Tag: Office

RTA Furniture Market Size Worth $18.4 Billion By 2025

The global RTA furniture market size is anticipated to reach USD 18.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.9% over the forecast period. Growing preference for low priced, flexible, and portable fixtures owing to rising inclination towards space saving furniture is driving the market. In addition, increasing popularity of high rise buildings, which creates obstruction for large sized furniture, is expected to drive the market in the forecast period.

RTA (Ready-to-assemble) furniture optimizes small spaces in houses due to its dismantling properties and thus is effective for small space dwellers in the market. Growing preference for customization feature in home furnishing drive the manufacturers to develop these products. For instance, Hem, the e-commerce giant, provides RTA products with sleek pieces, featuring Scandinavian designs and online customization options. In addition, growing trend of shifting to new places for job or business purposes, particularly by millennials, has influenced the market growth.

According to statistics, 83% of millennials have purchased different RTA products. The RTA (Ready-to-assemble) furniture market witnesses increasing preference for book shelves and cabinets on account of large space storage facility and thus, companies are introducing new products in this category. For instance, in 2018, Nitori Co., Ltd. in collaboration with Välinge Innovation AB, has produced a new range of RTA fixtures with a Threespine click furniture technology. This product, N-Click, cuts down the involvement of nuts and bolts when assembling the product, while it is easily connected with clicks.

In terms of material, wood dominated the market with a share of 54.9% in 2018. RTA wooden fixture showcases style with utility and is produced with different wooden materials such as engineered wood, sheesham wood, and solid wood. For instance, Decor Furniture and Mattress Showplace produces different RTA furniture in the unfinished fixtures segment showcasing different products pertaining to bedroom, living room, and kitchen and dining space.

The home application segment accounted for the largest share of 66.7% in 2018. Increasing preference for RTA cabinets to ensure mass storage at affordable rates has also increased the demand for kitchen cabinets in the industry. In addition, ease of transport of such furniture to customer’s home acts as a key factor driving the household application segment owing to increasing construction of high rise buildings.

Europe dominated in the global market with a share of 34.8% in 2018. Shifting preference of consumers towards the trend of corner kitchen, which helps in utilizing space more efficiently, acts as a key factor driving the market in the region. Germany is the leading country boosting the market growth in Europe on account of increasing importance of space saving furniture.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/rta-furniture-market

Further key findings from the report suggest:

  • By material, wood is expected to reach USD 10.0 billion by 2025
  • The home application segment is expected to reach USD 12.3 billion by 2025
  • Asia Pacific is expected to expand at the fastest CAGR of 6.9% from 2019 to 2025
  • Top players operating in the RTA furniture market include IKEA Systems B.V.; Dorel Industries Inc.; Ashley Home Stores, Ltd.; Steinhoff International; Tvilum A/S; Simplicity Sofas; Home Reserve; Sauder Woodworking Company; and Bush Industries, Inc.

Monitor Arm Market Size Worth $1.6 Billion By 2027

The global monitor arm market size is anticipated to reach USD 1.6 billion by 2027, expanding at a revenue-based CAGR of 2.7% over the forecast period, according to a new report by Grandview Research, Inc. Monitor arms are designed to support display screens such as computer monitors, TV, and notebooks. Monitor arm allows the user to move the monitor screen as per their convenience. Rising demand for computers for residential use is driving the market growth. According to the International Telecommunication Union (ITU), around 48% of the households across the world had computers in 2018, as compared to 46% in 2015. This upsurge is due to increasing adoption of computers for residential purpose in developing countries such as China and India. The demand for computers is anticipated to rise over the coming years owing to growing adoption of curved monitors.

Televisions are mounted on wall and ceiling using monitor arms in various commercial and residential locations. Increasing demand for television sets is also expected to fuel the demand for monitor arms. For instance, as per the data published by India Brand Equity Foundation (IBEF) in December 2019, the market size for televisions in India was USD 10.2 billion in 2019 and is expected to reach USD 14.7 billion by 2022. Furthermore, rising disposable income coupled with increasing number of internet users, is also anticipated to boost the demand for desktop computers and laptops, thereby resulting in the market growth.

Rising investments in healthcare infrastructure is also projected to positively impact the demand for monitor arms. In the healthcare sector, wall mount and ceiling mount monitor arms are preferred as they ensure enhanced performance and efficiency. Several manufacturers are focusing on providing superior quality products to reduce efforts during installations to enable smooth handling. Added features such as hidden cable arrangement and attached facility for keyboard and mouse with monitor arms are an essential factor for product differentiation.

The rising number of internet users is expected to drive the monitor arm market during the forecast period. According to ITU, in 2017, 49.0% of the world’s population had access to the internet as compared to 41.5% in 2015. This number is projected to rise over the coming years considering various initiatives taken by the government of developing economies to promote digitalization. For instance, in 2015, the government of India launched Digital India campaign in which the government’s services are provided to the citizens through improved online infrastructure.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/monitor-arm-market

Further key findings from the study suggest:

  • The healthcare segment is projected to grow at the fastest rate over the forecast period owing to increasing adoption of display technology for providing better infrastructure and service to patients
  • The office segment held the largest market share in 2019 due to the adoption of multiscreen monitors to lower the effort and increase the productivity of employees
  • North America held a market share of over 35% in terms of revenue in 2019. However, Asia Pacific is anticipated to witness a considerable growth over the forecast period owing to rising demand for computers in China and Japan along with the initiative of Indian government to promote manufacturing of personal computers
  • The monitor arm market is fragmented and is characterized by high competition with the presence of major global players such as Atdec Pty Ltd.; Ergotron, Inc.; Herman Miller, Inc.; Highgrade Tech. Co., Ltd.; and Legrand AV Inc.
  • These players are engaged in collaborations, mergers, and acquisitions to enhance their market presence and expand their product portfolios.