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The ready to assemble furniture market share is expected to increase by USD 9.22 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 2.85%.
This ready assemble furniture market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers ready assemble furniture market segmentation by product (home and office), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and MEA). The ready to assemble furniture market report also offers information on several market vendors, including Dorel Industries Inc., FABRYKI MEBLI FORTE SA, Flexsteel Industries Inc., Foundations Worldwide Inc., Inter IKEA Holding BV, Meubles Demeyere SA, Prepac Manufacturing Ltd., Sauder Woodworking Co., Steinhoff International Holdings NV, and Tvilum AS among others.
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Based on our research output, there has been an impact on the market growth during and after the post-COVID-19 era. The rapid growth in urbanization is notably driving the ready assemble furniture market growth, although factors such as the availability of alternative products may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the ready assemble furniture industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Ready To Assemble Furniture Market Driver
One of the key factors driving the Ready To Assemble Furniture market is the rapid growth in urbanization. A rapid growth in urbanization, primarily in developing countries, has led to the emergence of numerous megacities. Urbanization has increased significantly across the world. As per data published by The World Bank Group, in 2018, 55.3% of the overall population in the world lived in urban settlements. Increased urbanization has increased the focus on building residential buildings worldwide. As per data by the UN, which was published in 2018, the total number of megacities is expected to increase from 33 in 2018 to 43 by 2030. The number of megacities is expected to increase in China, South Africa, and India, among other countries. The growth of megacities is boosting the growth of residential and commercial buildings. Furthermore, people residing in residential buildings are increasingly focusing on buying innovative and trendy furniture to enhance the aesthetics of their houses. RTA or flat-pack furniture is convenient, owing to its ease of use and trendy designs. For such reasons, the urban population prefers RTA furniture to the conventional type of furniture. Therefore, rapid growth in urbanization is fostering the growth of the ready to assemble furniture market.
Key Ready To Assemble Furniture Market Trend
Rising demand for distribution through online retail and channels is another factor supporting the Ready To Assemble Furniture market growth in the forecast period. Online marketing and branding activities help manufacturers save overall distribution costs. Various e-commerce platforms, such as Amazon, IKEA, and Tylko, provide RTA furniture for homes and offices. For instance, Ashley Home Stores Ltd. and Inter IKEA Holding market and distribute their RTA furniture through Amazon across geographies. Similarly, Tylko is an online retailer of RTA furniture products such as shelves, bookcases, shoe racks, and wall storage across the world. Such e-commerce platforms help vendors easily expand their customer base worldwide. In addition, discounts and offers provided by online retailers for purchasing RTA furniture products are attracting customers. As a result, online purchases of RTA furniture may increase. Furthermore, Vendors like IKEA, Home Reserve LLC, and Walmart Inc., among other vendors, have their online channels for the distribution of products. The ease of purchasing products without the need to visit shops, even in the case of urgent requirements, is a major factor boosting the sales of certain RTA furniture. These factors may drive the growth of the global ready to assemble furniture market in the forecast period.
Key Ready To Assemble Furniture Market Challenge
Availability of alternative products will be a major challenge for the Ready To Assemble Furniture market during the forecast period. The low durability and lack of uniqueness are the major factors for the demand for traditional assembled wooden, metallic, and plastic furniture. The easy availability, superior performance, and excellent durability of assembled furniture are expected to create a challenge for the RTA furniture manufacturers. Refurbished or reused assembled furniture at low costs is gaining popularity across the world. Assembled furniture is easily available at local shops, and it does not require professional installation, which costs extra. This, in turn, is increasing demand for this type of furniture among customers. Assembled furniture is available in an extensive range of designs. Furthermore, the availability of plenty of styles and designs of assembled furniture attracts buyers. Moreover, solidly built with superior durability is a major factor expected to raise the demand for assembled furniture as the most suitable alternative to RTA furniture. This may restrain the growth of the global ready to assemble furniture market during the forecast period.
This ready to assemble furniture market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global ready to assemble furniture (RTA) market as a part of the global home furnishings market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the ready to assemble furniture market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the ready to assemble furniture market encompasses successful business strategies deployed by the key vendors. The ready to assemble furniture market is fragmented and the vendors are deploying growth strategies such as strong distribution across geographies and the development of innovative, multifunctional RTA furniture to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The ready to assemble furniture market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the ready to assemble furniture market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global home furnishings market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturer providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Distribution channel
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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