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.
The global office furniture market is segmented into product types such as seating, overhead bins, storage units and files, tables, accessories, and workstations. Among these segments, the office seating segment is expected to occupy the top position in the 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 have influenced the market growth of office furniture. Moreover, modular and modern furniture is gaining popularity all over the world. This factor is driving the growth of the office seating furniture market.
The global office furniture market is expected to flourish at a significant CAGR of 5.2% over the forecast period. Factors such as the 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 2024.
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North America is slated to account for a leading share in the 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, the increasing number of employees in the region is also expected to impel the growth of the office furniture market in North America. The 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, the expansion of corporate offices in the region is expected to positively impact the growth of the office furniture market in the European 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, the expansion of business by multinational companies in growing economies is anticipated to propel the demand for the global office furniture market during the forecast period.
Launch of Innovative Design in Furniture Products
Recent innovations in design concepts and the development of efficient and cost-effective office furniture are likely to drive the growth of the market during the forecast period. Apart from this, a rising trend of utilization of minimalistic office furniture is envisioned to bolster the growth of the global office furniture market.
Although, high costs 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.
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 a 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 the 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.
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