Europe High-End Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The European high-end furniture is one of the largest and growing segments in the furniture industry which is hit hard by the COVID-19 pandemic. The market has experienced a constant year-on-year growth rate during the review period (2017-2020) which was a sudden drop during 2020 due to the outbreak of the virus.

European high-end furniture especially the Italian, French manufacturers have a great reputation around the world owing to their high creative capacity for new designs combined with the standard of high-quality and responsiveness to new demands. The industry has also been able to combine several new technologies and innovations with its rich cultural heritage and style, which drove the segments to several international markets and provides jobs for highly skilled workers.

High-end furniture products made in Europe are gaining more significance year on year. The region is also a world leader in this high-end segment of the furniture market with nearly two out of three high-end furniture products sold in the world are produced in the European Union (EU). However, the growing competition and the competitive pricing offered by the different manufacturers is challenging the market to expand certain regions where the production costs are comparatively low. Owing to the growing China’s penetration into the EU region, the country is becoming the largest furniture exporter to the EU, and is accounting for over a half of total furniture imports to the region.

Key Market Trends

Growing Demand for Seating Products is Driving the Market Growth

Seating products include chairs, armchairs, sofas have been the segment of the high-end furniture products which are recording growing demand every year. As the living room is one of the important rooms of the home and the lobbies, reception areas in the hospitality and office end-user segments are more important areas in the respective places, customers and investors have been increasing their spending on the seating products as they bring more elegance to the surroundings. Similarly, as consumers are replacing their furniture more frequently than in the past, demand for high-end furniture is also on the growth track with their increasing standards of living and the steady increase in disposable income across the region.

Commercial End-User Segment is Anticipated to Pace in the Forecast Period

High-end furniture has been helping the leading commercial firms in bringing more aesthetics to the surroundings coupled with offering more comfort to the customers, owing to which they have been largely preferred by the investors in the segment even though they cost more than usual. The expanding travel and tourism industry has been helping the commercial end-user segment to record more transactions during the review period. The trend was anticipated to be dominant in the forecast period before the pandemic hit the market. However, with the changing situations in the region, the hospitality industry is anticipated to get back on track and help the commercial end-user segment of the market in recording more transactions.

Competitive Landscape

The report on the Europe high-end furniture market covers major players operating in the high-end furniture market. The high-end furniture market in the region is largely driven by the manufacturer's ability to create new and innovative furniture products which bring more elegance to the interiors. The growing demand for high-end furniture across end-users segments is driving the manufacturers to create more unique furniture to attract customers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support