Hotel Armchair Market Forecast and CAGR
According to the latest research by Persistence Market Research, sales of hotel armchair is set to witness steady growth with a CAGR of over ~4.0% during 2021-2031. Demand for armchairs might witness substantial growth post suffering a drop in demand and sales growth throughout the COVID-19 pandemic period. Post-pandemic the anticipated growth in the tourism and hospitality sector is expected to see a stable rise in demand for armchairs.
What is Driving Demand for Hotel Armchair?
The amplified investments in the world tourism and hospitality sector have fostered the offering of luxury and modernity in furniture such as an armchair, table, etc. Also, given the awareness about the use of environment-friendly products manufacturers have encouraged the use of organic and natural materials in furniture and has potentially driven the volume sales of armchairs.
Besides, the growth in premium decor and high ambiance in hotels, sustainable offerings has correspondingly boosted the sales. The delight of themed furniture for quality and a comfortable stay has further boosted the consumption of armchairs in hotels. Besides, the increased number of smart hotels has attracted a high number of customers and consistently promoted premium armchairs further leading to growth in demand.
Additionally, the expectation of high standard designs from consumers is compelling manufacturers to produce vintage and antique armchairs. The proposition of a variety of materials and styles with different designs has attracted bulk demands from hotel chains. Moreover, modifications in design through the art of handcrafting and machine-based processing by manufacturers is another driving factor for augmented demand.
Growing Trend of Mergers and Acquisition in Industry
The contribution of the unorganized sector has a significant share in the hotel furniture industry. Due to this fact, some of the major global players are left with an urge to sustain in business. Responding to the situation a high number of players are involved in mergers and acquisitions. For instance, the acquisition of Adams Manufacturing by Keter Plastic in 2018 is one such example. This strategy was adopted to gain considerable share and tap the untapped potential local region for steady growth.
Besides, the growth in several startups and co-working environments is trending facto resulting in the sector. The product innovation related to arms resting chairs that provide a stress-free aura and comfort for guests during their stay is modular to gain customers’ attention and thus, leading to demand growth for armchairs in hotels.
US and Canada Hotel Armchair Market Outlook
Since the pre-eminent adoption of E-commerce in regions like the US and Canada, online retailing platforms have witnessed a boost in sales. In 2020, in times of pandemic US region was heavily affected due to the outbreak and thus, affecting the manufacturers and suppliers that majorly resulted in hampering a large number of businesses. On the contrary, the region is expected to witness a steady recovery as the operations and businesses revive over a short period.
The growing use of wood for hotel furniture in Canada has significantly set trend in motion leading to high sales of the armchair. The other factors impacting the production in the region might be the price of wood, availability of labor, the fluctuating rates of raw materials, and unorganized local businesses. The growth in competition is addressed by extensive R&D by the key players to grab a determined share in the region.
Furthermore, the customization opportunity from manufacturers such as Shelby Williams, a brand of CFGroup to fulfilling consumers’ needs is high in the US and Canada region. The rise in hotels and restaurants might be another factor leading to growth in armchair demand. The high-profit margins in these hotels have abled those to demand premium and luxury armchairs, in turn, to propelled sales.
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Europe Demand Outlook for Hotel Armchair
Europe is one of the significant manufacturers of hotel furniture. The perseverance of early age cultural heritage that includes armchairs, tables, sofas, etc., in countries such as France and Italy has impelled manufacturers to adhere to the standard of furniture being produced. Under the growing economy, the penetration of major brands is high in the region.
Furthermore, the improvements in the manufacturing sector are likely to have a significant impact on sales of exceptional armchairs offered in the regional hotels. Apart from handmade products, the adoption of automated systems has helped manufacturers to produce bulk batches to cater to the growing demand and leading to augmented sales of armchairs that are a result of push strategy in the region.
The rise in saturation of exclusive material for wingchairs such as exquisite fabric, silk material, and their use has gained a greater anticipated demand from the luxury hotel chains. The demand growth for domestic capacity and domestic upholstery are some of the major drivers leading to a greater profitability index. The region is expected to experience steady growth during the forecast period with such factors in place.
Who are the Key Manufacturers and Suppliers of Hotel Armchair?
Some of the leading manufacturers and suppliers include
- RODA Srl
- SOFTLINE A/S
- MOBILSPAZIO S.r.l
- PIANCA spa
- Orsitalia sas
- Modenese Gastone Interiors srl
- Interi Furniture Manufacturing Company
- New Life Furniture
Many leading manufacturers and suppliers have longstanding contracts with end-users to supply chairs.
An Adaptive Approach to Modern-day Research Needs
Hotel Armchair Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Economy Hotel
- Luxury Hotel
By Sales Channel
- Multi-Brand Stores
- Specialty Stores
- Online Retailers
- Direct Sales
- Other Sales Channel
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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