Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global ready to assemble furniture market likely to drive due to the high customer friendly and easy to transport, compact in nature, easy to locate and transport along with the low cost of RTA furniture
Global ready to assemble furniture market size projected to grow at a CAGR of over 5.12 % during 2020-2027. The primary factors are the rise in demand for customization needs of ready to assemble furniture products as per the availability of space in the home setting. Additionally, the growing use of new and innovative raw materials results in lightweight furniture that is economical, requires less raw materials to design, and convenient to transport, which will trigger the growth of the market. Moreover, the increasing consumer's preference for ready to assemble furniture for their homes attributable to improved quality and increased options and styles propelling the growth of the ready to assemble furniture market across the globe. Also, the surge in demand for RTA on account of its convenience in packing and less occupancy in small living households is expected to foster the global market growth.
The growing development of the addition of integrated wireless charging facilities with bedside tables in modified RTA collection will be key factors to drive the global ready to assemble furniture industry in the forecast span. The recent development in RTA cuts down the involvement of nuts and bolts when assembling the furniture, and the product initially contains a storage unit, shelf, and a chest of drawers, which will demand ready to assemble furniture in the upcoming periods.
Material Overview in the Global Ready to Assemble Furniture Market
Based on material, the global Ready to assemble furniture market classified into wood, glass, plastic, steel, and metal. The wood segment likely to lead the market by 2027, on account of rising demand for wood RTA in bedroom, living room, and kitchen and dining space, which are produced with various materials such as engineered wood, Sheesham wood, and solid wood.
The Steel segment will grow with a lucrative CAGR during the forecast period due to the surge in demand for steel furniture frames.
Application Overview in the Global Ready to Assemble Furniture market
Based on the application, the global Ready to assemble furniture market segregated into residential and commercial. The residential segment witnessed the largest market share in 2019 and will dominate the global Ready to assemble the furniture market by 2027. It is owing to less costly, ease of transport of such furniture to customer's home, and innovation in RTA products inclined towards antique and ready-to-use furniture products.
The commercial segment will grow with a significant CAGR during the forecast period due to the rise in the number of startups and growth in industrialization across developing countries that demand laptop utility desk made of glass and aluminum and office décor.
Distribution Channel Overview in the Global Ready to Assemble Furniture Market
Based on distribution, the global Ready to assemble furniture market classified into online and offline (large format stores, exclusive stores, and small retail shops). The online segment will be the fastest-growing segment in the forecast span owing to the ease of shipment, and the transportation of RTA products through the online channel has developed greater access to consumers.
Regional Overview in the Global Ready to Assemble Furniture Market
By geography, the global Ready to assemble furniture market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Europe held a higher market share in 2019 and will continue its dominance by 2027. It is attributable to the presence of established players and growing preference for the new materials, surfaces, and devices related to kitchen segment furniture.
Global Ready to Assemble Furniture Market: Competitive Landscape
Companies such as Inter IKEA Holding, Sauder Woodworking Company, Dorel Industries Inc., Ashley Home Stores, Ltd., Steinhoff International, Alphason Designs, Godrej Interio, DMI Furniture, Inc, Tvilum A/S, Simplicity Sofas, Sauder Woodworking Company, Fabritec (EUROSTYLE), Bush Industries, Inc. and Home Reserve LLC., are the key players in the global ready to assemble furniture market.