LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global spa luxury furniture market predicts a CAGR of more than 4% during the period 2017-2021.
The report segments the global spa luxury furniture market by distribution channel (offline and online), by product type (pedicure chairs, massage chairs, massage tables, and spa loungers), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global spa luxury furniture market, according to Technavio researchers:
- Increase in number of spa centers and salons: a major market driver
- In 2016, the pedicure chairs segment dominated the market by occupying almost 39% share
- In 2016, EMEA was the leading contributor to the global spa luxury furniture market, accounting for a market share of close to 36%
- Continuum, Family Inada, Gharieni Group, Living Earth Crafts, and TouchAmerica are the leading players in the market
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Increase in number of spa centers and salons: a major market driver
Increase in the number of spa centers and salons is one of the major factors driving the global spa luxury furniture market. The global spa luxury service market projected a significant rise in the number of spa luxury facility centers in 2016. This growth has further boosted the demand for spa luxury furniture. Vendors operating in the market are engaged in manufacturing a wide range of customized and innovative luxury furniture. The increasing health consciousness among consumers, particularly among the high-income group segment, propels the market growth of spa luxury services. This is further driving the demand for spa luxury furniture.
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EMEA: largest spa luxury furniture market
Globally, EMEA accounted for the largest market share in the spa luxury furniture market in terms of revenue generation. But, the economic crisis in 2010 adversely affected the spa luxury furniture market because of their premium price and the decline in consumer expenses. Most European countries overcame this crisis by 2016 and are expected to exhibit significant growth in the spa luxury furniture market during the forecast period.
According to Shikha Kaushik, a lead analyst at Technavio for research on furniture and home furnishing, “The growth of the spa luxury furniture market in EMEA is attributed to the growing wellness and tourism industry in the region, which accounted for an increase of 6% in 2016 when compared to the previous year. Europe is well known for its spa services across the globe and has won multiple awards for the same. Some of the award-winning spas are Guerlain Spa at Ritz-Carlton in Vienna, Martin spa body wealth in Belgium, and Este Fitness & Spa in Bulgaria.”
Competitive vendor landscape
The global spa luxury furniture market is moderately fragmented because of the presence of large multinational vendors and growing regional and small vendors. To survive in this competitive environment, vendors are differentiating their product offerings by advancing and upgrading furniture technology.
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