LONDON--(BUSINESS WIRE)--The contract furniture and furnishing market in Europe is expected to post a CAGR of almost 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The demand for modern furniture is especially high from international schools that maintain aesthetically appealing learning centers. Educational institutions are increasingly focusing on modifying their infrastructure with the installation of various patterns and wooden panels. They are also organizing rooms by color and incorporating modular furniture to make the learning environment more engaging. Moreover, educational institutions prefer to contract furniture and furnishing products rather than purchasing them, owing to their limited financial budgets. Therefore, the rising demand for modern furniture from educational institutions will drive market growth in Europe during the forecast period.
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As per Technavio, the increasing introduction of smart furniture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This 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: Increasing introduction of smart furniture
Rising digitalization has had a significant positive influence on the furniture industry. Vendors have been offering smart furniture that can be remotely monitored and controlled through smart devices. Smart furniture that can track calories and active and inactive hours is also available. Furthermore, other products offer wireless smartphone charging and automatic angle adjustments for enhanced comfort and convenience. Commercial spaces are increasingly adopting such furniture to provide employees with convenience and comfort to improve their productivity. This factor has boosted the sale of smart furniture. Thus, the increasing introduction of smart furniture has been identified as one of the critical contract furniture and furnishing market trends in Europe.
“Apart from the increasing introduction of smart furniture, the declining preference for buying new furniture and the rising number of office spaces are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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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 by end-user (hospitality and food services, offices and home offices, retail stores, institutions, and others) and geographical regions (Germany, France, the UK, Rest of Europe).
Germany led the market in 2018, followed by France, the UK, and Rest of Europe respectively. During the forecast period, Germany is expected to maintain its dominance over the global market. This is due to the growth of end-user industries, growing demand for customized furniture and furnishing products, and rising demand for furniture and furnishing products made from high-quality, eco-friendly materials.
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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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