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RTA Furniture: Global Market Outlook to 2023 - Rising Demand for Customized RTA Furniture

/EIN News/ -- Dublin, Dec. 10, 2018 (GLOBE NEWSWIRE) -- The "RTA Furniture Market - Segmented by End-User (Residential RTA Furniture, Commercial RTA Furniture), Distribution Channel (Offline Retail Stores and Online Retail Stores), and Geography - Growth, Trends and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.

The global RTA furniture market is projected to grow at the rate of 5.6% during the forecast period 2018 to 2023.

The market is expected to witness a strong growth during the forecast period owing to the growth in real estate sector, increase in urbanization rate and discretionary spending on furnishing products. Moreover, the trend of working from home is on 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 RTA furniture market.

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.

Rising Demand for Customized RTA Furniture

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 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 in the furniture design selected by them. With consumers shifting lifestyle like giving extra attention to home dcor, the key players are expected to achieve a competitive advantage through customization.

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 dcor products to fulfil 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 have also increased. The penetration of organized retail will also enable consumers to seek information about various brands, compare prices, and quality, which results in better purchase decision.

Use of Social Media to Generate Product Awareness

Vendors leverage both traditional and social media platforms for advertising. Companies create campaigns and exhibition shows to promote their brands and products, reaching out their target audience through TV commercials and social media platform. For instance, IKEA uses separate pages for different countries on Facebook to cater to varying requirements of the customers. They also makes its catalogs available digitally for desktop and mobile users. Similarly Ashley Furniture HomeStore partnered with iCrossing, in order 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.

Asia-Pacific to Witness Strong Growth in RTA Furniture Market

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 furniture market including RTA furniture are entering into partnerships with the e-commerce retail stores in order 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 real estate sector, rise in urbanization rate, increased preference for branded furniture are some the major factor that will increase the demand for RTA furniture market in the region during the forecast period.

Developments in the Market

  • September 2018 - Wayfair and Cosmopolitan Magazine launched new furniture line. Manufacturing partners include Dorel Home, Rugs America, and Westport Linens
  • March 2018 - Inter IKEA Systems received a Red Dot Award for its innovative product design. Red Dot Award is an internationally organized competition which reviews the best products of the year.
  • March 2018 - Inter IKEA Systems launched IKEA Place app on Android. It allows the consumers to imagine their home furnishing using AR.-
  • August 2018 - Inter IKEA Systems opened up its first store in India. Ikea team had visited over 1,000 homes in India with varied income levels and lifestyles to understand the Indian market
  • December 2017 - Inter IKEA Systems has planned to open up a new plant in Ukraine in order to provide them home furnishing products and solutions at affordable prices

Competitive Landscape

The global RTA furniture market is highly fragmented market and comprises of many big and mid-sized competitors. There is an 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., Ashley Home Stores, Ltd., Steinhoff International, Tvilum A/S, Simplicity Sofas, Home Reserve, Sauder Woodworking Company, Fabritec (EUROSTYLE), and Bush Industries, Inc.

Key Topics Covered

1. Introduction
1.1 Scope of Study
1.2 Study Deliverables
1.3 Study Assumptions
1.4 Research Phases

2. RTA Furniture Market Insights
2.1 Market Overview
2.2 Market Trends
2.3 Industry Attractiveness - Porter's Five Forces Analysis

3. RTA Furniture Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities

4. RTA Furniture Market Segmentation
4.1 End-User
4.1.1 Residential RTA Furniture
4.1.2 Commercial RTA Furniture
4.2 Distribution Channel
4.2.1 Offline Retail Stores
4.2.2 Online Retail Stores

5. RTA Furniture Market By Geography
5.1 North America RTA Furniture Market Size (2018-2023)
5.1.1 US RTA Furniture Market Size (2018-2023)
5.1.2 Canada RTA Furniture Market Size (2018-2023)
5.1.3 Mexico RTA Furniture Market Size (2018-2023)
5.1.4 Rest of North America RTA Furniture Market Size (2018-2023)
5.2 Europe RTA Furniture Market Size (2018-2023)
5.2.1 Spain RTA Furniture Market Size (2018-2023)
5.2.2 UK RTA Furniture Market Size (2018-2023)
5.2.3 Germany RTA Furniture Market Size (2018-2023)
5.2.4 France RTA Furniture Market Size (2018-2023)
5.2.5 Italy RTA Furniture Market Size (2018-2023)
5.2.6 Russia RTA Furniture Market Size (2018-2023)
5.2.7 Rest of Europe RTA Furniture Market Size (2018-2023)
5.3 Asia-Pacific RTA Furniture Market Size (2018-2023)
5.3.1 China RTA Furniture Market Size (2018-2023)
5.3.2 Japan RTA Furniture Market Size (2018-2023)
5.3.3 India RTA Furniture Market Size (2018-2023)
5.3.4 Australia RTA Furniture Market Size (2018-2023)
5.3.5 Rest of Asia-Pacific RTA Furniture Market Size (2018-2023)
5.4 South America RTA Furniture Market Size (2018-2023)
5.4.1 Brazil RTA Furniture Market Size (2018-2023)
5.4.2 Argentina RTA Furniture Market Size (2018-2023)
5.4.3 Rest of South America RTA Furniture Market Size (2018-2023)
5.5 Middle East & South Africa RTA Furniture Market Size (2018-2023)
5.5.1 South Africa RTA Furniture Market Size (2018-2023)
5.5.2 Saudi Arabia RTA Furniture Market Size (2018-2023)
5.5.3 Rest of Middle East & Africa RTA Furniture Market Size (2018-2023)

6. RTA Furniture Market Competitive Landscape
6.1 Most Active Companies
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players

7. Company Profiles
7.1 Inter IKEA Systems B.V.
7.2 Dorel Industries Inc.
7.3 Ashley Home Stores, Ltd.
7.4 Steinhoff International
7.5 Tvilum A/S
7.6 Simplicity Sofas
7.7 Home Reserve
7.8 Sauder Woodworking Company
7.9 Fabritec (EUROSTYLE)
7.10 Bush Industries, Inc.

For more information about this report visit https://www.researchandmarkets.com/research/g88x3g/rta_furniture?w=12

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