LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the contract furniture and furnishing market in Europe provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio market research analysts, the contract furniture and furnishing market in Europe will grow at a CAGR of close to 6% during the forecast period. The high preference for contract furniture over expensive new furniture is a major factor driving the market’s growth.
In the past 5 years, the global furniture market has been witnessing a transitional trend in terms of technological advances, product feature enhancements, and use of raw materials. The advent of smart furniture, environment-friendly furniture, multifunctional furniture, and ready-to-assemble (RTA) furniture is a popular emerging trend in the market. Such innovations are beneficial and have a high-value proposition and are highly expensive. This propels the demand for contract furniture and furnishing as they are more affordable, thereby discouraging investments in new furniture.
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In this report, Technavio highlights the introduction of smart furniture in offices as one of the key emerging trends in the contract furniture and furnishing market in Europe:
Introduction of smart furniture in offices
End-users of the contract furniture and furnishing market in Europe, such as hospitality, corporate offices, public bodies, retail stores, and others, are inclined toward adopting new technologies to meet their changing needs and preferences. The popularity of monitoring and controlling office furniture and devices with smart devices is increasing. Smart furniture offers the convenience of remote location operability through wireless technology. In order to operate and monitor the smart furniture as per requirement, consumers need to download the appropriate application on their smartphones.
“End-users are able to track the data of total active and inactive hours spent on the smart furniture, and they can also charge their smartphones using wireless charging facility offered by smart furniture products. With the use of smartphones, they can even tilt the furniture to the appropriate angle automatically. These features enhance comfort, convenience, and overall experience of end-users,” says a senior analyst at Technavio for research on furniture and home furnishing.
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Contract furniture and furnishing market in Europe – segmentation analysis
This market research report segments the contract furniture and furnishing market in Europe into the following end-users, including hospitality sector, retail stores, corporate and government offices and key regions, including Germany, France, the UK, and ROE.
The hospitality sector held the largest market share in 2017, accounting for nearly 27% of the market. The market share for this end-user is expected to increase by 2022. The fastest growing end-user is corporate and government offices, which will account for nearly 18% of the total market share by 2022.
Germany was the leading region for the contract furniture and furnishing market in Europe in 2017, accounting for a market share of nearly 26%. By 2022, the UK is expected to witness the highest growth rate.
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