Italy Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Italy Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Italy furniture market is estimated at USD 15.5 billion in the current year and is poised to register a CAGR of greater than 2% during the forecast period. The Italian furniture industry plays an important part in the Italian economy. Italy is one of the leading exporters of furniture in the world and the fourth largest furniture manufacturer in the world. Among the key factors influencing the popularity of Italian furniture is the fact that the Italian furniture industry is at the forefront in terms of designing production and product aesthetics, and Italian architecture has a strong role to play as a global trendsetter.

The COVID-19 pandemic has had an impact on every aspect of human life, including the economy. From hospitality to retail to automotive to aviation, industries are being hit hard by forced closures and decreased consumption. The Italian furniture market has not been left behind. In addition to the market and logistical challenges posed by the COVID pandemic, EU furniture manufacturers have suffered in higher-end export markets in Asia, the CIS, and the Middle East as a result of a variety of factors such as Chinese product diversion away from the US to other markets, a sharp drop in global equity markets near the end of 2020, extreme weakness of the Russian rouble, and low oil prices. However, as time goes by, the pandemic starts to renormalize turning into a new normal, and the Italy furniture market is slowly growing again.

The Italian furniture tradition occupies a special place in the overall history of furniture, with Italy being the birthplace of the classical Renaissance and Italian Renaissance furniture. The production of furniture products in Italy is increasing steadily with the living room/dining room furniture market. Some of the major export countries for Italian furniture include France, Germany, the United States, and Canada.

Italy is the 13th largest market for E-commerce, and the market witnessed a growth of nearly 15% in 2019 with the Italian eCommerce market contributing to the worldwide growth rate of 13% in 2019. The role of the internet became more and more important, giving the consumer the opportunity to buy at lower prices and have a wider range of options to choose from. Furniture is slowly becoming a leading sector of Italian e-commerce. The value of e-commerce for furniture and appliances accounted for nearly USD 2.1 Billion in 2019 and is expected to grow further in the upcoming years. Some of the leading e-commerce home furniture websites in Italy include Ikea.com, manomano.it, leroymerlin.it, and mondoconv.it.

Some of the best opportunities for the Italian furniture industry come from exports, which currently account for nearly 58% of the total production. The top two markets for Italian exports are France and Germany. Some of the other prominent export regions of Italian furniture products include the Asia-Pacific region, which is currently witnessing an increased demand for furniture consumption, followed by the United States, Italy, and Canada.

Furniture exports in Italy increased from nearly 8300 million euros in 2014 to 15600 million euros in 2021, showing a steady growth rate. The increase in exports of Italian furniture products is expected to increase further in the forecast period.

The Italian furniture industry is characterized by a strong fragmentation and concentration of production units in certain territorial areas. Some of the major players in the country include Natuzzi, Molteni, Scavolini, Lube, and Poltrona Frau. The domestic players are witnessing increased competition from international players and are moving toward innovation in products through mergers and acquisitions and new product launches.

• The market estimate (ME) sheet in Excel format
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