According to a new report published by FAST.MR, titled, “Office Furniture Market” witnessed a market value of USD USD 54.2 billion in 2020 and is considered to reach USD 85.0 billion by the end of 2026 , recording a compound annual growth rate (CAGR) of 9.40% between 2021 and 2026. The office furniture market is analyzed based on regions, by product, by price range and by distribution channel. The regions included are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also comprises detailed competitive analysis of dominant market players of office furniture market, such as Herman Miller Inc., Inter IKEA Group, Okamura Corporation, HNI Corporation, Knoll, Inc., Steelcase Inc., Haworth Inc., Kokuyo Co Ltd., Kimball International Inc., Hooker Furniture and others.
Increase in the employment rate and rising consumption of office spaces are few of the key factors impelling the growth of office furniture market. Moreover, increasing office construction spending across the globe is expected to behold the growth of the market. Further, launch of innovative and advanced office furniture are expected to intensify the demand for office furniture in near future.
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Among this segment, the seating segment is anticipated to capture a market share of 38.5% in 2020. In terms of value, office seating segment is anticipated to reach USD 37,463.7 Million by the end of 2026 from USD 20,145.3 Million in 2020. Further, this segment is anticipated to flourish at a CAGR of 10.3% over the forecast period. Further, the global office seating market expected to achieve the absolute $ opportunity of USD 15,223.3 Million between 2021-2026
In the price range segment, the office furniture market is sub-segmented into premium, medium, and economy. Among this segment, economy office furniture segment is expected to expand at a CAGR of 8.8% in terms of value over the forecast period i.e. 2021-2026. The global economy office furniture market accounted for USD 24,035.2 Million in 2020 and is predicted to reach USD 38,756.1 Million by the end of 2026.
Based on the distribution channel, the office furniture market is further sub-segmented into online stores and offline stores. Among this segment, offline stores segment is expected to grow at a CAGR of 9.0% over the forecast period i.e. 2021-2026. The global offline retailing office furniture is projected to brandish an average growth opportunity of USD 32,174.8 Million from the period of 2021-2026. The Y-o-Y growth rate is projected to rise by 12.8% over 2026 as compared with previous years.
Region-wise, the market has been segmented into Europe, Asia Pacific, North America, the Middle East & Africa, and Latin America. At present,the Asia Pacific office furniture market reached USD 27,934.4 Million in 2020 and is expected to witness a CAGR of 11.2% over the forecast period.
Some of the notable industry trends include new product launch, acquisition & merging, advancements & innovations and expansion.
Key companies are focusing on acquisition of various small companies to strengthen their position in global office furniture market. For instance, in September 2018, Steelcase announced the acquisition of Orangebox Group Limited, a UK-based designer and manufacturer of furniture. This acquisition helped the company to boost collaboration at work and accelerate innovative product development in Europe and around the world.
Also, various key office manufacturers are expanding their presence across the world in order to strengthen their position in the market. These expansions had helped the companies to acquire new customer base and increase their revenue. For e.g., HON Company invested USD 14.5 Million in expansion in Cedartown, Georgia.
The competitive landscape of the market has been examined in the report. Some of the key players operating in the market include Herman Miller Inc., Inter IKEA Group, Okamura Corporation, HNI Corporation, Knoll, Inc., Steelcase Inc., Haworth Inc., Kokuyo Co Ltd., Kimball International Inc., Hooker Furniture and others prominent players.
Research Scope and Deliverables:
- Research Methodology & Executive Summary
- Market Drivers, Trends, Barriers and Opportunities
- Market Size and Forecast Projections
- Competitive Analysis
- Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
- Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
- Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the office furniture market by the following segments:
- Price Range
- Distribution Channel
Geographic Market Analysis:
The report offers separate analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In addition, the further breakdown of market data and analysis of region into countries is covered in the report.
FAST.MR is a global market research and business-consulting organization that aims to provide a deep market insight to our clients, which helps them in better decision making in the dynamic environment. We have a team of highly qualified personnel that studies the market in depth to provide our clients with better strategies to stand out in the market.
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