LONDON--(BUSINESS WIRE)--Technavio’s latest report on the furniture manufacturing market in Romania provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The top three emerging trends driving the furniture manufacturing market in Romania according to Technavio consumer and retail research analysts are:
- Growing focus on bio-based production
- Technological advancements
- Increased consumer spending
Growing focus on bio-based production
Over the past few years, manufacturers in the furniture manufacturing sector have been making concerted efforts to employ sustainable processes that have a minimal impact on the environment. These include the development of products manufactured from renewable resources. These R&D activities add a new dimension to the market, and increase the competitiveness of manufacturers, as people prefer products that are eco-friendly. New entrants that offer such innovative and green solutions are growing in the market.
Innovation is high in the market, with an increasing number of manufacturers offering products with aesthetic appeal and durability. Manufacturers work closely with furniture manufacturers to come up with innovative products that enhances their brand image and sales.
“Manufacturers in the furniture market in Romania are importing wood processing machinery from countries such as Germany to reduce cycle time and enhance profitability by improving process and yield efficiency,” says Brijesh Kumar Choubey, a lead analyst at Technavio, specializing in research on retail goods and services.
Increased consumer spending
The Romanian economy accounted for 0.32% of the global GDP in 2014. The annual GDP growth rate averaged at 2.44% during 2012-2014. GDP is forecast to grow at a steady rate of 2.8%-3.2% during 2015-2020. Promotion of exports, steady domestic demand, and stable labor economics are expected to fuel the growth of the market during this period. Moreover, a rise in the income levels of end-users is expected to result in increased spending on lifestyle-related products, such as modular kitchens, which will open up huge opportunities for furniture manufacturers. “Romania is also experiencing a rise in the construction of offices and residential buildings in the country, which will increase the demand for furniture in the coming years,” says Brijesh.
Competitive market scenario
The furniture manufacturing market in Romania is marked by the presence of diverse international and regional manufacturers. However, as international players have established their footprint in the market, regional manufacturers are finding it increasingly difficult to compete with them, especially on aspects such as quality, technology, and pricing. The competitive environment in this market will likely intensify further with an increase in product and service extensions and M&A. International players are expected to grow inorganically by acquiring regional and local players.
Some of the key manufacturers in the furniture manufacturing market in Romania are:
|Adorianis Trans||Manufacturer and exporter of bedroom and kitchen furniture|
|Agache||Manufacturer of upholstered furniture|
|Alprom Pitesti||Producer of furniture|
|Antares International||Producer of furniture based in the Czech Republic|
|Aramis Group||Manufacturer of furniture|
|Ardudana||Producer of furniture|
|Bradul Maneciu||Manufacturer of furniture|
|Durieux International Societe||Producer of hand-crafted wooden furniture|
|Elvila||Manufacturer of furniture|
|Famos||Manufacturer of furniture|
|Gammet 2000||Manufacturer of furniture|
|Imar||Producer of furniture|
|Industry Transilvan||Producer of small furniture|
|Italsofa||Manufacturer of furniture|
|Laguna Serv||Manufacturer of furniture|
|Larix Mobila||Producer of veneered chipboard furniture|
|Lemet||Manufacturer of furniture|
Browse Related Reports:
- Wood Manufacturing Market in Romania 2016-2020
- Global Engineered Wood Products Market 2016-2020
- Global Office Furniture Market 2016-2020
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