SEATTLE, Feb. 8, 2022 /PRNewswire/ -- According to Coherent Market Insights, The global office furniture market is estimated to surpass US$ 96,642.94 Mn by 2027 and is expected to exhibit a CAGR of 3.1% between 2020 and 2027.
Office Furniture refers to movable items designed to support different human activities like eating, seating, and personal/company-related activities. Office Furniture comes in various designs and is used to hold various objects either for personal use, at the workplace, or just to store stuff. Office Furniture is an art and is perceived as a kind of visual ornament. Desk and chair sets are other important office furniture. The desk can be used as a small or large desktop computer station and it can accommodate computer peripherals such as monitors, printers, scanners, and fax machines. It is very necessary for the efficient and smooth functioning of an office. It creates an office environment, pleasant and relaxing. The executive chairs are considered as priority office furniture. They provide back support in the right posture and reduce fatigue while sitting on them for long hours Chairs are also available in wide ranges and styles. Some chairs are made up of thick and heavy wood and are best suitable for tall people while others are made up of soft and light wood and are usually meant for regular people. Work stations help to store files conveniently and perform multiple related activities like typing, scanning, and printing. Thus an organized and clutter-free office space will definitely increase productivity.
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Market Drivers:
The rapid expansion of the business environment across developing and developed countries is propelling growth of the office furniture market. Moreover, a growing number of modification projects is again expected to foster growth of the market. Furthermore, increasing adoption of ergonomic chairs is further projected to foster growth of the market.
Increasing industrialization is another key factor augmenting growth of the office furniture market. According to Trading Economics, Industrial output in India increased 11.9 percent year-on-year in August of 2021, higher than 11.5 percent in the previous month, and compared to market forecasts of 12 percent. Moreover, according to the India Brand Equity Foundation, the India Manufacturing Purchasing Managers Index (PMI) reached 48.1 in June 2021 from 50.8 in May 2021. The manufacturing GVA accounts for 19% of the country's real gross value added.
Market Opportunities
Expansion of e-commerce industry due to increasing penetration of internet is boosting the sale of office furniture, this is expected to offer lucrative growth opportunities. According to the India Brand Equity Foundation, online penetration of retail is expected to reach 10.7% by 2024 compared with 4.7% in 2019. Moreover, online shoppers in India are expected to reach 220 million by 2025. Much of the growth in the industry has been triggered by increasing internet and smartphone penetration. As of September 2020, the number of internet connections in India significantly increased to 776.45 million, driven by the 'Digital India' program.
Increasing demand for eco-friendly furniture will offer profitable market opportunities in the near future. For instance, in March 2021, Furniture startup Staxxiom has unveiled its new "no tools, no hassle" furniture products, a line of patented, click-to-assemble furnishings built from natural, eco-friendly materials. Every product can be assembled in less than 2 minutes.
Market Trends
Growing trend of Do It Yourself (DIY) office furniture is projected to uplift growth of the office furniture market. For instance, in October 2020, B&Q has launched a clever collection of modular room dividers in response to the demand for more home office space at home. The range includes windows, corkboards, oak slats, and shelving so that households can build dividers that work for them. Moreover, they are easy to install, are great for adding a partition to a shared bedroom or creating a quiet office space in an open-plan living room.
Key players are highly focused on adopting various growth strategies such as partnership and agreement in order to expand their presence. For instance, in March 2021, BoConcept and Haworth entered into a partnership that promises to open new global markets and opportunities for the Danish furniture brand. BoConcept has become part of Haworth Collection, an extensive global network of partnerships, filling a gap in Haworth's portfolio.
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Competitive Landscape:
Key players operating in the global office furniture market include Knoll Inc., LLC., HNI Corporation, Herman Miller, Inc., Teknion Corporation, Kimball International Inc., Berco Designs, Kokuyo Co., Ltd., Haworth Inc., Okamura Corporation, and Steelcase Inc.
Market segmentation:
Global Office Furniture Market, By Material Type:
- Metal
- Wood
- Plastic
- Others
Global Office Furniture Market, By Product Type :
- Storage Units
- Seating
- Desks & Tables
- Workstation
- Accessories
Global Office Furniture Market, By Price Range:
- Premium
- Medium
- Economy
Global Office Furniture Market, By End User:
- Corporate Offices
- Government Offices
- Others
Global Office Furniture Market, By Distribution Channel:
- Online
- Offline
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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