Swedish furniture retailer Ikea plans to double its market share in Germany over the next eight to 10 years, according to a report in German newspaper Handelsblatt that was cited in the International Business Times.

Handelsblatt quoted Peter Betzel, head of Ikea Germany, as saying that Ikea's new stores and growing online sales in the country will help the company reach its goal.

"We have a market share of 13% in Germany," Betzel said. "Twenty-five percent is realistic."

Betzel, the managing director of Ikea Germany since 2011, said he sees the potential for 20 to 25 additional Ikea stores in Germany. Currently, there are 46.

Germany is one of Europe's largest furniture markets with annual sales of 31 billion euros. In fiscal year 2012-2013, Ikea generated sales of four billion euros in Germany, with 92 million coming from the Internet.

Ikea said that within one to two years, it plans to expand its online offering to include the complete range of products that is available in stores. The online store will have approximately 7,000 products by that time, more than twice what it has at present.

At the end of 2013, Ikea operated 345 stores in 42 countries. For the fiscal year ended in August, the company generated 29.2 billion euros in revenues.