Touch Screen Tables and Panel Technology Market Outlook: Ken Research

Overview: In the modern digital age technology is tapping at the doors of commercial industries. The furniture industry is no exception as developments like tabletop tablets and touch screen tables are revolutionizing the way people and technology coordinatetogether. From restaurants to residential developers, everyone is trying to better incorporate the developments in technology in order to attract customers. Touchscreen tables are a revolutionary step in the furniture industry. These are enlarged tablets incorporated in normal tables the result of which is a stable platform which is both responsive to touch and is able to hold normal objects without getting damaged.

Evolution: Technology and furniture have started integrating despite the industry being primitive. The concepts of technology modifying furniture are still in their testing phase with major tech giants experimenting by pushing the boundaries of already developed gadgets. Many institutions especially hotels and eating joints are now adopting modern tableware that will make operations easier to conduct and bring customers closer to technology. Recent applications and developments include-

·         Microsoft Surface whichisan I-Phone like touch interface for tables being used in the Rio Hotel & Casino in Las Vegas.

·         Lenovo Idea Centre Horizon 27.

·         Dell XPS 18.0

Market Scenario: Furniture industry analysis reveals that technical upgrades are being made to the industry now, more than ever. The touch screen market is expected to surge by 2020.United States has by far the largest number of touch screen technology users in the world. Asia-Pacificis the fastest growing touch screen market with a 20%CAGR.Apart from major Asian technological hubs like South Korea and Singapore, India is also rapidly developing its digital market. The Indian market sees modest players like Touch Screen India, Control Electric Co Pvt. Ltd, Calista and Edutek Instrumentation all of which are specialized in touch screen panels.

Competitors: There are more than 250 touch screen suppliers in the world most of which have been investing in touch screen technology from as recently as five years ago. Developers such as Design Café are innovating and have released 4K Multi touch Tables .According to furniture market research reports Design Café has become a leader in the industry by providing the most hi-tech tables. Immersion Corporation

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Global Luxury Furniture Market: Ken Research

Introduction: Luxury Furniture was something that only the wealthy could usually afford and primarily still is, although there has been significant increase in the capacity for those who can afford to obtain luxury furniture. Rising disposable income and the effect of cultural globalization have boosted the demand for luxury furniture and moved the demand center from the hospitality sector to the homes of individuals. While the hospitality sector was the predominant market for luxury furniture, there is now an increasing desire for consumers to purchase luxury furniture. This is further supplemented by the growing use of luxury furniture in Spas which is one of the key markets for industrial sale of luxury furniture due to the high reliance on aesthetics.

Market Overview: The luxury furniture market is expected to grow significantly in the upcoming period with the market valued at USD 23 Billion in 2017 and to be worth over 30 Billion by the end of 2023. This gives it a modest CAGR of 4.6%. The market is poised to grow faster beyond 2025 owing to increasing standards of living and an expected growth in consumer disposable income.  A major demand segment in luxury furniture is the use of art based furniture and recycled furniture, both of which are expected to be worth over USD 2 Billion by 2020. The luxury furniture market is expected to be one of the key drivers behind the growth of the furniture market.  With increasing emphasis on design and comfort, luxury furniture is poised to have major increase in industrial as well as commercial demand. The main channels for sale also play a crucial role as most luxury furniture is unique and the originality becomes a major selling point, hence, brands focus on the extent of differentiation they can offer in their design aiming to create design that cannot easily be replicated or to use materials that are rare for the construction of the furniture. Primary sales channel works through the distributor as many times, manufacturers deal with industrial sales majorly. Although the manufacturer winds up having higher margins despite mostly having lower prices than the distributor. Although the largest contributor to the market will be in the European region, the market is expected to experience high growth primarily in the Asia pacific and the Middle East region. Emerging economies are expected to be participants in the luxury furniture market in the long term

Key Drivers: The main drivers behind the luxury furniture market in any region are relatively similar, the primary driver being the increase in disposable income. Growing changes in lifestyle along with cultural and financial growth of the population have led to the market demand for more unique and authentic furniture which has originality attached to it. Another key driver is the increased demand from the hospitality sector owing to the increase in construction of luxury hospitality facilities in Asia and Europe. The other key driver is the emergence of the furniture art market where the entire focus is on the design of the furniture.

