Europe Wooden Furniture Market Value was USD 115.9 billion in 2019 and will grow at a CAGR of 5.4% up to 2026.
Get more details on this report - Request Free Sample PDF
Growing consumer awareness of advancing residential spaces to create appealing & comfortable furniture designs for the living rooms, balconies, and outdoor porches will influence market growth. Consumers are willing to spend their income, especially on designing wooden furniture products to increase aesthetics, which will boost the product portfolio. Changing climatic conditions of various countries will directly impact the demand for wooden furniture products. Rapid development in the construction industry coupled with swelling urban inhabitants in emerging nations is strongly altering lifestyle patterns. Several migratory consumers are moving to metro cities for a better living and enhanced lifestyle. Growing urban residents have upgraded the construction of private residential buildings from semi-urban and urban cities, advancing the market.
European countries are among the largest tourism destinations owing to improved consumer spending in the region. Europe witnessed a strong demand for Sun & Beach holidays by around 7% to 9% from the last few years. France, Germany, Italy, the UK, and Spain are majorly contributing to the wooden market growth due to improved demand for garden and patio furniture in this region. Traditional residential buildings along with new construction are boosting the requirement for furniture including tables, chairs, lounges, couches, and combination sets, thus strongly supporting industry growth.
Nevertheless, the spread of coronavirus has affected construction activities in the region. The matured construction industry has significantly taken a hit, minimizing construction activities and directly declining the demand for wooden furniture products. Furthermore, high prices of wooden furniture due to the hike in its raw material cost may also prove to be an obstruction in the market growth by 2026.
The Europe market from the residential sector is projected to observe a substantial growth of 5% by 2026. The rising demand for wooden furniture for aesthetics and decor along with the growing residence sales will back the segment growth over the coming years. Wooden furniture is mostly used in living rooms, lawns, backyards, balconies, and all the other rooms to improve décor & appeal and for seating purposes. Furthermore, industry players are continuously investing in R&D to enhance their online portals and e-commerce to improve sales.
The Europe market is highly competitive with the presence of vital producers including IKEA Systems B.V. Century Furniture, Bush Industries, Inc., Ashley Furniture Industries, Avy Interior Limited Company, Bernhardt Furniture Company, Bassett Furniture Industries, Inc., Casta, Hafele, Ethan Allen Global, Inc., Doimo, Dorel Industries, Inc., Moc Furniture, Hooker Furniture Corporation, and numerous other manufacturers.