The home furnishings market in Europe to grow at a CAGR of 3.5% during the period 2016-2020.
Home Furnishings Market in Europe 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
In 2015, the home furniture market in Europe accounted for the highest market share in the home furnishings market in Europe. Multi-functional furniture is gaining in popularity in the home furniture market in Europe. The demand for luxury home furniture is expected to increase during the forecast period, boosting the market growth. The living room and bedroom furniture segments generate the majority of the sales, followed by the kitchen segment in terms of consumer spending on luxury home furniture.
A major trend in the bathroom furniture segment is the use of the country or rustic style, involving the use of pale, pastel colors and traditional styling. IKEA's STORJORM mirror cabinets cater to the bathroom furniture segment and have gained considerable consumer interest due to the unique styling of this range. IKEA and Steinhoff are the major players in the market.
A trend which is positively impacting the market is the rising demand for eco-friendly furnishings. Growing environmental consciousness and concern for a healthy and green environment have led to the increased demand for eco-friendly furniture and other furnishings. Awareness of the effect of deforestation on climate change and the effects of toxic finishes in the air inside homes has led to many furniture manufacturers going green. Manufacturers, for instance, offer a wide range of aesthetic furniture using only Moso bamboo, which is stronger and harder than oak.
According to the report, a key growth driver is the growing home improvement market. The growth of the home improvement market is likely to play a major role in market growth. The home improvement market is highly fragmented providing many opportunities for manufacturers to explore the market. In Europe, the market for home improvement stood around $362.5 billion in 2014. With globalization, major manufacturers are expanding their presence globally to meet the unmet needs of the diverse population.
Further, the report states that one challenge that could hinder market growth is the shortage of high-quality raw materials and long product replacement cycle. Wood is the most commonly used raw material in this market, with 40%-50% of furniture made of timber. The furniture industry is seeing a shortage in the supply of timber with the growing population demanding more products.