Europe Solid Wood Furniture Market during 2021-2027
Due to the changing lifestyle pattern, there is a shift in consumer buying patterns. Owing to the affordability and new designs, people are going for a modern rustic design, which gives the aesthetic appeal to the home. Finishing, recoloring, and distinctive specialty effecting choices for wood furniture can add a sort of customization to wooden furniture and also help to improve its solidness. Low maintenance wood and the lower price is adding fuel to the sales of the solid wood market.
According to BlueWeave Consulting, the solid wood furniture market is going to witness momentous growth during the forecast period 2014-2024. On accounts of rapidly increasing population, stimulating standard of living, and enticing tourists are generating new growth potentials for solid wood furniture manufacturers. Additionally, the cumulative demand for solid wood furniture from the hospitality sector is also a key factor in improving the growth of the market. Furthermore, the rising requirement for furniture from restaurants, coffee shops, and bars, among others, is expected to fuel market growth.
Among type, Solid timber furniture holds the largest market share during the forecast period
Solid wood product type holds the largest market share contributes more than 70% market share in 2018 and will generate a revenue of USD 28.66 Billion by 2025. The most definite advantage of solid timber wood furniture is its strength, enduring look, and appeal. Enhanced durability & sturdiness, along with higher product options, will thrive the product demand. Moreover, growing job opportunities and employment across Europe generates a need for further office spaces, which subsequently drives the demand for furniture.
Among application, household segment is the fastest-growing market which captured the largest share during the forecast period
Household segment dominates the solid wood furniture market with a CAGR of 1.13% and projected to reach USD 34.14 Billion by 2025. The growth of this market is driven by factors like amassed modernization and infrastructural growth. Flourishing private housing construction along with government spending on new housing structure to accommodate the increasing population, will augment the solid wood furniture demand. Moreover, escalating household renovation and remodeling projects in Europe will boost the market growth.
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Germany is the leading country of the Europe solid wood furniture industry during the forecast period
Germany dominates the market with a market share of 24.66% in 2018 and is likely to continue to lead the market over the forecast period 2019-2025. This growth can be attributed to intensifying disposable income of the upper and middle-class population, thriving real estate industry, government-initiated housing projects. Germany has beheld immigration of numerous fugitives and migrants, resulting in rising demand for housing. Due to this, the government of Germany is strengthening public and private developers to construct new rental flats to solve issues like shortage of affordable housing, resulting in additional demand for furniture products.
Europe solid wood furniture market competitive landscape
Companies such as Leggett & Platt Incorporated, Misuraemme, Javorina, Kinnarps Holding Ab, Steelcase Inc. Hartmann Möbelwerke Gmbh, S.C. Simex S.A and Dyrlund- Smith A/S are the key players in the industries.
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