The RTA furniture market is projected to be valued at USD 146.86 billion by 2025 and expected to grow at a CAGR of 3.80% during the forecast period. The global RTA furniture market is expected to witness substantial growth owing to several factors, such as growing urbanization; rise in per capita disposable income; and rapid expansion of tourism, hospitability, and real estate across the globe. It has been observed that the demand for multi-functional furniture is rising among consumers, which is primarily driving the market. Moreover, innovative designs and customization provided by the key players are playing a vital role in the growth of the furniture market.
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Key Findings of the Study:
- Global RTA furniture Market is projected to reach USD 146.86 billion by 2025 with 3.80% CAGR during the review period of 2018-2025
- Asia-Pacific has accounted for the largest share owing to the increasing urbanization in the developing economies, high growth of real estate sectors and the mounting growth of hospitality sectors.
- The wood segment is the dominant material type of RTA furniture market across all regional segments during the forecast period
- Among end-use, increasing urbanization, growing foodservice sector and globalization of businesses are expected to increase the office spaces globally which would in-turn propel the growth of commercial RTA furniture during the forecast period of 2018-2025 at 4.72%.
Global RTA Furniture Market has been segmented on the basis of material type, end-use, distribution channel, and region. On the basis of material type, the market has been divided into wood, melamine, glass, steel, wrapped panels, finished foils, laminates, and lacquered panels. Among the material type, wood is expected to retain its dominance throughout the forecast period and expected to witness a moderate growth rate of 3.08% during the forecast period. The wood segment has been further divided into veneers, plywood, chipboard, and others. Veneers are one of the most popular furniture materials owing to their elegant finish and decorative look. Majority of the interior designers prefer wood veneer to improve the aesthetics of kitchen cabinets.
Based on end-use, the global RTA furniture market is segmented into commercial, and household. Among end-use, the residential segment was valued at 86.34 billion by the end of 2018, and the segment is projected to witness a growth rate of 3.50%. However, the commercial segment is expected to witness a growth rate of 4.72% during the forecast period of 2018-2025.
Based on distribution channel, the global RTA furniture market is segmented into store-based and non-store-based. The store-based distribution channel is estimated to account for the significant market proportion of 78.51% in 2018, and the segment is projected to witness a below average growth rate of 3.53% during the forecast period. However, non-store-based distribution channel is projected to witness a substantial growth of 4.74% during the forecast period.
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Geographically, the global RTA Furniture market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. As per the MRFR Analysis, the Asia-Pacific region has accounted for 35.86% in the year 2017 and the region is projected to expand at a growth rate of 3.59% during the assessment period. North America market has accounted for 29.72% in the global RTA furniture market, and the market is projected to witness the highest growth rate as compared to the other regions. Among North America, the US RTA furniture market is expected to retain its dominance throughout the forecast period.
This research report provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the Global RTA Furniture Market, including the high-growth regions and their political, economic and technological environments. Furthermore, the project report also provide the views over the historical market values as well as, pricing and cost analysis of the same.
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