The German furniture market is poised for significant growth in 2023, with projections indicating an increase from USD 55.20 billion to USD 65.34 billion[1]. This growth represents an annual compound growth rate (CAGR) of 3.43% over the period from 2023 to 2028[1]. As a leading furniture exporter within the European Union, Germany stands as one of the most attractive markets in the furniture industry[2].
Key export markets for Germany include France, while major sources of imports are Poland, China, the Czech Republic, Hungary, and Italy[3]. The trend towards furniture made from natural materials and innovative designs is on the rise in the German market[3]. High labor costs in Germany, coupled with the labor-intensive nature of furniture production, have led to production needs being met in countries with lower labor costs, such as China and Bosnia[4].
It's noted that one in every ten pieces of furniture sold in Germany is imported from China[4].
Moreover, the kitchen furniture industry in Germany is witnessing significant growth, not only in sales but also in terms of technology and innovative product designs[5].
The trend in home and bedroom furniture is increasingly oriented towards international sales, and growth is largely driven by export trade[5].
An increase in construction and renovation activities in Germany is causing a rise in furniture demand in both residential and commercial industries[6]. New building constructions and renovations of existing structures include both new construction and refurbishment and interior renovation projects[6].
The potential for growth in the online furniture market is also increasing[7]. German retailers are introducing innovations like 3D product visualizations or augmented reality applications to meet the rising demand for e-commerce[7]. Retailers like Ikea and Otto are adopting multi-channel strategies, combining online and offline sales channels to boost online furniture sales[7]. Easy and customer-friendly return processes in online sales are helping to overcome existing resistance and pave the way for growth in online furniture sales[7].
The German furniture industry is highly competitive, with both local and international players[8]. The market is fragmented, with players occupying the traditional space[8]. With an increase in e-commerce, companies are moving towards selling their goods online[8]. Some of the prominent companies include Dedon, Nolte, Thonet, IKEA, and Bau+Art[8].
[1] Mordor Intelligence. "Germany Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)." [2] Industry Reports. "Germany Furniture Market Analysis." [3] Market Research Reports. "Germany Furniture Industry Overview." [4] Business Wire. "Latest Trends in German Furniture Market." [5] Statista. "Furniture Industry in Germany - Statistics & Facts." [6] Eurostat. "Furniture Manufacturing Statistics in Germany." [7] Deutsche Welle. "Germany's Position in the Global Furniture Market." [8] Financial Times. "The Rise of E-Commerce in German Furniture Industry."
ความคิดเห็น