Global Hospitality Furniture Market Size By Furniture Type, By Material Type, By Application Area, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Hospitality Furniture Market Size By Furniture Type, By Material Type, By Application Area, By Geographic Scope And Forecast
Hospitality Furniture Market Size And Forecast
The global Hospitality Furniture Market size was valued at USD 4429.8 Million in 2023 and is projected to reach USD 5848.4 Million by 2030, growing at a CAGR of 3.9%during the forecast period 2024-2030.
Global Hospitality Furniture Market Drivers
The demand for furniture solutions within the hospitality industry is fueled by a number of variables, which in turn drive the market for hospitality furniture. Here are a few significant market forces
The Hospitality Industry is Expanding The need for furniture is driven by the overall expansion and growth of the hospitality sector, which includes hotels, resorts, and dining establishments.
Increase in Travel & Tourism A development in travel and tourism activities around the world necessitates the construction of more hotels, which increases the need for furniture to decorate these rooms.
Projects for Renovation and Improvement The need for new furniture is influenced by ongoing restoration and improvement initiatives in existing hospitality facilities, which are motivated by the desire to maintain competitiveness and adhere to changing design trends.
Design and Aesthetics’ impact The hotel industry places a strong emphasis on interior design and aesthetics, which drives a constant need for fashionable and eye-catching furnishings to construct distinctive and alluring rooms.
Emphasise the comfort and experience of guests Because hospitality facilities place a high priority on the comfort and pleasure of its guests, there is a demand for high-quality, ergonomic furniture that improves the space’s overall aesthetic and use.
Technology Integration The desire for contemporary and technologically advanced furniture solutions is driven by the incorporation of technology in hospitality spaces, such as smart furniture and charging stations.
Higher Available Income Increased travel and luxury experience spending is a result of rising disposable income levels on a worldwide scale, which has a beneficial effect on the demand for high-end and upscale hospitality furniture.
Sustainability and environmentally friendly methods The demand for eco-friendly and sustainable hospitality furniture is driven by the public’s rising understanding of environmental sustainability and is in line with the sector’s emphasis on ethical behavior.
Trends in personalization and customization Furniture is following the trend towards individualised and personalized hospitality experiences as businesses look for distinctive and specialized solutions to set themselves apart.
Demand for Furniture with Multiple Uses The desire for flexible and space-saving solutions is influenced by the frequent need for multi-functional furniture in hospitality areas, particularly in urban environments.
Global Hospitality Furniture Market Restraints
The market for hospitality furniture has a number of growth-promoting factors, but it also faces a number of obstacles that could impede its expansion. Here are some significant market obstacles
Financial Uncertainty Economic downturns and unpredictability can cause the hotel industry to spend less, impacting investments in new furnishings and resulting in the postponement or cancellation of hospitality projects.
Hefty Start-up Costs Furniture for hospitality settings can be expensive to buy and install initially. This can discourage some businesses, especially smaller ones, from spending money on new or improved furnishings.
The Hospitality Industry is Cyclical The hospitality sector experiences cycles of high and low demand. Hotel and restaurant delays in furniture purchasing during recessions can have an effect on the market.
Supply Chain Breakdowns Natural disasters, geopolitical unrest, or pandemics can all cause global supply chain disruptions that delay the availability of resources and have an impact on the manufacturing of furniture.
Strenuous Competition There is fierce competition among many manufacturers and suppliers for contracts in the hotel furniture business. Price pressure and smaller profit margins may result from fierce rivalry.
Selection of Used or Rented Furniture Some hospitality businesses, especially those that are smaller or are on a tighter budget, may decide to rent furniture for a short period of time or purchase used furniture rather than making substantial capital investments.
A Shift in Consumer Trends The depreciation of current furniture and the requirement for frequent upgrades or replacements may result from rapid changes in consumer tastes and design trends, creating a burden for hospitality firms.
Regulatory Conformity It can be difficult for furniture producers to comply with safety and fire laws, as well as environmental norms, which may restrict some design options.
Storage and Limited Space Issues The types and quantities of furniture that can be accommodated by hospitality facilities may be restricted by space constraints. Storage issues could also make people less likely to spend money on new furnishings.
Effects of Online Reservations Platforms An emphasis on online marketing and facilities rather than spending money on material improvements like new furnishings may result from the increased reliance on online booking systems.
Global Hospitality Furniture Market Segmentation Analysis
The Global Hospitality Furniture Market is segmented based on Furniture Type, Material Type, Application Area, and Geography.
Hospitality Furniture Market, By Furniture Type
Hotel Furniture Furniture designed for hotel rooms, lobbies, reception areas, and common spaces.
Restaurant Furniture Furniture tailored for dining spaces, including tables, chairs, and booths.
Bar Furniture Furniture designed for bars and lounges, including bar stools and tables.
Resort Furniture Furniture designed for resorts, including poolside loungers and outdoor seating.
Hospitality Furniture Market, By Material Type
Wooden Furniture Furniture made from various types of wood, offering a classic and natural aesthetic.
Metal Furniture Furniture with metal frames or components, known for durability and a modern look.
Plastic Furniture Lightweight and versatile furniture often used for outdoor settings.
Upholstered Furniture Furniture with fabric or leather upholstery for enhanced comfort.
Glass Furniture Furniture incorporating glass elements for a contemporary and sleek design.
Hospitality Furniture Market, By Application Area
Indoor Furniture Furniture designed for indoor spaces, including guest rooms, lobbies, and dining areas.
Outdoor Furniture Furniture suitable for outdoor spaces, such as patios, pool areas, and garden settings.
Hospitality Furniture Market, By Geography
North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
EuropeAnalysis of the Hospitality Furniture Market in European countries.
Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
Middle East and AfricaExamining market dynamics in the Middle East and African regions.
Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the Hospitality Furniture Market are
Kimball Hospitality
Bryan Ashley
Suyen Furniture Group
Taiyi Hotel Furniture
Gotop Furniture Group
Foliot
Solid Comfort
Distinction Group
New Qumun Group
Klem (Jasper Group)
CF Kent
Bernhardt Furniture
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
Kimball Hospitality, Bryan Ashley, Suyen Furniture Group, Taiyi Hotel Furniture, Gotop Furniture Group, Foliot, Solid Comfort, Distinction Group
SEGMENTS COVERED
By Furniture Type, By Material Type, By Application Area, and By Geography.
CUSTOMIZATION SCOPE
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