Market Research Report
Office Furniture Market - Segmented by product (Seating, Modular Furniture, Desks & Tables, and Other Office Furniture), Distribution Channel, end-user, and Geography - Growth, Trends and Forecasts (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||754958|
|Published||Content info||104 Pages
Delivery time: 2-3 business days
|Office Furniture Market - Segmented by product (Seating, Modular Furniture, Desks & Tables, and Other Office Furniture), Distribution Channel, end-user, and Geography - Growth, Trends and Forecasts (2018 - 2023)|
|Published: October 1, 2018||Content info: 104 Pages||
The global office furniture market is projected to grow at the rate of 5.4% during the forecast period, 2018 to 2023. Large enterprises and corporates are investing heavily in furnishing and interiors of office spaces to provide employee with comfortable and productive environments. Thus, vendors are designing office furniture that offers better comfort and minimizes stress. In addition, smart furniture is also gaining popularity. For instance, office desk comes with sensors, where the employee can set preference according to the comfort. Similarly, sensor attached to office chair guides the employee when he has to change the posture. Such smart furniture are being developed with a focus on comfort and convenience. Moreover, the advent of home office furniture have further triggered the growth of the office furniture market globally. However, complexity in supply chain & logistics, long replacement cycle, and fluctuations in raw material costs are restraining the growth of office furniture market.
Rise in the number of start-ups is one of the major drivers for office furniture market globally. These start-ups are supported by government in terms of capital expansions and bridging mentors and entrepreneurs. In addition, government are also launching several programs to boost start-ups by introducing favorable policies, which in turn, will increase the number of start-ups globally, subsequently driving the growth of the office furniture market globally.
The demand for home office furniture has also increased worldwide, especially in the United States and European countries. Thus, with the rise in home office and work from home concept, demand for desktop chairs and tables will increase in the years to come. Moreover, vendors are introducing multi-functional furniture so that consumer can use these furniture for other purposes.
Office furniture market is characterized by various brands and their value propositions. Increased focus on work aesthetics have fueled demand for office furniture globally. The key players in the market are developing new designs to create product differentiation with changing preferences of customers. Moreover, (ready-to-assemble) RTA furniture is also gaining popularity for its ease of use and convenience. Thus, vendors are introducing high quality office furniture that enhance comfort, utilize space efficiently, and enable employee collaboration.
In the past years, online spending by customers have rose significantly. Most vendors are adopting online retail strategies to reduce cost and increase their profit margins. Moreover, there's a rise in the number of online furniture stores as to reduce the need of rental space and inventory. Amazon.com and Wayfair are some of the leading online retailers for office furniture. The growth opportunity for the sales of office furniture through online channel have forced online retailers to improve purchase processes in terms of security and reliability, which, in turn, has propelled the demand for office furniture. Some of the policies that encourage consumers to purchase online includes secured transactions, cash on delivery options, convenient return policies, integrated and centralized customer service.
Asia-Pacific is the fastest growing region in the global office furniture market. China, Japan, Australia and India are the top contributing countries in the region. Many key players in furniture market are entering into partnerships with the e-commerce retail stores in order to strengthen their distribution network. Demand for office furniture has also increased with exponential rise in number of commercial properties along with the number of employment in service sector.
2016 - Steelcase launched Brody WorkLounge with better comfort and support. The furntiture is specially designed to cut out distractions and maximize concentration on work.
2015 - Okamura Corporation launched Swift-height-adjustable table.
Major Players - Steelcase Inc., Okamura Corporation., Hni Corporation, Herman Miller, Inc., Haworth Inc., Knoll, Inc., Kokuyo Co.,Ltd., Meridian Office Group, Kimball International, 9to5 Seating, Berco Designs, Afc System, Kinnarps Ab, Stellar Global Furniture, Ofgo, and Sedus Stoll Ag.
Analyzing outlook of the market with the recent trends and Porter's five forces analysis
Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
3 months analyst supports, along with the Market Estimates sheet (in Excel).
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