Ready to assemble furniture is also known as Knock-Down (KD), flat-pack, kit furniture, or self-assembly. This furniture is shipped either flat-packed or unassembled to the customers who arrange and fix it according to their convenience.
New York, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "RTA Furniture Market - Growth, Trends, and Forecasts (2020-2025)" - https://www.reportlinker.com/p05982353/?utm_source=GNW
Since its inception, RTA furniture has evolved through development in technology, material quality, and designs.
The market is expected to witness strong growth during the forecast period owing to the growth in the real estate sector, an increase in urbanization rate, and discretionary spending on furnishing products. Moreover, the trend of working from home is on the rise, which, in turn, has increased the demand for home office furniture in the form of space-saving modular units. However, complexity in supply chain & logistics, long replacement cycle, uncertainty in raw material costs, and easy availability of counterfeit products are restraining the growth of the RTA furniture market.
Vendors leverage both traditional and social media platforms for advertising. Companies create campaigns and exhibition shows to promote their brands and products, reaching out to their target audience through TV commercials and social media platforms. For instance, IKEA uses separate pages for different countries on Facebook to cater to the varying requirements of the customers. They also make their catalogs available digitally for desktop and mobile users. Similarly, Ashley Furniture HomeStore partnered with iCrossing, to get in touch with the customers through social media. Apart from Facebook, the company also has a strong presence on YouTube, Twitter, and Flickr.
With the growing trend of customization, the players have started designing customized RTA furniture to increase their customer base to increase their sales. Key players are using customer interaction platforms to get customers to feedback on regular basis. For instance, IKEA offers a unique service to their customers, where they can add a personal touch through customization. Through this service, the customers can suggest additional modifications to the furniture design selected by them. With consumers shifting lifestyles like giving extra attention to home décor, the key players are expected to achieve a competitive advantage through customization.
Asia-Pacific is the fastest-growing region in the global RTA furniture market. China, Japan, Australia, India, and South Korea are the top contributing countries in the region. Many key players in the furniture market including RTA furniture are entering into partnerships with the e-commerce retail stores to strengthen their distribution network which is likely to drive the market growth in the region. Increasing middle-class level population, rise in household expenditure, change in lifestyle, growth in the real estate sector, rise in urbanization rate, increased preference for branded furniture are some of the major factors that will increase the demand for the RTA furniture market in the region during the forecast period.
Key Market Trends
Convenience of RTA furniture
Over the years, the demand for RTA furniture has increased globally, particularly due to their convenience in transportation. RTA furniture is specifically designed for artistic and convenience purpose and is considered to be a worthy option for small and rented houses as these products are easy to set up and dismantle, which allows customers to pack them into compressed flat packages and move them around. Vendors provide instruction manual and simple tools enclosed with RTA furniture that makes the work of assembling easier.
Earlier, RTA furniture was limited to storage products and home entrainment, a wide range of products is now available for various segments with RTA desks, tables, bookcases, chairs, and beds are now available. The styling of these products in this segment has expanded in terms of design, size, and weight. Thus, vendors are focusing more on differentiate their product offerings, so that customers have a wide variety of options to choose from.
High Penetration of Organized Retail
The evolving retail industry, especially in developing countries, is marked by the emergence of many stores in the hypermarket, supermarket, and specialty formats. Comfort and convenience are increasingly becoming important to customers because of their hectic lifestyles and work schedules. Large organized retail stores stock many brands and a variety of furniture products under one roof, providing more options to consumers. These stores also stock furnishing and other home décor products to fulfill the requirements of shoppers.
With the increase in preference for branded furnishing products among consumers, the importance of organized retailers carrying branded furniture and other home furnishing products has also increased. The penetration of organized retail will also enable consumers to seek information about various brands, compare prices, and quality, which results in a better purchase decision.
The global RTA furniture market is a highly fragmented market and comprises of many big and mid-sized competitors. There is intense competition between the key vendors, leading to the introduction of innovative RTA furniture in the market. Major Key Players are Inter IKEA Systems B.V., Dorel Industries Inc, Steinhoff International, Tvilum A/S, Simplicity Sofas, Sauder Woodworking Company, and Bush Industries, Inc.
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