LONDON--(BUSINESS WIRE)--Technavio’s latest report on the ready to assemble (RTA) furniture market in Europe provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
RTA furniture is very popular in Europe because Europeans save money by investing in such products. The global RTA furniture market is expected to witness a steady growth during the forecast period. This is due to the increasing population base, which creates space crunch and increases the volume sales of RTA furniture. The rising trend of work-from-home is leading to high demand for home office furniture in the form of space-saving modular units and prefabricated structures.
Narendra Nandaigari, a lead analyst from Technavio, specializing in research on retail goods and services sector, says, “The popularity of trendy and innovatively designed RTA furniture in Europe is witnessing a significant growth rate. This is one of the key factors driving the growth of the market. Moreover, factors like increasing population, reducing living space, and migration are also likely to boost the market growth to a considerable extent during the forecast period.”
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The top three emerging trends driving the RTA furniture market in Europe according to Technavio research analysts are:
- Surge in innovative product designs
- Growing trend of customized RTA furniture for personal interiors
- Improving economic scenario in Europe
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Surge in innovative product designs
With shifting consumer needs to more innovative and trendy product designs, RTA furniture manufacturers are also coming up with new and trendy designs to cater to different customer needs. With advances in technology, these competitors are enabled to produce multifunctional and durable products, which also help them to maintain their competitive edge.
“The market has also witnessed an evolution in the use of raw materials in the manufacturing processes of RTA furniture. For example, IKEA is one of the competitors that designs around 30% more lightweight RTA furniture than its previous models. This lightweight furniture is economical in nature and requires less raw materials to design, which also helps in reducing adverse environmental impact,” according to Narendra.
Growing trend of customized RTA furniture for personal interiors
The growing trend of customization has led the key competitors to manufacture custom designed RTA furniture. This has enabled them to attract more customers, thereby resulting in an increase in sales. The companies use consumer interaction platforms to get feedback from customers on a regular basis.
The key competitors provide customers with different colors, shades, shapes, and themes that enable them to select from a plethora of design options. For example, IKEA offers an assembly service, which helps customers to get a chance to personalize the fittings.
Improving economic scenario in Europe
The economic recovery in Europe has increased the income levels of the people in the region. This has led to a rise in the sales of RTM furniture for residential use. An increase in construction activities was witnessed in Europe during 2010 to 2015. A further increase in the same is expected during the forecast period.
Improving economic scenario has led to increased emphasis on designer home décor products like high-end designer RTA furniture. This is encouraging key competitors to design luxury RTA furniture to target upper-class households because of their preference for high-end furnishings.
The key vendors are as follows:
- Dorel Industries
- Inter IKEA Systems
- Tvilum
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