USD 14.40 billion
RTA Furniture Market Size, Share, Growth Analysis, By Material(Wood, Glass, Steel, Others), By Application(Home, Office), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25F2056 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|Tables:
63
|Figures:
65
RTA Furniture Market Insights
Global RTA Furniture Market size was valued at USD 14.40 billion in 2022 and is poised to grow from USD 14.98 billion in 2023 to USD 20.50 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).
The demand for RTA furniture finds substantial impetus within the younger consumer demographic, notably millennials, driven by their preference for space-efficient solutions. Additionally, the burgeoning trend of relocating for employment or business objectives, particularly prevalent among the younger generation, has significantly influenced market expansion, attributing to the heightened requirement for household fixtures. Notably, statistics indicate that a significant 83% of millennials have made purchases within the diverse spectrum of RTA furniture offerings.
Furthermore, the market showcases an upward trajectory in favor of RTA storage cabinets and bookshelves, largely due to the surging demand for tailored customization catering to individual space constraints within home settings. An illustrative instance is the collaborative endeavor between Nitori Co., Ltd. and Välinge Innovation AB, culminating in the creation of a novel range of RTA products equipped with Three spine click furniture technology, such as the N-Click product. This innovation streamlines the assembly process by minimizing the requirement for nuts and bolts, opting for a click-based connection method. The initial product lineup includes storage units, shelves, and chest of drawers, adeptly addressing the mounting consumer clamor for such versatile solutions.
US RTA Furniture Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Home
Fastest Growth
Office
Growth Rate
4% CAGR
Global RTA Furniture Market ($ Bn)
Country Share for North America Region (%)
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RTA Furniture Market Segmental Analysis
The global RTA furniture market is segmented on the basis of materials, application, region. By materials the market is segmented into wood, glass, steel, and others. By application, the market is segmented into home, office. By Region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
RTA Furniture Market Analysis By Materials
Categorized by material, the RTA (Ready-to-assemble) Furniture market is partitioned into wood, glass, steel, and other materials. In the year 2022, the wood segment took the lead, capturing the predominant market share at approximately 55.0%. This substantial market dominance is accredited to the robust reliability, aesthetically pleasing characteristics, and extended durability associated with wooden constructions. These wooden furnishings encompass an array of materials including solid wood, Sheesham wood, and engineered wood. As an illustration, Decor Furniture and Mattress Showplace showcase diverse offerings tailored for dining spaces, bedrooms, and living areas.
Meanwhile, the steel segment is poised to exhibit the most noteworthy Compound Annual Growth Rate (CAGR) exceeding 6.5% across the projected timeframe, primarily due to the escalating preference for steel frames within furniture. Consumers predominantly favor steel-based RTA furniture due to its prolonged lifespan and impressive load-bearing capacity. Additionally, the proliferating use of steel in RTA furniture, encompassing storage units and shelves organizers characterized by robust and rigid support, is expected to significantly bolster the expansion of this segment in the forthcoming years.
RTA Furniture Market Analysis By Application
The home segment took precedence, commanding a majority market share exceeding 66.5%. The escalation in the cost of conventional furniture, attributed to its elaborate production and opulent appearance, has induced a shift towards RTA furniture. This genre of furniture necessitates lower production expenses, focusing solely on component manufacturing. Consequently, the costs linked to product assembly are minimized, thus projecting an increased consumer attraction towards these offerings. Additionally, the ease of transporting products directly to consumers' residences serves as an influential driver stimulating growth within this segment. The inherent flexibility and portability of this furniture contribute to space conservation, thereby anticipated to fuel market expansion within this category.
Conversely, the office segment anticipates the most rapid Compound Annual Growth Rate (CAGR) of 5.7% over the forecasted duration. The proliferation of startups across diverse countries like Vietnam, China, and India is fostering a willingness among business proprietors to invest in RTA furniture. Furthermore, the probability of office relocation stemming from business expansion, coupled with a strong inclination towards cost savings and minimal investments in office furniture, is predicted to galvanize product growth. For instance, home shopping malls Inc. fabricates a laptop desk crafted from aluminum and glass, boasting the capacity to lift a weight of up to 99 lbs.
Global RTA Furniture Market By Application
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RTA Furniture Market Regional Insights
Europe commanded the largest share, surpassing 34.5%, of the ready-to-assemble (RTA) furniture market. The upward significance of adaptable and portable furniture in key European nations like Germany, France, and the U.K. stands as a pivotal driver for regional market expansion. A promising market is forecasted for the kitchen segment due to the introduction of novel materials, devices, and surface innovations. Additionally, the growing consumer preference for corner kitchens is compelling the efficient utilization of space, thereby propelling regional growth. Germany is poised for substantial market potential due to the escalating demand for space-efficient furniture solutions.
