17 May 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.
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Leading players of RTA (Ready-to-assemble) Furniture including:
Homestar North America
Flexsteel (Home Styles)
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.
Market split by Type, can be divided into:
Office RTA Furniture
Residential RTA 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.
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Market split by Application, can be divided into:
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.
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