construction of residential and commercial buildings will drive market progress. Additionally, market conditions can change, and businesses need to adapt to these changes to maintain growth in the long term.
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Rise in Online Retailing in the Furniture Industry to Drive Market Development to Propel Market Growth
Major innovations in various technologies, such as the availability of high-speed internet networks and the growing adoption of smart devices, are bolstering the development of the global e-retail industry. These advances can make it easier for customers to purchase furniture through online channels. Furthermore, to meet the rising demand for online shopping globally, many companies have launched their own online stores to sell furniture.
For instance, on 27 June 2022, Aldar Properties announced the launch of apartments at Grove District, which is a new project seeking to bring inspirational and luxury living to Abu Dhabi's cultural epicenter on Saadiyat Island. This project comprises 612 units in five residential buildings throughout lifestyle, luxury, and urban-themed districts.
(Source:www.aldar.com/en/news-and-media/aldar-launches-apartments--at-grove-district)
Market Dynamics of Luxury Hotel Furniture
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Availability of Counterfeit Products to Restrain Market Growth
The luxury hotel furniture market faces the challenge of market growth restraint due to the widespread availability of counterfeit products. Counterfeit items mimic the design. Customers may inadvertently purchase counterfeit items, expecting high-quality craftsmanship but receiving inferior alternatives. The presence of counterfeit products can tarnish the reputation of authentic luxury furniture manufacturers, leading to a decline in consumer confidence and hindering the overall market growth. While counterfeit production is popular across the world, it is most common in developing countries with strong but low-cost manufacturing capacities.
Impact of COVID–19 on the Luxury Hotel Furniture Market
The COVID-19 pandemic negatively affected the global market. This was due to the implementation of lockdown and other restrictions in 2020, resulting in the complete closure of international and domestic borders. Restrictions were also imposed on the imports and exports of goods and raw materials. However, the outbreak has significantly impacted consumer behaviour and manufacturing trends worldwide. The COVID-19 crisis has increased the usage of automation and digitalization in the luxury furniture industry. Moreover, continuous improvements in production technologies have enabled leading companies to respond to the changing consumer demand and operational efficiency, thereby improving the market outlook.
We have various report editions of Luxury Hotel Furniture Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.
Competitive Landscape of the Luxury Hotel Furniture Market
The market report lists the major players involved in the Luxury Hotel Furniture Market under the competitive landscape and company profile chapters. The major players in the market are evaluated based on their product and/or service offerings, financial statements, key developments, strategic approach to the market, position in the market, geographical penetration, and other key features.
- In October 2022, Linly Designs, a Chicago-based interior design and retail company, acquired Marge Carson, a California-based maker of handmade furniture. Marge Carson furniture is well-known in the US and other countries across the globe owing to its excellent quality, proportional forms, and fabrics.
(Source:www.woodworkingnetwork.com/news/woodworking-industry-news/interior-design-firm-acquires-luxury-furniture-brand-marge-carson)
Top Companies Market Share in Luxury Hotel Furniture Industry: (In no particular order of Rank)
- Marriott International
- Hilton
- Starwood Hotels & Resorts (Marriott)
- Hyatt Hotels
- Four Seasons Holdings Inc.
- Shangri-La International Hotel Management Ltd.
- InterContinental Hotels Group PLC
- Mandarin Oriental International Limited
- The Indian Hotels Company Limited
- Jumeirah International LLC
- Kerzner International Resorts
- ITC Hotels Limited
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation! If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
Luxury Hotel Furniture Market Analysis
Global Luxury Hotel Furniture Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Luxury Hotel Furniture Industry growth. Luxury Hotel Furniture market has been segmented with the help of its Hotel Type, Application Material, and others. Luxury Hotel Furniture market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Luxury Hotel Furniture Hotel Type Segment Analysis
According to Cognitive Market Research, business hotels held the major market share over the forecast period due to increased demand for upscale and sophisticated furniture to enhance the ambiance of business hotels. Business hotels mainly target corporate travellers, offering a range of amenities and facilities for meetings and work-related activities. The business hotel segment emphasizes the importance of creating an inviting and professional environment for guests, influencing their overall experience.
Suite hotel is the fastest-growing category over the forecast period due to evolving preferences of discerning travelers seeking an elevated hospitality experience. Suite hotels, catering to a more exclusive clientele, demand furniture that combines opulence with functionality. Suite hotels provide spacious accommodations, often with separate living and sleeping areas.
- Business Hotel
- Suite Hotel
- Airport Hotel
- Resort Hotel
Luxury Hotel Furniture Market Share (%) by Hotel Type in 2019-2031
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Luxury Hotel Furniture Industry. Request a Free Sample PDF!
Luxury Hotel Furniture Application Segment Analysis
According to Cognitive Market Research, Room holds a prominent market share as it encompasses a diverse range of spaces, from bedrooms to living rooms, within both residential and hospitality settings. Consumers in this segment seek a harmonious blend of aesthetics, functionality, and comfort, driving the demand for high-end, well-crafted furniture pieces. In the context of hotel rooms, furniture includes beds, dressers, chairs, and tables which contribute to the aesthetic appeal and comfort of the space.
SPA is the fastest-growing category over the forecast period. In SPA facilities, furniture includes massage tables, lounge chairs, and relaxation areas, creating a serene and luxurious ambiance for guests. The spa segment emphasizes comfort, durability, and sophisticated design, with a focus on materials that exude opulence. High-end resorts and wellness retreats invest in bespoke and ergonomic spa furniture to elevate the overall spa atmosphere.
Luxury Hotel Furniture Market Share (%) by Application in 2019-2031
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Luxury Hotel Furniture market report 2024 Edition by ttps://www.pinshotelfurniture.com/.
Luxury Hotel Furniture Material Segment Analysis
- Wood
- Leather
- Metal
- Others
Luxury Hotel Furniture Price Range Segment Analysis
Luxury Hotel Furniture Distribution Channel Segment Analysis
Europe dominated the market in 2023 and accounted for around 35% of the global revenue
According to Cognitive Market Research, Europe dominated the market in 2023 and accounted for around 35% of the global revenue; The European luxury Hotel Furniture Market is expected to occupy the maximum market share in the coming decade. Ceaseless advancements and innovations in technologies are used to develop luxury furniture. This has consequently pushed product sales in the region. the European Luxury Hotel Furniture Market showcases a wide range of styles, from classic and traditional to contemporary and avant-garde.
North America is the fastest-growing category, as the region is driven by a combination of economic prosperity, evolving consumer preferences, and a strong emphasis on interior aesthetics. The region's affluent consumer base, particularly in the United States, fuels demand for upscale and exclusive furniture pieces that showcase both opulence and contemporary design.
The current report Scope analyzes Luxury Hotel Furniture Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) .
- North America (United States, Canada, Mexico)
- Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
- Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
- South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
- Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)
Luxury Hotel Furniture Market Share (%) by Region (2019-2031)
The above graph is for illustrative purposes only.
