The Sales Volume of the Global Office Furniture Market is believed to cross 360 Million Units by 2024
“Global Office Furniture Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2016 – 2024”
The rise in office construction spending and increasing office leasing activities across the globe is positively impacting the growth of the office furniture market. Further, the significant growth of global GDP, rising trend of home offices, new employment opportunities, changes in job quality and ease of recruitment through social media and other platforms are some of the dynamic factors that are adding to the worldwide growth of the office furniture market. Apart from this, increasing health and environment awareness amongst the population has led manufacturers to develop more health beneficial, eco-friendly and ergonomic office furniture so as to create a healthier workplace. Factors such as these are driving the demand for office furniture products and are predicted to expand the office furniture market by reaching USD 87.6 Billion by the end of 2024 from USD 52.7 Billion in 2016 by expanding at a CAGR of 6.7% during 2017-2024.
The global office furniture market is segmented by product type into seating, overhead bins, storage units, tables, accessories and workstations, out of which the seating segment accounted for the largest market share in 2016 and is predicted to supplement the growth of the market with CAGR of 6.7% in terms of volume over the forecast period. After seating segment, the workstation was the second largest segment that held 30.6% of the total revenue share of the market. Further, the accessories segment is predicted to observe the growth rate of 1.4x over the forecast period.
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Growing Rate of Employment to Escalate the Demand for Office Furniture Products in Future
The global office furniture market is thriving on the back of increasing rate of employment opportunities across the globe.
Growing Number of Offices – Increasing employment rate is boosting the growth of new offices across all the regions of the world.
Rapid Introduction of New Products – Manufacturers are offering advanced and innovative designed furniture which is healthier, comfortable and technologically enhanced.
Increasing Construction Activities – Expansion of multi-national companies, rapid urbanization and establishment of new office buildings in urban areas and growth of real estate in developing nations is anticipated to foster the growth of the office furniture market all over the globe.
Industry Players’ are Progressing towards Minimizing the Barriers faced by the Global Office Furniture Market
According to Research Nester, the growth of the global office furniture market is affected by worldwide economic challenges.
High Cost of Raw Material – The fluctuating cost of raw material and lack of skilled workforce along with heavy trade tariffs are affecting the profitability of the furniture manufacturers.
Online Renting Furniture Trend – Growing popularity of virtual workplace combined with the rising trend of furniture rental and adoption of old furniture are reducing the demand for new furniture in the market.
The report titled “Global Office Furniture Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2016 – 2024” delivers detailed overview of the global office furniture market in terms of market segmentation by product type, material, price-range, by distribution channel, end-user 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 Steelcase Inc., Inter IKEA Group, Haworth Inc., Okamura Corporation, Hooker Furniture, Herman Miller Inc., HNI Corporation, Kokuyo Co. Ltd., Knoll Inc. and Kimball International Inc.
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Request 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.
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