Enjoy complimentary customisation on priority with our Enterprise License!
The Europe Home Furnishings Market size is forecast to increase by USD 191.3 billion, at a CAGR of 6.78% between 2023 and 2028. The real estate and construction industry has experienced significant growth in recent years, fueled by increasing urbanization and population expansion. This trend has led to a rising demand for luxury furniture, as homeowners and businesses seek to enhance the aesthetic appeal and functionality of their spaces. In response, the organized retail sector has flourished, offering high-end furniture solutions to meet this growing need. With a focus on quality, design, and customer service, these retailers cater to discerning consumers, providing them with a wide range of options to suit various styles and budgets. The fusion of these three trends - the growth of the real estate and construction industry, the increasing demand for luxury furniture, and the growth of organized retail - has created a vibrant market that continues to evolve and adapt to the changing needs of consumers.
To learn more about this report, View Report Sample
The market is a significant industry, encompassing various product categories such as furniture, flooring, and home textiles. One emerging trend in this sector is the integration of electrical systems into home furnishings. The Internet of Things (IoT) is driving this market trends and analysis, with smart furniture and appliances becoming increasingly popular. Electrical safety is a crucial consideration in this market, with voltage circuit breakers and SF6 circuit breakers playing essential roles in ensuring electrical protection. Key players in the market include C&S Electric and Eaton Cummins, who offer a range of electrical solutions for the home. Automated transmission systems are also gaining traction, enabling efficient current flow and reducing energy consumption. Miniature circuit breakers are another important product category, particularly in the context of IoT devices. Driving factors for the home furnishings market include increasing disposable income, urbanization, and a growing preference for comfortable and aesthetically pleasing living spaces. Raw material suppliers and wholesalers play a vital role in the supply chain, while pricing and competitive strategies are key considerations for market players. Regulations regarding electrical safety and energy efficiency also influence market trends.
The growth of the real estate and construction industry is notably driving the growth of the Europe Home Furnishings Market. The growth of the real estate industry is increasing the number of office spaces, commercial establishments, and residences in Europe, increasing the demand for furniture. The increase in single and two-person households contributes to an increase in housing construction. The longevity of baby boomers, increasing urbanization, and the lifestyle choices of millennials all contribute to the increasing demand for custom furniture.
For example, according to the World Bank Group, the urban population as a percentage of the total European Union has increased from 73.9% in 2015 to 74.9% in 2020. This has fueled the growth of the European home textile market. Demand for portable and compact furniture is particularly high in this region. Due to the lack of space in urban areas, the demand for multifunctional furniture is also increasing. The expanding real estate business and accompanying revival of the construction industry will have a significant impact on the growth of the European furniture market.
The increase in the adoption of eco-friendly furniture is a key trend influencing the growth of the Europe Home Furnishings Market. Growing concerns about climate change and deforestation have led to the adoption of eco-friendly furniture. Several suppliers are involved in the production of eco-friendly furniture. Although eco-friendly furniture comes with a premium price, the demand for such furniture is increasing. The above factors have prompted many suppliers operating in the European home furniture market to develop eco-friendly furniture with eco-friendly technology. Biodegradable, sustainable, and renewable raw materials such as wood are used in the production of eco-friendly furniture. North American hardwoods are one of the best eco-friendly raw materials used in the production of eco-friendly organic furniture. Additionally, bamboo has emerged as an eco-friendly alternative to traditional wood used to make furniture.
For instance, Alta Decoracion ArtesMoble SL and Vermont Woods Studios LLC are Europe's most popular manufacturers of eco-friendly organic furniture. The growth of the eco-friendly and organic furniture category is fueled by awards and recognition. Hence, due to the factors mentioned above, the rapid emergence of eco-friendly organic furniture will be the major trend positively impacting the European home furnishings market during the forecast period.
The cost challenges faced by manufacturers and vendors are challenging the growth of the Europe Home Furnishings Market. High transportation costs increase manufacturing costs and limit the operations of furniture manufacturers and retailers. The complexity involved in transporting raw materials (such as wood) and assembling furniture is reflected in the cost of the final product. Transportation costs typically include all costs associated with shipping raw materials to manufacturing sites, shipping goods in transit to manufacturing sites, shipping finished goods to warehouses, and shipping finished goods to end users. In principle, transportation expenses will be borne by the business operator. Sellers also have to pay taxes, duties, and fuel costs. A large part of the supplier's transportation costs is fuel costs, which are often variable. Increased transportation costs directly increase the cost of the final product.
Moreover, manufacturers in the market are concerned about the safety of their final products. Rising raw material and labor costs have increased the overall manufacturing cost of furniture, creating another operational challenge for the European home furnishings market. Increased transportation complexity, increased transportation costs, and other operational challenges directly impact the cost of the final product. This negatively impacts product sales and vendor revenues, impeding the market growth and trends during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Andrena Furniture Ltd: The company offers different home furnishing products such as cabinets, bookcases, tables, chairs, wardrobes, oval extending tables, and many more.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The offline segment consists of specialty stores, home decor chains, and convenience stores. Specialty stores stock popular brands of home furnishings and offer a diverse brand and product portfolio. They limit product offerings to their own product category and sell similar types of products in all their stores. Whereas the home decor chains are independent stores offering a wide range of merchandise and seasonal discounts. They also offer a collection and delivery service.
Get a glance at the market contribution of various segments View the PDF Sample
The offline segment was valued at USD 292.90 billion in 2018. Convenience stores in the offline segment are distribution channels for a variety of daily necessities. Consumers like it because it stays open late and has great site coverage, and has a short billing route. Kroger is one of the most popular convenience stores in the world. The popularity of these retailers helps manufacturers of home furnishing products expand their customer base. Regional retailers operating in these retail formats continue to benefit from extensive geographically distributed store networks. Consumers find it beneficial to shop at such retailers due to attractive discount offers and plans.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
You may also interested in below market reports:
The market is evolving amidst technological advancements and diverse consumer needs. Rated voltage and electrical faults are critical considerations in ensuring safety and efficiency, with Square D leading innovations in electrical components. Joint ventures enhance market competitiveness and gross margins, while sub-segments cater to varying consumer preferences and load currents. Issues like overload and false trips are mitigated through R&D programs addressing insulation deterioration and component failures under extreme conditions. The shift towards clean energy technologies and smart grids supports sustainable practices and renewable energy integration, crucial for aging infrastructure and rural electrification. Distribution networks and capital expenditure in industrial manufacturing and construction activities bolster the market, catering to the demands of smart electronic gadgets and enhancing power infrastructure resilience. This dynamic landscape reflects Europe's commitment to innovation and sustainability in home furnishings, aligning with global trends in smart living and energy efficiency.
In addition, the market is undergoing a transformative phase, driven by advancements in clean energy technology and smart grid integration. Consumer preferences for sustainable living are shaping the market's evolution, influencing designs that accommodate extreme vibrations and varying temperature conditions. Key players are improving gross margins through innovations in load current management and components that withstand overcurrent and short circuits. Distribution facilities are crucial for efficiently transporting furnishings, supported by railway transportation networks and serving consumer power utilities. The unorganized sector plays a role in the market's diversity, supplying a range of products across industrial manufacturing facilities and automobile applications. Fuses ensure safety in power utilities, addressing potential failures of components during switching circuits. This dynamic environment underscores Europe's commitment to innovation and sustainability in home furnishings, fostering a market that meets modern lifestyle demands while prioritizing environmental responsibility.
Market Scope |
|
Report Coverage |
Details |
Page number |
142 |
Base year |
2023 |
Historic period |
2018- 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2024-2028 |
USD 191.3 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Andrena Funriture Ltd., B and B Italia SPA, DEDON GmbH, Delcor Ltd., DFS, Dunelm Group Plc, Ercol Furniture Ltd., Forbo Management SA, Hafren Furnishers Ltd., Inter IKEA Holding BV, Lars Larsen Group A S, LuxuryfurnitureMR, Nolte GmbH and Co. KGaA, Poltrona Frau SPA, ROCHE BOBOIS SA, SOFACOMPANY, Steve Bristow Stone Masonry Ltd., The Cotswold Co. UK Ltd., Wayfair Inc., and Wicklewood Ltd. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.