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Europe Furniture Market Size to Value Over $200 Bn By 2026
Published Date: 2020-11-03
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According to the Graphical Research new growth forecast report titled Europe Furniture Market growth will surpass USD 200 billion by 2026. Europe accounted for one-quarter of the global furniture market in 2017. The furniture industry is one of the biggest industries in the region providing employment for over a million people working in over 150,000 firms. Germany, France, Italy and the UK are the major producers & consumers while Poland has a significant share in production. Favorable government initiatives along with strong export opportunities have propelled production in the region.
The abundance of raw materials and the presence of a well-established wood processing and metallurgy industry will supplement the business growth in Europe. Moreover, globalization and liberalization have positively influenced the market share as large manufacturers have outsourced processes to Eastern European economies owing to the availability of low-cost factors of production. For instance, Romania and Bulgaria offer low cost of labor, the Czech Republic and Poland have abundant raw materials, and advanced economies including Germany, Italy, and France offer technological endowment and unique know how.
Plastic furniture is witnessing a rapid demand growth among consumers owing to the features such as easy maintenance, lightweight, economical pricing, and high durability. Moreover, key factors including high comfort level, low breakability, no maintenance cost, economical prices, and the availability of various designs & vibrant colors will provide a positive scope for the material demand.
The hospitality industry in Europe is strongly growing owing to the presence of major tourist attractions, increasing spending on tourism & leisure activities along with increasing support from government. Increasing number of hotels and restaurants are fueling the product demand from the hospitality industry.
Germany held the largest share in Europe in terms of volume & revenue. In 2012, Germany surpassed Italy to become the largest furniture manufacturer in Europe. The thorough restructuring it went through in terms of organizational forms and spatial linkages, taking advantage of its proximity to Poland as a raw material supplier was the major driver that fueled the growth. In addition, favorable macroeconomic conditions propelling consumer expenditure and the construction sector will foster an ideal environment for business growth.
The Europe market is extremely fragmented due to the large presence of industry players in regional and global levels. Numerous companies are involved in partnerships and collaborations to support their industry footprint. EU production satisfies the majority of Europe’s furniture demand. EU’s furniture consumption is around 85% of its total production. Some of the prominent players in the market are Ashley Furniture Industries, Steelcase, Inter IKEA Group, Okamura Corporation, Kohler CO, etc.
The Europe Furniture market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2026 for the following segments:
Market Share, By Material
Market Size, By Application
- Upholstered furniture
- Non-upholstered furniture
- Kitchen Cabinet
- Dining Room
- Blinds & Shades
The above information is provided on a country basis for the following: