Burlingame, Sept. 12, 2024 (GLOBE NEWSWIRE) -- According to CoherentMI, Australia Office Furniture Market is estimated to value at US$ 1.14 Billion in 2024 and is anticipated to reach a value of US$ 1.44 Billion by 2031 at a CAGR of 2.4% during forecast period 2024 and 2031. Australia has seen steady economic growth over the past few years leading to expansion of corporate offices and commercial real estate sector. Many large companies are undertaking office renovations and upgrades to provide modern workspaces. This has fueled the demand for new office furniture including seating solutions, storage units, meeting and conference room furniture.
Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2024: | US$ 1.14 Billion |
| Estimated Value by 2031: | US$ 1.44 Billion |
| Growth Rate: | Poised to grow at a CAGR of 2.4% |
| Historical Data: | 2019–2023 |
| Forecast Period: | 2024–2031 |
| Forecast Units: | Value (USD Million/Billion) |
| Report Coverage: | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered: | By Product Type, By End User |
| Geographies Covered: | Australia |
| Major Players: | IKEA Pty Limited, Harvey Norman Holdings Limited, Living Edge (Aust) Pty Ltd, Fantastic Furniture, Amart Furniture Pty Limited and Among Others. |
| Growth Drivers: | • Increasing number of startups and SMEs |
| • Growth in the commercial construction sector | |
| Restraints & Challenges: | • Trade barriers and high taxation |
Market Dynamics:
The Australia office furniture market is driven by rising demand for ergonomic furniture from organizations focusing on employee well-being. Productivity levels have increased manifold due to the use of ergonomic office furniture. Additionally, growing adoption of activity-based working is augmenting the demand for versatile and collaborative furniture. However, availability of low-cost alternatives from Asian countries is a major challenge for industry players.
Key Market Takeaways:
- The Australia office furniture market size is anticipated to witness a CAGR of 2.4% during the forecast period 2024-2031, owing to rapid growth of corporate sector in the region.
- On the basis of service, marketing assistance segment is expected to hold a dominant position, owing to increasing focus of businesses on raising brand awareness.
- By distribution channel, home center & hardware segment is anticipated to dominate the market, due to the availability of a wide variety of options under one roof.
- Regionally, North America is expected to hold a dominant position over the forecast period, due to high adoption of advanced furniture in corporate offices.
- Key players operating in the Australia office furniture market include IKEA Pty Limited, Harvey Norman Holdings Limited, Living Edge (Aust) Pty Ltd, Fantastic Furniture, Amart Furniture Pty Limited and Among Others. These major players are focusing on strategic partnerships and collaborations to strengthen their presence in the market.
Market Trends:
The Australia office furniture market is witnessing growing demand for environment-friendly green furniture. Manufacturers are increasingly using materials that have lesser environmental impact such as recycled wood, metal, and plastic. Besides, focus on innovation and development of multifunctional and smart furniture integrated with technologies is a key trend in the market. Smart furniture embedded with sensors allows remote monitoring of occupancy and adjusts accordingly. Furthermore, growing popularity of standing desks and other active workstations to promote employee wellness is gaining traction in the market.
Marketing Assistance:
Under marketing assistance segment, marketing strategy development services are anticipated to hold the dominant position, owing to growing need of businesses to devise robust marketing plans. These services help companies enhance their brand value and increase sales.
Mentoring:
Within mentoring, one-on-one mentoring is expected to be the leading sub-segment. One-on-one mentoring offers personalized guidance to mentees and helps them gain practical knowledge and expertise in their domain of work.
Get a detailed analysis on regions, market segments, and companies: https://www.coherentmi.com/industry-reports/australia-office-furniture-market
Australia Office Furniture Market Segmentation:
- By Product Type:
- Seating
- Desks & Tables
- Workstation
- Accessories
- Storage Units
- By End User:
- Corporate Offices
- Others
- Government Offices
The research provides answers to the following key questions:
- What is the estimated growth rate of the market for the forecast period 2024-2031?
- What will be the market size during the estimated period?
- What are the key driving forces responsible for shaping the fate of the Australia Office Furniture market during the forecast period?
- Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Australia Office Furniture market?
- What are the prominent market trends influencing the development of the Australia Office Furniture market across different regions?
- What are the major threats and challenges likely to act as a barrier in the growth of the Australia Office Furniture market?
- What are the major opportunities the market leaders can rely on to gain success and profitability?
Purchase Latest Edition of this Research Report @ https://www.coherentmi.com/industry-reports/australia-office-furniture-market/buynow
Key insights provided by the report that could help you take critical strategic decisions?
- Regional report analysis highlighting the consumption of products/services in a region also shows the factors that influence the market in each region.
- Reports provide opportunities and threats faced by suppliers in the Australia Office Furniture industry around the world.
- The report shows regions and sectors with the fastest growth potential.
- A competitive environment that includes market rankings of major companies, along with new product launches, partnerships, business expansions, and acquisitions.
- The report provides an extensive corporate profile consisting of company overviews, company insights, product benchmarks, and SWOT analysis for key market participants.
- This report provides the industry's current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.
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Author of this marketing PR:
Money Singh is a seasoned PR writer with over four years of experience in the market research sector. Known for her strong SEO background, she skillfully blends SEO strategies with insightful content. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
About Us:
At CoherentMI, we are a leading global market intelligence company dedicated to providing comprehensive insights, analysis, and strategic solutions to empower businesses and organizations worldwide. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., which is a market intelligence and consulting organization that helps businesses in critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our clients make informed decisions and stay ahead in today's rapidly changing business landscape.
IKEA Pty Limited, Harvey Norman Holdings Limited, Living Edge (Aust) Pty Ltd, Fantastic Furniture, Amart Furniture Pty Limited and Among Others.
