Prominent Expansion of Office Furniture Market

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Office furniture market comprises companies that are involved in manufacturing and distribution of office furniture and store fixtures. Office furniture manufacturers will design according to workspace requirements such as reception area, meeting room, cabinets, bookcase and boardroom. The companies that are working in the office furniture market scope develops chairs, desks, bookcases, filing cabinets and others. The demand for the office furniture is majorly dependent on the overall economic standing, business developments and expansions, employment rates, or companies need to replace or update the office furniture. The profitability of the manufacturers operating in the industry is primarily dependent on the efficient merchandising as well as marketing strategies. Moreover, smaller firms in the market are developing speciality furniture with a high quality of workmanship to sell at a luxury price.

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Increasing number of the company’s focus towards employee’s comfort in the workspace in the highly competitive world is the primary factor driving the global office furniture market growth. As per the global office furniture market analysis report, the market is anticipated to reach $ 83.83 billion by 2024 growing at a CAGR of 5.95%. Geographically, North America is having a prominent share in the global office furniture market size. The North America office furniture market is estimated to reach $25.21 billion by 2024. Asia-Pacific region is estimated to have a high CAGR owing to an increasing number of players entering into the market and rapid growth in the developing countries such as China, India, Malaysia and others.

The office chairs segment is contributing majorly to the global office furniture market share. As per the Envision inteligence report, increasing growth in the construction of office buildings is anticipated to fuel the global office furniture market demand. The retail stores’ segment is witnessing to emerge as the most lucrative sales channel for the office furniture. According to the global office furniture market research, the office seating has the 38.18% share; office table has 27.29% share, office furnishing systems has 23.18% share, office storage is having 6.78% share and others are having 4.57% share.

INDIA OFFICE FURNITURE MARKET, 2017
INDIA OFFICE FURNITURE MARKET

The global office furniture market opportunity analysis, strategies such as acquisitions, collaborations, and new product development will strengthen their position in the market. Ready-to-assemble (RTA) vendors are focussing on advanced technology to develop and introduce innovative and sustainable products in the market. Consumer preference is increasing towards the RTA products as the products are economical as well as easy for transport. This increasing demand for RTA furniture is one of the key factors in boosting the growth of the office furniture market. The global office furniture market trends such as increasing number of tech and IT parks, rapid growth in urbanisation, rapid demand for the RTA products and others will play a significant part in the growth of the office furniture market.

Recent Acquisitions in the Global office furniture ecosystem:

  • In July 2018, Steel case company has acquired the Smith system for the industry leaders in the prek-12 education market.
  • In July 2018, Herman Miller introduces the novel product called overlay furniture.
  • On December 05, 2017 Godrej and Boyce launched new home furniture brand script.

The global office furniture market industry players include

  • Steelcase Inc.
  • Herman Miller Inc.
  • Knoll, Inc.
  • HNI Corporation
  • Okamura Corp
  • Haworth
  • Others

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