LONDON--(BUSINESS WIRE)--The contract furniture and furnishing market in Europe is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the growing demand for modern furniture in educational institutions. The changing education patterns and methods of teaching are leading to a modification in the infrastructure of educational institutions. In addition, the growing economy and increased focus on aesthetics have fueled the demand for modern furniture in schools across Europe. This demand for modern furniture is expected to grow rapidly due to the growing number of international schools with aesthetically-appealing learning centers. The focus on aesthetics boosts the demand for modern educational furniture in Europe. Accessories in the furniture industry, including wall plates and other modern accessories, are customized in terms of color, theme, texture, and design. As modern furniture is characterized by innovative designs and technologically advanced production practices, it is sold at high costs, which will boost market growth over the forecast period.
As per Technavio, the increased introduction of smart furniture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This contract furniture and furnishing market in Europe 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Contract Furniture and Furnishing Market in Europe: Increased Introduction of Smart Furniture
With evolving technology, commercial spaces such as hospitals, corporate offices, public bodies, and retail stores are inclined towards adapting novel technologies. This in turn necessitates upgradation of furniture and furnishing to cater to the latest technology. The concept of monitoring and controlling furniture and furnishing products with smart devices is gaining popularity among end-users. Smart furniture offers the convenience of remote location operability through wireless technology operated using applications on their smart devices. Therefore, the adoption of smart furniture is likely to increase among end-user industries during the forecast period, which will drive the demand for contract furniture and furnishings in Europe.
“Apart from the increased introduction of smart furniture, some other major aspects expected to boost market growth are increased preference for multi-functional furniture, increased preference for customized furniture, and growing number of office spaces,” says a senior analyst at Technavio.
Contract Furniture and Furnishing Market in Europe: Segmentation analysis
This market research report segments the contract furniture and furnishing market in Europe by end-user (hospitality and food services, offices and home offices, retail stores, institutions, and others) and geographical regions (Germany, France, UK, and rest of Europe).
Geographically, Germany led the market in 2018, followed by France, UK, and rest of Europe. However, and during the forecast period, the UK is expected to register the highest incremental growth due to the introduction of modern, advanced, customized, and eco-friendly furniture and furnishing products.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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