- RTA furniture Market would grow at a CAGR 3.80%.
- RTA furniture market to reach at $146.86 billion by 2025.
- The wood segment is the dominant material type of RTA furniture market.
The growth of the real estate sector is leading to a continuous increase in the number of houses and commercial properties, which is directly influencing the growth of the RTA Furniture Market. The rising population and increasing urbanization are majorly driving the growth of real estate across the globe. The key players are introducing RTA furniture with affordable and innovative designs, customized services which are attracting them to purchase furniture from established brands. The geographical expansion of major RTA furniture brands increases its availability which grabs the attention of consumers and drives the growth of the RTA Furniture Market.
Top Key Players:
Some of the key players in the Global RTA Furniture Market are
- Dorel Industries Inc. (Canada)
- Sauder Woodworking Company (US)
- Herman Miller Inc. (US)
- HNI Corporation (US)
- Venture Horizon Corporation (US)
- Dunn’s Furniture (US)
- Kimball International Inc. (US)
The Global RTA Furniture Market has been segmented by Material Type, End-Use, and Distribution Channel.
The global RTA furniture market has also been segregated, on the basis of Distribution Channel, into store-based and non-store-based.
By material Type, the RTA furniture market has been classified as wood, melamine, glass, steel, wrapped panels, finished foils, laminates, and lacquered panels. Apart from that, the wood segment is further divided into veneers, plywood, chipboard, and others.
On the basis of End-Use, RTA furniture market has been divided into commercial and household. The household segment is further divided into kitchen, bedroom, living room, storage, home office, and others.
Asia-Pacific is expected to be the largest, by value, during the forecast period. The region has accounted for 35.78% of the overall market proportion in 2018. However, the region is projected to progress at a high growth rate of 3.59% during the forecast period. The growth of the RTA furniture market in Asia-Pacific is anticipated to be driven by various factors. Rising middle-income population group along with the urbanization in the developing economies is expected to be the significant factors for the rising growth of RTA furniture market in the Asia-Pacific region. Increasing investment in the hospitality industry is one of the noteworthy reasons for the rising growth of the RTA furniture market in the Asia-Pacific region. Moreover, the international hotel chains are increasing at stupendous growth rate over the last few years which is anticipated to increase the usage of RTA luxury furniture in the near future.
Europe has accounted for 25.21% market proportion in the global RTA furniture market and is projected to grow at a CAGR of 3.83% during the assessment period. Germany, France, and Italy are projected to be the major contributors to the growth of the Europe RTA furniture market. Europe is a lucrative market for RTA furniture manufacturers. The booming real estate sector is the major factor for the rising growth of the RTA furniture market in Europe. Technological advancement among furniture manufacturers is considered to be one of the major factors for the rising growth of the market over the last few years. The sales of luxury furniture have been increasing at a high pace in European countries owing to the high demand for the products in hotels, clubs, and restaurants. Product launch is one of the major trends gaining traction in the Europe RTA furniture market.
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