Concurrently, the Asia Pacific region is set to exhibit the swiftest Compound Annual Growth Rate (CAGR) of over 6.5% throughout the projected timeframe. The surge in RTA furniture is accredited to mounting urbanization and the prevalence of nuclear families across nations such as Indonesia, Japan, and China. This dynamic is prompting consumers to invest in these offerings, tailored for compact living spaces. Furthermore, the thriving real estate sectors in India and China have driven increased investments in home aesthetics and remodeling services, thereby fostering regional market growth over the forecasted period.
Global RTA Furniture Market By Region
- Largest
- Fastest
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RTA Furniture Market Dynamics
RTA Furniture Market Drivers
Home Office Boom
- The rise of remote work and home-based businesses has driven demand for functional and stylish home office RTA furniture.
Affordability
- RTA furniture's lower cost compared to fully assembled alternatives appeals to budget-conscious consumers.
RTA Furniture Market Restraints
Limited Longevity
- The disposability aspect of RTA furniture might clash with sustainability goals, as short product life spans contribute to waste.
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RTA Furniture Market Competitive Landscape
The competitive landscape of the global RTA (Ready-to-Assemble) furniture market is characterized by a mix of established players, innovative newcomers, and evolving consumer preferences.
At the forefront of the industry is IKEA, the Swedish giant renowned for its affordable and stylish RTA furniture. Its global reach and vast product range have solidified its dominant position. Other major players like Sauder Woodworking, Dorel Industries, and Ashley Furniture Industries have also captured significant market shares, capitalizing on diverse offerings and strong distribution networks.
In recent years, an influx of tech-savvy startups has infused the market with innovation, focusing on sustainable materials, modular designs, and user-centric assembly processes. E-commerce platforms have facilitated the rise of these smaller players by providing direct access to consumers worldwide.
Consumer demand for eco-friendly, customizable, and space-efficient solutions has encouraged both established and emerging companies to rethink their strategies. The shift towards online shopping and the integration of augmented reality for virtual product tryouts are transforming the purchasing experience.
As the market evolves, manufacturers are also addressing quality concerns to enhance customer satisfaction. With sustainability becoming a paramount concern, players are increasingly embracing environmentally responsible practices to stay competitive in an ever-changing global RTA furniture landscape.
RTA Furniture Market Top Player’s Company Profiles
- IKEA (Sweden)
- Sauder Woodworking Co. (USA)
- Dorel Industries Inc. (Canada)
- Herman Miller, Inc. (USA)
- Steelcase Inc. (USA)
- HNI Corporation (USA)
- Haworth Inc. (USA)
- La-Z-Boy Incorporated (USA)
- Flexsteel Industries, Inc. (USA)
- Ashley Furniture Industries, Inc. (USA)
RTA Furniture Market Recent Developments
-
In December 2023, television personality and blogger Ree Drummond, also known as the Pioneer Woman, added four new seating options to her ready-to-assemble furniture collection launched this past summer for Walmart.com. After the line launched in June, certain items quickly sold out, including a dining hutch and a kitchen island. They have been restocked as of August but may sell out again.
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In May 2023, Forte, a leading European manufacturer of self-assembly furniture, announced that it had partnered with Swedish company Välinge and had been granted a licence to use the revolutionary new Threespine ID click furniture technology.
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In March 2023, IKEA’s new BASTUA collection created in collaboration with the Finnish design house Marimekko, was available in Malaysia. The limited-edition line was inspired by the Nordic sauna, promoting the joys of self-care activities.
RTA Furniture Key Market Trends
- E-commerce Dominance: Online retail has surged, with e-commerce platforms offering a convenient channel for consumers to browse, select, and order RTA furniture, impacting traditional brick-and-mortar sales.
- Minimalist Aesthetics: Contemporary and minimalist designs are gaining traction, especially in urban areas where space is limited, influencing the aesthetics and functionality of RTA furniture.
RTA Furniture Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our RTA furniture market Analysis, the global ready-to-assemble (RTA) furniture market has witnessed substantial growth, driven by factors such as urbanization, smaller living spaces, convenience, and affordability. Manufacturers have increasingly focused on innovative designs, user-friendly assembly, and sustainable materials. E-commerce platforms have played a pivotal role in expanding market reach.
In conclusion, the global RTA furniture market shows promising growth, with a focus on sustainability, customization, and technological integration. To maintain momentum, stakeholders must address quality issues and continue innovating to meet evolving consumer needs while minimizing the industry's ecological footprint.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 14.40 billion |
| Market size value in 2031 | USD 20.50 billion |
| Growth Rate | 4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on RTA Furniture Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on RTA Furniture Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the RTA Furniture Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the RTA Furniture Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the RTA Furniture Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the RTA Furniture Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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