The furniture market worldwide is expected to grow to 651 billion U.S. dollars by 2027. Ready-to-assemble furniture is a segment within the furniture market, estimated to be worth 13.8 billion U.S. dollars as of 2020. RTA furniture is most commonly used in homes, with only 33 percent used for office. In a combination that provides flexibility as well as organization, home offices have become popular in recent years, contributing over one billion U.S. dollars to the RTA furniture market in 2018. This trend is expected to accelerate with the coronavirus pandemic, forcing many Americans to work from home.
Ready-to-assemble, as the name implies, is furniture that gets put together by the consumer after purchase. RTA furniture is less expensive to ship or store, as it takes up less space and is assembled by the customer instead of the retailer. Retail sales of RTA furniture in the United States reached over 3.4 billion U.S. dollars in 2019. The majority of RTA furniture is made out of wood, though steel and glass are other frequently used materials, providing a variety of stylish interior design options.
One of the most well-known players in the RTA furniture market, Swedish furniture retailer IKEA recorded nearly 40 billion euros in sales in financial year 2020. Europe had a total of 279 IKEA stores throughout the continent, while North America had 67 as of 2019. Within the United States, IKEA is the top shopping destination for furniture. Most of IKEA’s sales come from bedroom and bathroom products.
Consumers often buy ready-to-assemble furniture in the context of renovating their home, perhaps because of the shared do-it-yourself spirit seen in RTA products and home improvement projects. Potential purchasers strongly value an RTA piece’s level of quality and look for products that are typically affordably priced. Consumers expect to pay less than 100 U.S. dollars for most RTA furniture products.
Table of Contents
Introduction
Financial numbers
Companies
Employees and salaries
Innovation
Appendix
1. Introduction
2.Financial numbers
3.Companies
4.Employees and salaries
5.Innovation
6.Appendix
Source from Statista.
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