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The Europe - Ready to Assemble (RTA) Furniture Market size is forecast to increase by USD 3.57 billion, at a CAGR of 3.18% between 2023 and 2028. The market growth analysis depends on several factors, including the reduction in average urban living space in Europe, the growth of the hospitality industry in Europe, and the rising importance of interior decoration.
The report includes a comprehensive outlook on Ready to Assemble Furniture Market in Europe, offering forecasts for the industry segmented by Product, which comprises home RTA furniture, and office RTA furniture. Additionally, it categorizes Distribution Channel into offline, and online. The market growth and forecasting report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growth of the hospitality industry in Europe is the key factor driving RTA Furniture Market in Europe growth. Europe continues to be the largest shareholder in the hotel and hospitality management sector across the globe. Europe consists of some of the world's most visited countries, such as France, Spain, Italy, the UK, Greece, and Germany. Such factors have led several hotels to expand their businesses in the region, which further drives the growth of the Europe - ready to assemble furniture market.
For instance, in June 2022, Radisson Hotel Group in the UK announced its plan to open a midscale lifestyle prizeotel brand in top UK cities such as London and Edinburgh and strategic destinations in the UK, as well as expand its existing portfolio across Europe. Also, in November 2021, Bvlgari Hotels and Resorts was inaugurated in Paris at 30 Avenue George V. Thus, the growth of the hospitality industry will increase the demand for RTA furniture, which will drive ready to assemble (RTA) furniture market in Europe growth during the forecast period.
Growing customized RTA furniture for personal interiors is the primary trend shaping market growth. 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 increasing sales. Companies use consumer interaction platforms to get feedback from customers regularly. 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, Inter IKEA Holding BV (IKEA) offers an assembly service, which helps customers get a chance to personalize the fittings. Through this service, the customers can suggest additional modifications to the design of the furniture they select. Align with market trends and analysis, with extra attention to home decor, the ready to assemble (RTA) furniture market in Europe players are expected to achieve a competitive edge through customization. Thus, such factors will drive the growth of the market during the forecast period.
Shortage of high-quality raw materials related to RTA furniture is a challenge that affects market growth. Wood is the most commonly used raw material in the ready to assemble (RTA) furniture market in Europe, with 40%-50% of furniture made of timber. The furniture industry is witnessing a shortage in the supply of timber with the growing demand. In addition, various non-governmental organizations and other environmental groups are running campaigns against excessive deforestation, hindering the supply of timber. This will lead to higher raw material acquisition costs for Europe - ready to assemble furniture market players, adding to their costs.
Additionally, voluntary measures have been introduced globally to tackle the illegal harvesting of timber. For example, the EU Timber Regulation (EUTR) in the furniture industry lays out obligations for traders and operators that sell timber and timber products in the European market. Manufacturers find it challenging to conform to these strict regulations imposed on sourcing raw materials. Thus, such factors may impede market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The home RTA furniture segment is estimated to witness significant growth during the forecast period. Home RTA furniture includes living room furniture, bedroom furniture, kitchen furniture, dining room furniture, kids room furniture, and garden furniture. This is a major segment of the Europe - ready to assemble furniture market, with living room furniture and bedroom furniture as the dominating sub-segments.
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The home RTA furniture segment was the largest segment and was valued at USD 13.37 billion in 2018. Growing demand for modular kitchens and trendy bathrooms is contributing significantly to the segment. Consumers are increasingly investing in premium kitchen and bathroom furniture. Furniture for gardens and dining rooms is expected to play a vital role in the growth of the market. Further, due to high purchasing power, demand for premium and personalized RTA furniture made from high-quality raw materials is increasing. This is estimated to be one of the key drivers for the market. Thus, such factors will drive the growth of the home RTA furniture segment of the ready to assemble furniture market in Europe during the forecast period.
The market report forecasts market growth by revenue and provides an analysis of the latest market growth and trends opportunities from 2018 to 2028.
Europe Ready to Assemble (RTA) Furniture Market Scope |
|
Report Coverage |
Details |
Page number |
145 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.18% |
Market Growth 2024-2028 |
USD 3.57 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.44 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alsapan, Ashley Global Retail LLC, BoConcept, Decorative Panels Holdings Ltd., Dorel Industries Inc., FABRYKI MEBLI FORTE SA, Flexa4Dreams AS, Fritz Hansen, Friul Intagli Industries Spa, GAUTIER GROUP, Inter IKEA Holding BV, Meubles Demeyere SA, MillerKnoll Inc., POLIPOL GROUP, ROSET SAS, Saviola Holding srl, Steelcase Inc., String Furniture AB, Tojo Mobel GmbH, and Tvilum AS |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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