Ready-to-Assemble (RTA) Furniture is gaining traction among homeowners and renters globally. This is primarily because RTA furniture is cheap and it serves the purpose of quick furnishings. An RTA furniture, also known as Knock Down furniture, is not assembled by the manufacturer, and it is available in parts with instructions to assemble the piece of furniture. This furniture has been popular for a while in developed countries, and it has been gaining traction in developing economies such as China and India also. RTA furniture also benefits manufacturers by eliminating the assembly time and cost of manufacturing, which allows manufacturers to focus only on design and production of parts. Some of the examples of RTA furniture include RTA bedroom sets, RTA dressers, RTA computer desks, RTA bookcases and RTA filing cabinets. For instance, IKEA, a major ready to assemble manufacturer, is setting up its store in Hyderabad, India, owing to high demand for ready to assemble furniture in India.
HOUSEHOLD FURNITURE AND KITCHEN CABINET MARKET TO GROW TO $265 BILLION BY 2020 ACCORDING TO THE BUSINESS RESEARCH COMPANY.
The global household furniture and Kitchen Cabinet Manufacturing market is expected to grow to $265 billion in 2020. Asia was the largest region in the household furniture and kitchen cabinet manufacturing market in 2016, accounting for $77 billion or 38.4% market share. This can be attributed to high demand for household and kitchen furniture from middle class population in countries such as China and India owing to rising disposable income.
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The chart below shows the year-on-year growth of the global household furniture and kitchen cabinet manufacturing market during 2016 - 2020.
According to The Business Research Company’s Manufacturing Consultant, Abdul Wasay, the demand for small and portable furniture in urban centers is increasing. This is mainly because of the compact size and low cost this furniture offers, making them ideal for small households. Small and portable furniture are small in size when compared to a conventional furniture, and can be used for multiple purposes. For instance, a small-sized storage box can be used as a small seat or table, as well as to store personal belongings is a small and portable furniture
IKEA was the largest company in the household furniture and kitchen cabinet manufacturing market with revenues of $39 billion during the financial year 2016. IKEA’s growth strategy aims at increasing revenues launch products for young population and offer its products at competitive prices.
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The household furniture and kitchen cabinet manufacturing market comprises all firms engaged in producing household furniture including furniture for kitchen, bedroom and living room.
The household furniture and kitchen cabinet manufacturing industry includes the following:
Wood Kitchen Cabinet and Countertop Manufacturing comprise firms engaged in producing bathroom vanities, plastics or wood laminated on wood kitchen cabinets, and countertops (except freestanding).
Upholstered Household Furniture Manufacturing include companies engaged in producing upholstered household furniture manufactured on a stock or custom basis.
Non-upholstered Wood Household Furniture Manufacturing comprise establishments engaged in producing non-upholstered wood household furniture and freestanding cabinets, which may be assembled or unassembled and manufactured on a custom or stock basis .
Metal Household Furniture Manufacturing include companies engaged in producing metal household furniture and freestanding cabinets, which may be assembled or unassembled and manufactured on a custom or stock basis.
Household Furniture (except Wood and Metal) Manufacturing comprise firms engaged in producing household furniture made of materials such as plastics, reed, rattan, wicker, and fiberglass. These products may be assembled or unassembled and manufactured on a custom or stock basis.
Household Furniture And Kitchen Cabinet Manufacturing Global MarketBriefing is a detailed report giving a unique insight into this market. The report is priced at $1000 for an individual user. To use across your office the price is $1500 and $2000 if you wish to use across a multinational company.
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