This report titled ‘Global Ready to Assemble Furniture Market 2015-2019‘, provides an in-depth analysis in terms of revenue and emerging trends. This market study also presents up to date analysis and forecasts for segments of the ready to assemble furniture market in Europe, including home furniture and office furniture.
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“Vendors are developing multifunctional ready to assemble furniture units with better-quality raw materials to leverage changing consumer preferences. The market is increasingly witnessing diversification of product lines as a key strategy for market growth, especially within the home furniture segment. It comprises of home entertainment furniture, bedroom furniture, storage units, tables, and upholstered furniture,” said Brijesh Kumar Choubey, one of Technavio’s lead industry analysts for furniture and home furnishings.
“The use of technology for enhancing shopping experiences is a key trend among vendors looking to mass customize their offerings. For instance, IKEA has launched an integrated augmented reality feature through an app which consumers can use to animate furniture styles from its printed catalogues and see a virtual image of the furniture against the background of their rooms. Following this trend, many players are anticipated to innovate with similar offerings and base their marketing communication on customization to spur sales over the next four years,” added Brijesh.
Some of the other driving forces behind the growth of the global ready to assemble furniture market are as follows:
- Recovery in real estate
- Ease of convenience and applicability
- Growing demand for home office furniture
Recovery in real estate
The real estate market in Europe is recovering slowly and Europe is witnessing a rise in employment, wage increments, and an increase in corporate profits, which is renewing consumer confidence. Thanks to this development, residential investments across Europe are witnessing significant growth.
As conditions improve, consumers are moving to new households and switching from rental accommodations to self-owned homes. Low interest rates on mortgages and easier credit access are further stimulating the growth of the housing market in the region. In June 2015, the European Central Bank (ECB) slashed its deposit rates, helping the market gain further momentum to grow.
Ease of convenience and applicability
Over the years, the demand for ready to assemble furniture had soared in the European region, particularly due to its ease of convenience. With several manufacturers launching new products in this category, RTA furniture has become a global trend and finds high demanded from consumers. RTA furniture is designed for more convenience and artistic purpose and is a good option for small apartments and rented houses. Popular with do it yourself (DIY) customers, instruction manuals and simple tools enclosed with the RTA furniture help in the easy assembly of furniture, which further attracts buyers. RTA furniture is also easy to dismantle, and compressed into flat packages to be moved around.
Growing demand for home office furniture
Setting up home offices has become incredibly easy thanks to the ease and availability of gadgets and software that allows virtual meetings. With a growing number of people working from home, the demand for home office furniture in the form of space-saving modular units and prefabricated structures is increasing.
Vendors are developing different products that satisfy specific needs of home office owners with designs that are ergonomic, eco-friendly, and mobile. They are also trying to use alternative materials and engineering solutions to make lightweight furniture. Europe is the largest manufacturing region for home office furniture with vendors such as IKEA and Masco, and these leading players will likely increase their focus on this lucrative segment during the forecast period.
Fully assembled furniture is more expensive due to its high production cost owing to high raw material, assembly, and labor costs. As it is bulkier, fully assembled furniture also involves high shipping charges, which are passed on to the customer. However, ready to assemble furniture eliminates these excessive costs, making it much more economical and convenient for customers. Technavio researchers anticipate increased competition from both online and offline retailers to further reduce the price of ready to assemble furniture units and fuel its demand until 2020.
Browse related reports:
- RTA (Ready to Assemble) Furniture Market US 2015-2019
- Global Home Office Furniture Market 2015-2019
- Office Furniture Market in the US 2015-2019
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