Global furniture market expected to reach more than USD 450 billion by 2024.
Global Ready-to-Assemble Furniture Market Outlook
Market Overview
Furniture market expected to reach more than USD 450 billion by 2024. More than 40% production of furniture comes from high income countries such as Germany, United States, Italy, France and the UK.
All high income countries accounted for more than USD 200 billion in 2015 of the world total furniture production. Moreover, more than 55% of world furniture production comes from middle and low income countries, which is significantly growing on the back of rapid industrialization, improved logistics and infrastructure.
Ready-to-assemble RTA are also known as knock-down KD or do-it-yourself DIY furniture. Over the past few years RTA furniture evolved in terms of technology, quality and features.
RTA furniture gained its popularity in furniture market for its low cost and high functionality as compared to ready-to-use RTU furniture. Large furniture manufacturers such as IKEA also expanded their design portfolio on RTA and are making available across the globe for consumers.
Some other factors such as easy transportation of RTA furniture and easy home access are driving the growth of RTA furniture market. However, fragile nature of RTA furniture, as they are usually made of medium-density fiberboard MDF and dismantling of product will reduce its durability significantly, expected to hamper the growth of the market.
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Market Segmentation
By Product Type
- Residential Ready-to-Assemble Furniture
• Office Ready-to-Assemble Furniture
• Others Shop, Hotels, etc
By Material Type
- Wood
• Plastic
• Metal
• Others Glass, leather, etc
By Distribution channel:
- Online
• Offline wholesaler, retailers, etc
By Geography
- North America US, Canada {Market Share % , Market Size USD Billion , Adoption Rate % }
• Europe UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe {Market Share % , Market Size USD Billion , Adoption Rate % }
• Middle East and Africa GCC Countries, North Africa, South Africa and Rest of Middle East & Africa {Market Share % , Market Size USD Billion , Adoption Rate % }
• Latin America Brazil, Mexico and Rest of Latin America {Market Share % , Market Size USD Billion , Adoption Rate % }
• Asia Pacific China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific {Market Share % , Market Size USD Billion , Adoption Rate % }
• Rest of the World {Market Share % , Market Size USD billion , Adoption Rate % }
Growth Drivers and Restraints
Growing presence of major furniture market players to tap the unorganized market is one of the major factors driving the growth of global RTA furniture market. Prominent vendors of RTA furniture are focusing on innovation to counter tough competition from ready-to-use RTU furniture market.
Growing trend can be seen in RTA furniture market towards combining the furniture method and style of east and the west, to accommodate the changing preference of consumers. For instance, Greycork named startup providing the amalgam of Japanese and American style RTA furniture.
Enhanced customization is another latest trend that allows the customers to customize their RTA furniture according to their preference. Vendors like IKEA and superfront are providing customization options for RTA furniture, which allows the customer to add preferred changes to their furniture.
Players are taking advantage of opportunity on the potential of modification options and thus impel growth in sales. The office or corporate segment is the money-spinner for the RTA furniture manufacturers with more than 60% business coming from this segment.
New product launches and aggressive retail strategies to push sales in residential market will help the vendors to penetrate further in residential segment. Godrej Interio, the furniture arm of Godrej & Boyce Mfg Co Ltd., plans to increase their sales by opening 176 exclusive retail shops by 2018 and by adopting the franchise model to grow its store footprint to directly reach consumers.
However, less integration of technology in furniture industry and ability to attract younger workforce expected to hinder the growth of global furniture market. Competition on global scale, higher cost of labors and varying channels of distribution are the major challenges for the furniture manufacturers.
Key Findings
IKEA, a Swedish based furniture manufacturing company, recently made an investment of more than USD 300 million in India. IKEA India has planned to open 25 exclusive stores, with two to three stores opening per year
Moooi, a Dutch based furniture company providing luxury range of RTA furniture to cater the demand and need of wealthy class who generally prefer ready-to use and antique furniture
Market Size and Forecast
Global furniture market reached USD 450 billion in 2016. Global ready-to-assemble furniture market shares more than 5.3% in global furniture market.
Global ready-to-use furniture market accounted for USD 23.85 billion in 2016 and expected to expand at compound annual growth rate of 4.1% over the forecast period owing to rising demands of RTA office furniture in emerging economies. Further the global RTA furniture market is expected to showcase significant growth to surpass USD 33 billion by 2024.
Geographically, Western Europe dominates the global furniture market with more than more than 25% global furniture production and over 25% of entire furniture consumption. Production of RTA furniture in Europe has increased by 3.9% between 2011 and 2016.
Germany is the largest producer of RTA furniture in Europe with more than 12% share in Europe furniture market closely followed by France.
The North America furniture market was accounted worth USD 98.4 billion in 2015 and it is anticipated grow at compound annual growth rate of 3.1% by 2024. In which RTA furniture shares more than 12% shares in North America.
The annual increase home sales improved in December 2015, to 5.6 million units, which represents 7% annual increase, which expected to boost the growth of RTA furniture in United States significantly.
Report: https://www.planetmarketreports.com/report-sample/global-readytoassemble-furniture-market-47
Key Players
- IKEA
• Synopsis
• Business strategy
• Product Portfolio
• SWOT Analysis
• Pioneer Corporation
• Bush Industries
• Ashley
• Godrej Interio
• Dorel Industries
• Sauder Woodworking
• Alphason
• Steinhoff International
• Artiva USA
• Cost plus World Market
• Cymax
• DMI Furniture
• Euro Style
• Home Reserve
• Tvilum
Market Synopsis
Market Segmentation
The global ready to assemble furniture market is segmented as follows:
- By Product Type Market Size, Demand Analysis and Growth Analysis
• By Material Type Market Size, Demand Analysis and Growth Analysis
• By Distribution Channels Type Market Size, Demand Analysis and Growth Analysis
Global Ready to Assemble Furniture Market Report covered insights of below mentioned regions:
- North America U.S., Canada {Market Size, Growth Analysis and Opportunity Analysis}
• Latin America Argentina, Mexico, Brazil and Rest of Latin America {Market Size, Growth Analysis and Opportunity Analysis}
• Europe Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe {Market Size, Growth Analysis and Opportunity Analysis}
• Asia-Pacific China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia Pacific {Market Size, Growth Analysis and Opportunity Analysis}
• Middle East and North Africa MENA {Market Size, Growth Analysis and Opportunity Analysis}
• Rest of World {Market Size, Growth Analysis and Opportunity Analysis}
Market Dynamics: Growth Drivers, Restraints and Opportunities
- Risk Factors
• Regional Variations
• Recent Trends and Developments
Key Market Players
- Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis
Market Landscape: Competition and Beyond
Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem
Expert Analysis
Concluding Remarks
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