Ikea is looking to expand its online sales.Reuters

Furniture retailer Ikea plans to double its market share in Germany in the next eight to 10 years, according to a media report.

German newspaper Handelsblatt citing Peter Betzel, head of Ikea Germany, reported that Ikea's new stores and growing online sales in the country would help it reach the ambitious target.

"We have a market share of 13 percent in Germany. Twenty-five percent is realistic," Betzel who has been the managing director of Ikea Germany since September 2011 told the daily.

Germany's furniture market is one of the biggest in Europe at about €31bn.

Betzel added that he sees potential for 20 to 25 more Ikea stores in Germany, in addition to 46 existing ones, as well as growing its online business in the region.

In fiscal year 2012/2013, Ikea generated sales of €4bn in Germany, of which only €92m came from the internet.

Ikea is looking to expand its online offering to include the complete range of products that customers see in physical stores, within one or two years.

The online store will have about 7,000 products by that time, more than twice it has at present.

Ikea is a Swedish company registered in the Netherlands that designs and sells ready-to-assemble furniture, appliances, and home accessories. It is the world's biggest furniture retailer at present.

The company operated 345 stores in 42 countries at the end of 2013. For the fiscal year ended in August, it generated €29.2bn in revenues. Its websites had about 1.22 billion views during the year.