Office furniture Market to Reach USD 95 Billion by 2024, fostered by Integration of Innovative Technologies
According to a new report published by FAST.MR, titled, “Office Furniture Market” witnessed a market value of USD 58 billion in 2018 and is considered to reach USD 95 billion in 2024, recording a compound annual growth rate (CAGR) of 9.1% between 2019 and 2024. 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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Based on the product, the market has been classified into Seating (Office Chairs, Guest Chairs, Stools, Sofa, Others), Storage Unit and Files (Bins & Shelves, Cabinets, Others), Workstation (Individual Workstation, Collaborative Workstation, Others), Tables (Conference Tables, Dining Tables, Occasional Tables, Others) and Accessories. In product segment, seating office furniture contributed around XX% market share of the office furniture market in 2018.
Office furniture price range segment include premium, medium and economy. Premium office furniture segment was valued at USD 14,104.3 million in 2018 and is expected to reach USD 23,557.7 Million by 2024, progressing at a CAGR of 9.4% from 2019 to 2024.
On the basis of distribution channel, the market is categorized into online stores and offline stores. In 2019, online Stores represented 3.3% of the total office furniture market.
Region-wise, the market has been segmented into Europe, Asia Pacific, North America, the Middle East & Africa, and Latin America. At present, Asia Pacific is the prominent market, holding 47.4% of the global market share.
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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