Global office furniture market is expected to reach USD 87.6 Billion by the end of 2024, expanding at a CAGR of 6.7% over the forecast period i.e. 2017-2024.
The global office furniture market is segmented into product type such as seating, overhead bins, storage units and files, tables, accessories and workstations. Among these segments, office seating segment is expected to occupy the top position in office furniture market. The demand for seating office furniture is increasing due to the rising number of office spaces and employees across the globe. Further, the development and enhancement such as increased comfort has influenced the market growth of office furniture. Moreover, modular and modern furniture’s are gaining popularity all over the world. This factor is driving the growth of the office seating furniture market.
Global office furniture market is expected to flourish at a significant CAGR of 5.2% over the forecast period. Factors such as increasing number of commercial spaces and growth in the number of employees are supplementing the growth of the global office furniture market. Moreover, the global office furniture market is expected to garner noteworthy revenue by the end of 2021.
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North America is slated to account for a leading share in overall office furniture market during the forecast period. The growth in the region is anticipated to be fostered by the increasing number of commercial properties. Besides, increasing number of employees in the region is also expected to impel the growth of office furniture market in the North America. U.S. is the prominent market in the region. Asia-Pacific is expected to showcase lucrative growth over the forecast period. Growth in the economy and improving work conditions are the major factor which is fuelling the demand for office furniture in the Asia Pacific region. Moreover, expansion of corporate offices in the region is expected to positively impact the growth of office furniture market in the Europe region.
Increasing Number of Commercial Spaces in the World
In recent times, IT, ITeS and retail sectors have registered high demand for commercial offices spaces. Moreover, expansion of business by multinational companies in growing economies is anticipated to propel the demand for global office furniture market during the forecast period.
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Launch of Innovative Design in Furniture Products
Recent innovations in design concepts and development of efficient and cost effective office furniture are likely to drive the growth of the market during the forecast period. Apart from this, rising trend of utilization of minimalistic office furniture is envisioned to bolster the growth of the global office furniture market.
Although, high cost associated with the raw material of office furniture and stringent environmental regulations are some of the factors which are likely to dampen the growth of the global office furniture market.
The report titled “Global Office Furniture Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global office furniture market in terms of market segmentation by product type, by price range, by end user, by distribution channel, by material and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global office furniture market which includes company profiling of Herman Miller Inc., HNI Corporation, Kokuyo, Okamura, Steelcase, Knoll, Ashley Furniture Industries, Inter IKEA Group, Kimball International and Burotime Office Furniture Co. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global office furniture market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Office Furniture Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects of Office Furniture Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Office Furniture Market, underlining the growth rate and opportunities offered in the business.
How does the report examine the growth drivers and restraints of the Office Furniture Market ?
- The factors resulting in the expansion of the Office Furniture Market are elaborated in the report after thorough primary and secondary research.
- Analytical strategies focused on gain indicators affecting the growth of the Office Furniture Market are presented in graphical formats.
- The business-related trends driving the product consumption are discussed in detail in the report along with industry expertise to minimize the barriers to Office Furniture Market growth.