Competition Scenario: Some of the key players in the global luxury furniture market include Muebles Pico, Nella Vetrina, Laura Ashley Folding PLC, Henredon Furniture Industries, Inc., Giovanni Visentin srl, Iola Furniture Ltd., Turri S.r.l, Herman Miller, Inc., Heritage Home Group LLC and others. Companies born to serve the made to order requirements are now opening their stores in different geographical locations to provide buyers creative designs that go well with time. Besides this, many furniture manufacturers are partnering up with artists or interior designers to create and offer a luxury range of furniture.

Opportunities: There is a major opportunity for authentically designed furniture which is commercially viable. Although there are antique pieces of furniture, due to the requirement of functionality unlike wine, most furniture required to be used does not increase in value with time. The primary selling point for furniture luxury is the functionality and the design coupled with the extent of comfort. Most luxury furniture is manufactured using wood and that has been the major driver of the wooden furniture market being worth over USD 6 Billion in the year 2017.

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Ready to Assemble Furniture Market Outlook: Ken Research

Introduction: Ready to assemble (RTA)furniture is a concept introduced roughly around the 1850’s which allowed for two primary benefits- the reduced cost of labor as assembly was expected to be done by the customer, and a reduction in the requirement for space as the furniture was shipped as parts and not as the finished product. This reduction in labor and space became a favorable trend for manufacturers which was expected to be continued in simplistic component based furniture. Another major benefit in using ready to assemble furniture was that there was a shortage in manufacturing time as well. The reduction in time requirement and the cost saving from reduced requirement for space and labor led to manufacturers attempting to maximize the sale of ready to assemble furniture, primarily for low margin products which would boost profitability. High value furniture which earned a premium for manufacturers would not usually be ready to assemble as the price of the furniture was quite high and did not justify the need for reduction in cost of delivering and manufacturing. Although the RTA concept did not work with premium customers, the reduced cost of furniture due to the need for customer assembly was highly accepted by low and middle income customers who could now manage to afford better quality of furniture just by assembling it themselves. This began the trend of assembling furniture for cost savings for consumers and manufacturers.

Market Overview: The ready to assemble furniture market is growing steadily. The market, which was valued at over USD 10.5 Billion in 2014, has grown to USD 11.8 Billion in 2017 and is forecasted to grow to over USD 16 Billion by the year 2025 as per the most recent Furniture Market Research Reports.  The growth of ready to assemble furniture is primarily attributed to the growing needs for functional and effective furniture at a lower price for low and middle income households. Another key driver is the increasing trend of Do It Yourself market participants towards assembling their own furniture. Given the growing need for functional and economic furniture which can be fit into smaller households and still is a low cost for consumers, there is a major need for furniture that is sturdier and is capable of usage for longer periods of time. Ready to assemble furniture is primarily purchased on the basis of utility. The sales channels usually is through direct manufacturer sales as a majority of categories of RTA furniture are sold directly. RTA furniture covers almost all sub categories of furniture ranging from tables and chairs to more sophisticated furniture like book shelves, work desks and sofas. The increasing popularity from the industrial side is owing to the level of cost savings that is availed by major manufacturers on manufacturing and transportation. This is vitally important for furniture which is sold to low and middle income households where the profit margin for the furniture is considerably low. 

Opportunity: There is growing need for viable providers of ready to assemble furniture which is at lower cost. The market is currently dominated by players like Sauder Woodworking, Dorel Industries, Bush Industries, Inter, IKEA Systems, Tvilum, South Shore, Whalen Furniture and  Homestar. The major player being IKEA leading through its reputation for consistently lowering furniture costs year on year. There is an opportunity for furniture providers capable of delivering superior design and better functionality at a competitive price. Considering the major value offering is functionality and cost, there is not significant differentiation in the RTA market, providing an opportunity for new manufacturers with innovative and cost effective designs for ready to assemble furniture to benefit from

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