New Product Launch
The office furniture industry is witnessing high demand for innovative and chic furniture's. This factor has pushed manufacturers to launch various new products in order to capture market opportunities. For instance, Geiger, a brand of Herman Miller introduced a range of furniture including Axon Tables and Reframe Lounge Furniture.
The office furniture product market is segmented into seating, storage unit & files, workstation, tables, and accessories. Among this segment, the seating segment is anticipated to capture a market share of 35.1% in 2018. In terms of value, office seating segment is anticipated to reach USD 35,025.4 Million by the end of 2024 from USD 20,421.9 Million in 2018. Further, this segment is anticipated to flourish at a CAGR of 9.9% over the forecast period. Further, the global office seating market expected to achieve the absolute $ opportunity of USD 13,173.2 Million between 2019-2024.
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 8.5% in terms of value over the forecast period i.e. 2019-2024. The global economy office furniture market accounted for USD 23,991.6 Million in 2018 and is predicted to reach USD 38,225.6 Million by the end of 2024.
Moreover, 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 8.8% over the forecast period i.e. 2019-2024. The global offline retailing office furniture is projected to brandish an average growth opportunity of USD 31,369.4 Million from the period of 2019-2024. The Y-o-Y growth rate is projected to rise by 12.0% over 2024 as compared with previous years.
Geographically, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the office furniture market, Asia Pacific is projected to capture a large market share over the forecast period. The Asia Pacific office furniture market reached USD 27,205.9 Million in 2018 and is expected to witness a CAGR of 10.5% over the forecast period. As the Asian countries such as India, China, and others are growing in terms of GDP, employment rate, urbanization, and infrastructure development, the demand for furniture in offices is also rising as remarkable rate. Furthermore, world-leading furniture manufacturers are expanding their businesses in Asian countries, as they are believing the region holds great market growth opportunities for them. The corporate business owners in the Asia Pacific are now spending more on their office infrastructure in order to improve the work environment which in turn boost the productivity of the employees. Moreover, increasing number of commercial spaces in Asia Pacific is envisioned to strengthen the demand for office furniture during the forecast period.
The report also covers detailed competitive analysis of major market players of the 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 prominent players. The office furniture market is witnessing a wide range of industry activities such as product launch, acquisition, agreement, and expansion across the globe. For instance, on 23rd January 2019, Haworth Inc. announced the addition of more than 50 products to its portfolio from BuzziSpace. Further, the addition of these innovative products will help the company to increase its market share in the upcoming years.
- Seating (Office Chairs, Guest Chairs, Stools, Sofa, Others)
- Storage Unit and Files (Bins & Shelves, Cabinets, Others)
- Workstation (Individual Workstation, Collaborative Workstation)
- Tables (Conference Tables, Dining Tables, Occasional Tables, Others)
By Price Range:
By Distribution Channel:
- Online Stores
- Offline Stores
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
The report profiles various major market players 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
- Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides a company’s positioning and market share in the office furniture market.
Timeline Considered for Analysis:
- 2018: Base Year
- 2019: Estimated Year
- 2019 to 2024: Forecast Period
Research Scope and Deliverable's
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
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
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Office Furniture Industry Report
- What is the overall market size in 2018? What will be the market growth during the forecast period i.e. 2019-2024?
- Which region would have a high demand for the product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?