The ready to assemble (RTA) furniture market in Europe is expected to grow by USD 5.81 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Ready to Assemble (RTA) Furniture Market in Europe 2020-2024 (Graphic: Business Wire)
Due to their hectic work schedules and lifestyles, customers today are increasingly prioritizing convenience while shopping. Subsequently, many key vendors have launched online stores that offer cost-effective pick-up and delivery services. This not only enables customers to purchase products such as RTA furniture without incurring extra costs, but also offers doorstep delivery. These benefits have resulted in the rise of online purchases of RTA furniture. In 2019, IKEA alone had witnessed an increase of over 43% in its online revenues in comparison to 2018. It has become a major competitor to popular online retailers like Amazon.com, home24, Britain's Argos, and France's Conforama. Hence, the advent of e-commerce and the increase in the number of online furniture stores is expected to drive the growth of the RTA furniture market in Europe.
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As per Technavio, the increased preference for multi-functional furniture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Ready To Assemble (RTA) Furniture Market In Europe: Increased Preference for Multi-functional Furniture
Rental prices of commercial spaces in the European Union grew by 5.1% from 2017 to 2018. Such rise in real estate prices and high costs of leases have forced businesses to opt for smaller office spaces. This, in turn, has boosted the demand for multi-functional office RTA furniture. For instance, in Information Technology Enabled Services (ITES) companies, furniture are designed to accommodate computers, laptops, switches, and cables. Rapidly evolving consumer demands have also driven vendors to offer options for customization. These products are standardized and sold through online and offline channels. The demand for such RTA furniture is expected to rise significantly during the forecast period, owing to the increasing number of start-ups across Europe.
"Factors such as the growing trend of customized RTA furniture for personal interiors, and the surge in innovative product designs will have a significant impact on the growth of the RTA market value in Europe during the forecast period," says a senior analyst at Technavio.
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Ready To Assemble (RTA) Furniture Market In Europe: Segmentation Analysis
This market research report segments the ready to assemble (RTA) furniture market in Europe by product (home RTA furniture and office RTA furniture), distribution channel (offline and online), and geography (Germany, France, Sweden, and the UK).
Germany led the ready to assemble (RTA) furniture market share in Europe in 2019, followed by France, Sweden, and the UK respectively. However, during the forecast period, the Rest of Europe is expected to register the highest incremental growth due to factors such as the growing popularity of home offices, improved supply chain management, and the emergence of innovative product offerings. Key leading countries in this region are Denmark, the Netherlands, Russia, Italy, Luxembourg, Switzerland, Spain, Ukraine, Poland, Austria, and Belgium.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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