03 June 2019, The global RTA
(ready-to-assemble) furniture market is expected to display higher growth rate over the forecast
period. Rapid surge in the market growth is credited to the growth in
residential housing sector. Rise in number of online distribution channels and
increasing product penetration are expected to drive the growth of the market
over the forecast period. Increasing demand for RTA furniture, particularly in
Asia-Pacific region is credited to the massive boom in commercial as well as
residential housing sector and ever-growing population.
Globally,
market is predicted to generate massive revenue in the upcoming years,
providing numerous opportunities for industry participants to invest in
research and development of RTA (ready-to-assemble) furniture.
Factors
responsible for sustained growth of ready-to-assemble furniture market include
rising per capita income, growing awareness level regarding online retail
platforms and declining cost of raw materials. Increasing adoption of RTA
(ready-to-assemble) furniture from commercial sector to enhance workplace
comfort for employees, thus improving organizational productivity, is expected
to fuel industry growth over the coming years. RTA (ready-to-assemble) furniture
is considered as a key aspect for home automation, thereby generating several
growth opportunities for industry players.
However, lack
of awareness among general population, particularly in developing and
underdeveloped economies is expected to limit market growth to a certain
extent. Additionally, higher initial cost and relatively new concepts of RTA
(ready-to-assemble) furniture are the key challenges for smart furniture
market, thus delaying its effective adoption. Complexity associated with design
of RTA (ready-to-assemble) furniture in comparison with traditional furniture,
is further slowing the market progress.
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| RTA (Ready-to-assemble) Furniture Market |
The RTA
(ready-to-assemble) furniture market is broadly categorized into three major
segments based on the product type such as residential RTA (ready-to-assemble)
furniture, office RTA (ready-to-assemble) furniture and commercial (Shop,
Hotels, and etc.) furniture. Residential RTA (ready-to-assemble) furniture
segment is growing rapidly in the RTA (ready-to-assemble) furniture with substantial
revenue generation in the last few years. Growing popularity of residential RTA
(ready-to-assemble) furniture segment is attributed to the booming residential
housing sector and rising per capita income.
The market is
divided by region as North America, Europe, Asia-Pacific, Latin America and
Africa. North America has shown major growth in recent years owing to the rise
in implementation of latest technologies in housing sector, surge in number of
research & development activities and existence of well-established
infrastructure in the region. In European region, Germany, France, and United
Kingdom are projected to witness steady growth due the growing housing market
and increasing per capita income.
Asia-Pacific
region is estimated to hold a major share in the RTA (ready-to-assemble)
furniture market with massive growth in forecast period. Countries such as
India, China and Singapore are leading Asia-Pacific market with increasing
infrastructural activities, booming online retail sector, rising disposable
income and significant investments by leading industry players considering
potential growth opportunities in the region.
The key
players in the RTA (ready-to-assemble) furniture market are INGKA Holding,
Pioneer Corp., Bush Industries, Inc., Ashley Furniture Industries, Inc., Godrej
Interio, Inc., Dorel Industries, Inc., Sauder Woodworking Co., Alphason Ltd.,
Steinhoff International Holdings N.V., Artiva USA LLC, and Cost plus World
Market Group.
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