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.
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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.
Europe Solid Wood Furniture market size and forecast
Europe Solid Wood Furniture Market is projected to grow with a CAGR of 1.42% during the forecast period. Owing to rise in demand for luxury furniture, growth in real estate industry, and increased in millennial population. In addition, the rising popularity of modern-rustic interior design which embraces design elements from opposite sides of the design spectrum to create a completely new style that is unique and distinctive are other factors estimated to accelerate the growth of the market in the upcoming years.
Europe solid wood furniture market: Country analysis
Geographically, Europe solid wood furniture market has been segmented into UK, Germany, Italy, France, Spain and Rest of Europe. Germany dominates the solid wood furniture market and is anticipated to grow with a CAGR 1.11% over forecast period 2019-2025. Owing to economic advancements, rising disposable income and growth of the real estate industry. Also, government initiatives to support other commercial and residential constructions, increasing tourism industry boosting hospitality sector, which is ultimately creating demand for luxury furniture.
Escalation in Demand for Luxury Furniture
Growing demand for luxury furniture with increasing disposable income, globalization and shift of major population to the urban areas are expected to propel the growth of solid wood furniture market across Europe
Changing consumer demographics
Income levels in Europe have been scaling rapidly over the past decade and this inclination is projected to continue. This has led to an increase in the number of the middle class and affluent homes. All these factors have had a positive influence on the wood furniture sector and are anticipated to propel the demand for solid wood furniture in the future.
Fluctuations in pricing of raw materials
Fluctuations in raw material prices and problems relating to the availability of products valuing environmental, sustainability and technical norms and regulations are factors, upstream in the value chain, which could negatively affect solid wood furniture production.
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