Technavio has announced the key manufacturers in their recent furniture manufacturing market in Bulgaria report until 2020. In addition, the report discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by manufacturers and the market at large, as well as the key trends emerging in the market.
“Bulgaria has emerged as one of the major furniture exporting countries in the EU over the past few years. The availability of cheap skilled labor and low costs of end products in the country has made it an attractive destination for furniture manufacturers. The primary benefits of this growth are the huge revenue generated by this sector and its contribution in curbing unemployment in the country,” says Brijesh Kumar Choubey, one of the lead analysts at Technavio, specializing in research on retail goods and services.
“Although Bulgaria is a medium-sized furniture producing country in the EU, the quality of furniture and the wide range on offer have helped Bulgaria maintain its position in the global market. More than 50% of the furniture produced in the country is exported to countries such as Italy, Germany, France, Greece, UK, Czech Republic, Sweden, USA, and Spain. It ranks 48th among furniture exporting countries,” adds Brijesh.
Competitive vendor landscape
Currently, there are more than 2,000 small and big furniture manufacturers operating in Bulgaria. However, the furniture market in Bulgaria is facing a challenge in the form of limited foreign investments. Key manufacturers in the market include Kronospan Bulgaria, Lesoplast, and Darvoobrabotvane-VT, that together account for the major share of the furniture market in Bulgaria.
The market is characterized by the presence of diverse international and regional manufacturers. However, as international players have established their footprint in the market, regional manufacturers are finding it increasingly difficult to compete with them, especially on aspects such as quality, technology, and pricing. The competitive environment in this market will likely intensify further with an increase in product and service extensions, technological innovations, and M&A. International players are expected to grow inorganically by acquiring regional and local players.
Major manufacturers compete based on aspects such as pricing, availability, branding, and variety. However, price is a major deciding factor among players that specialize in specific products. The growth of players in the market also depends on market conditions, government support, and industry development. Limited access to capital and lack of R&D infrastructure are major barriers to the entry of new players. Intense competition, rapid advances in technology, and frequent changes in consumer preference constitute significant risks for market manufacturers.
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Some of the key manufacturers in the furniture manufacturing market in Bulgaria are:
| Company | Description | ||
| Avgusta Mebel | Producer of furniture | ||
| Bonana | Manufacturer of home furniture | ||
| Dabora | Manufacturer of furniture | ||
| Elma 13 | Manufacturer of chairs and tables | ||
| Evrika Furniture Factory | Manufacturer of furniture | ||
| Furniture Factory Meblex | Producer of furniture | ||
| Gadevski | Manufacturer of chairs and tables | ||
| Gold-Apolo | Producer of furniture and mattresses | ||
| Hegra D | Producer of mattresses | ||
| Interior 46 Design | Producer of furniture | ||
| Karabulev | Manufacturer of furniture | ||
| Kronos Mebel | Producer of furniture | ||
| Mebel Stil | Producer of upholstered furniture | ||
| Mebex | Manufacturer of furniture | ||
| Nicoletti | Manufacturer of furniture | ||
| Pantadesign Studio | Manufacturer of furniture | ||
| Retroujut – Aksaga | Manufacturer of furniture | ||
| Rikostyle | Producer of chairs and tables | ||
| Teoharovi | Producer of chairs and tables | ||
| Valiyan | Producer of custom-made furniture | ||
Source: Technavio |
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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