SEATTLE, July 07, 2021 (GLOBE NEWSWIRE) -- Global Office Furniture Market to Reach US$ 96,642.94 Million by 2027; owing to demand for innovative furniture solutions, Says Coherent Market Insights (CMI)
The global office furniture market was valued at US$ 74,428.57 million in 2019 and is expected to exhibit a CAGR of 3.1% during the forecast period (2020-2027).
Key Trends and Analysis of the Global Office furniture Market:
The increasing preference of modern ambience at workplace, availability of wide range of options for office furniture, and increasing knowledge about the usage of furniture for avoiding health issues such as stress injuries in the back, are some of the factors driving demand for new and technologically advanced office furniture. To cater to the customer requirements, manufacturers are also focusing on developing new products. The leading market players are launching innovative furniture solutions such as Do It Yourself (DIY) office furniture, which is also beneficial while shifting offices from one location to another. For instance, IKEA furniture offers dismantled form of furniture, which can be assembled according to the size and structure of the office.
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Key Market Takeaways:
The global office furniture market is expected to exhibit a CAGR of 3.1% over the forecast period (2020-2027). The government of various countries are supporting development of private sector companies in their region by providing capital incentives for establishment of micro, small and medium enterprises. The private companies also focus on acquiring new talent and invest in new technologies. The growth of private companies in a region result in better infrastructural developments and employee welfare. This is further expected to drive demand for office furniture over the forecast period.
Among price range, medium price segment is expected to grow at a significant rate during the forecast period. As the per capita income of consumers is increasing, they are opting for healthy and comfortable furniture such as ergonomic chairs, which not only provides comfort but also helps to maintain proper body posture. For instance, according to Organization for Economic Co-operation and Development (OECD) report published in 2018, the adjusted gross disposable income of household per capita in European Union increased to US$ 30.1 million in 2017 from US$ 29.1 million in 2016. This is one of the factors that is causing changes in lifestyle and therefore leading to an increase in adoption of products with more comfort and features such as ergonomic chairs.
Competitive Landscape:
Major 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.
Key players are focusing on new product launches to expand their product portfolio. In 2017, Herman Miller, Inc. launched automated office furniture that includes a range of cloud-connected furniture that aims to collate information about employees’ preference for desk height, by using sensors embedded in desk that tracks usage data and gives the employers a real-time feedback on workplace performance.
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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
- Global Office Furniture Market, By Region:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Italy
- France
- Germany
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East & Africa
- Middle East
- Africa
- North America
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About Us:
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.