Europe Furniture Market Size was over USD 168.83 billion in 2019 and will grow at a CAGR of more than 5.1% up to 2026.
Get more details on this report - Request Free Sample PDF
Europe market growth is mainly attributed to the growing residential furniture demand in the region. The market participants in the region have shifted their production to other regions/countries to reduce production cost and increase operational efficiency. One fourth of the global furniture is produced in Europe. Germany, the UK, Italy, and France produced more than 15% of the global furniture production. However, Europe’s share of global furniture production has continuously declined over the last few years, and its present production value is the same as it was in 2012.
Eastern European countries have been witnessing strong economic growth and driving the regional demand trends. Western European countries, such as the UK, Germany, France, etc., are witnessing the growing trend of housing renovation and increasing demand for residential dwelling. Furthermore, these countries have a strong presence of manufacturers and distributors; thus, keeping the prices under check. Moreover, the increasing presence of online retailers will push products in the market.
Metal-based furniture is witnessing the second strongest CAGR in the region owing to the growing demand for commercial furniture. Metal-based material has more aesthetic appeal on the modern or classic styled furniture. Moreover, metal-based products have longer life and can be used in most of the environment. Shifting focus on renovation and remodeling projects in residential sectors will drive the market growth.
Europe has a great educational infrastructure, and students from across the world join European universities. Educational furniture plays an important role in the formation of a dynamic learning environment that is beneficial for the students’ physical health. A constant demand for ergonomically-designed products for preventing health problems and providing a comfortable learning environment among teachers & students will support the application growth. The introduction of dynamic and interactive teaching styles including blended learning and flip classrooms is stimulating the industry landscape
Strategic mergers & acquisitions is a key strategy for industry players in the market. It helps industry players to increase their market shares significantly without having to face any operational challenges. For instance, in September 2018, Steelcase, Inc. announced the acquisition of Orangebox Group Limited, a UK-based furniture manufacturer.