Pune, India, April 19, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Europe furniture market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 200 billion by 2026.
Europe furniture industry is one of the largest in the world, employing over a million people across 150,000 businesses. Germany, France, Italy, and the United Kingdom are the largest producers and consumers, with Poland accounting for a sizable part of output.
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In terms of design and innovation, the EU is a global superpower in the high-end furniture industry. According to ec.europa.eu, an official website, the EU produces nearly two out of every three high-end furniture goods marketed worldwide.
Research, innovation, and skill development can give rise to innovative products that are compatible with new business models and supplier-consumer interactions.
Metal furniture attracts commercial clients
European furniture makers are well-known across the world for producing high-quality wrought iron beds, chairs, and tables with creative designs. This allows the sector to grow into new markets, notably high-end industries and emerging economies. Metal has a longer life and may be utilized in any environment, making it an appealing commercial material.
This is why, metal-based furniture is growing with the second fastest CAGR in the European furniture market. Metal furniture is considered more aesthetically attractive than its counterparts by a large volume of customers in Europe.
Distinguished quality offered by German furniture makers
Western European countries such as the United Kingdom, Germany, France, and others are witnessing a rise in demand for residential spaces, alongside a growing trend of house restoration. Germany accounted for the largest portion of the European furniture market in terms of volume and revenue in the past.
The technological richness and unique know-how of each material are some of the distinguishing qualities of German furniture makers. The use of raw materials produced from sustainable sources in the manufacture of furniture may have a positive impact on sales among environment-friendly customers.
During the previous few years, German furniture market has undergone extensive restructuring, shifting organizational forms and geographical connections while capitalizing on its closeness to Poland and inexpensive raw material prices and wages. Meanwhile, relatively favorable conditions in the construction industry and on the labor market have favored the efficiency and performance of its goods globally.
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Hospitality industry offers growth opportunities
Europe continues to be one of the most sought-after tourist destinations. Because of its leading position in the worldwide tourism industry, the hospitality sector is a significant driver of the European economy and European tourism, both in terms of employment and direct economic impact. The hospitality industry, together with tourism, is the EU's third major socioeconomic activity.
Regional governments are continuously at work to sustain and improve the infrastructure of the region. The growing number of hotels and restaurants is driving product uptake in the hospitality industry. The number of small furniture shops with affordable products has also grown significantly since the outbreak of the pandemic.
With continuous investment in furniture design & creativity in line, the market is likely to retain its global leadership in the coming years. Steelcase, Ashley Furniture Industries, Inter IKEA Group, Kohler CO, and Okamura Corporation are among the leading furniture manufacturers in Europe. Because of the substantial presence of industry participants at the regional and global levels, market is highly fragmented. In order to make hi-end furniture easily accessible, industry participants are also offering furniture on rent.
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About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
