Ready-to-Assemble (RTA) furniture has become an alternative to ready-to use (RTU) furniture owing to low cost, design innovations and improved materials. RTA furniture is one of the rapidly growing segments of the furniture market across the globe. High cost of furniture is one the key factors for many corporate buyers and business owners, which is replaced by the affordable cost RTA furniture. Mostly consumer are attracted towards the easy assembly, easy home access, improved quality and wide range of designs that are available in today's RTA furniture.
The ready to assemble furniture market is segmented on the basis of product types such as residential based RTA furniture, office based ready-to-assemble furniture and Others (Shop, Hotels, etc). The residential RTA furniture accounts for more than 60% of the market share. However, office RTA furniture market is fastest growing segment within the RTA furniture market. Between 2012 and 2015, office RTA furniture market share increased from 30 percent to 38%.
Global RTA furniture market is valued more than USD 23.0 billion in 2016. Further, the market of RTA furniture is anticipated to expand at compound annual growth rate of 5.3% and expected to surpass USD 33 billion by the end of forecast period i.e. 2016-2024. Geographically, Western Europe is the largest market for RTA furniture. Western Europe dominates the global RTA furniture market with more than 25% share in total revenue with Germany as largest consumer for RTA furniture in the region. Asia-Pacific region is expected to be the fastest growing region for RTA furniture market owing to rising demand for RTA furniture backed by growing numbers of business and office spaces.
Low Cost of RTA Furniture: Major impelling factor
RTA furniture market is majorly driven by its low cost coupled with innovative designs. RTA furniture is more convenient to transport which results in reduced shipping cost and also eliminate the need for labors which make them more economical than ready-to-use or fully assembled furniture. Further, reduction in RTA furniture prices consequently will impel the growth of RTA furniture market. Additionally, unique and trendy designs at lower cost will induce the consumers to opt for RTA furniture over fully assembled furniture, which propels the growth of global RTA furniture market.
Global Ready to Assemble Furniture Market Outlook 2024 contains detailed overview of the global ready to assemble furniture market in terms of market segmentation by product, by material types, by distribution channel type. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global ready to assemble furniture market which includes profiling of companies such as IKEA, Bush Industries, Ashley, Godrej Interio, Dorel Industries, Sauder Woodworking, Alphason, Steinhoff International, Artiva USA , Cost plus World Market, Cymax etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global ready to assemble furniture market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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