Office Furniture Market 2022 – Segments Analysis, Industry
Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast
2030
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Office furniture market has
witnessed continuous growth since past few years. Due to COVID-19, demand for
office furniture products have declined as business sentiment and commercial
construction have declined. Many companies have pulled up their expansion in
new workspaces and laid off their employees. These sudden changes has decreased
the demand for new office furniture products. In 2020, the office furniture
market declined to the value of USD 48.1 Billion. With a CAGR of 2.7%
during 2021-2025, the global office furniture market is projected to reach USD
54.9 Billion by 2026. Demand for products is projected to increase over the
next years due to improvement in economic conditions and growth in industrial
& services sector across all regions. In 2020, office furniture accounted
for around 13.4% of global furniture market.
Commercial real estate sector is
one of most globally recognized sector. The growth of this sector is well
complemented by rising demand for office spaces coupled with growth of
commercial sector. Sectors such as IT and ITeS, consulting, retail and
e-commerce are witnessing high demand for office spaces and this growing office
space absorption bodes well for the growth of global office furniture market.
Apart from this, expansion of multi-national companies in various other nations
is giving rise to the demand for new office products.
Various government initiatives to
build and nature startups is empowering the economic growth and employment in
nations. Further, surge in number of startups is creating an expanding
opportunity for the growth of the global office furniture market.
Developed market such as U.S.,
Germany, U.K., Switzerland, Japan and Italy are also offering significant
growth opportunities. Rising office interior improvement activities such as
refurbishment is expected to continue to drive gains for the office furniture
industry in developed nations. Moreover, the market is witnessing increased
demand for customized aesthetics office furniture and fresh office design
themes in various developed countries such as. This is leading to the
development of aesthetic & innovative office furniture products.
Global Office Furniture Market
Regional Outlook
The research report provides
market analysis and forecasts for North America, Latin America, Europe, Asia
Pacific and Middle East & Africa. In 2020, Asia Pacific captured a market
share of 43.8% and is expected to continue its dominance over the forecast
period. Countries such as Japan, Hong Kong, Australia, Japan and Singapore have
a high market maturity in Asia Pacific region. Further, it is anticipated that
India, Malaysia, Vietnam, Philippines and other developing countries in the
region will drive the demand for office furniture products. Developing
countries are witnessing rapid urbanization and rising commercial construction
activities are paving the way for the growth of Asia Pacific office furniture
market in near future.
Europe office furniture market is
projected to grow at a significant pace during the forecast period. In 2020,
Eastern and Western European countries such as Germany, Poland, France, Spain
and United Kingdom captured largest percentage of market share in Europe office
furniture market. Rising adoption of ergonomic office furniture coupled with
increasing office refurbishment activities is driving gains in Europe office
furniture market.
The report also identifies country
market outlook for office furniture, covering country wise market size, growth
rate, market share, current trends and opportunities.
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Global Office Furniture Market
Trends
Some of the major trends and
developments in office furniture industry are as follows
·
Major players are involved in launch of new
design and innovative office furniture. This is resulting in increased competition
and is driving key vendors to introduce new designed and high performance office
furniture.
·
The office furniture industry is witnessing a
lot of acquisitions and merger activities to expand their product portfolio and
footprint across the world.
Office Furniture Market
Segmentation
For the purpose of this study, the
report is categorized into three segments i.e. product type, retailing channel
and price range.
Office Furniture Market:
Product Type Segment Review
The global office furniture market
is segmented into product type by seating, workstation, tables, storage units
and accessories. Seating and workstation segment acquired major portion of
market share in 2020. Further, seating and workstation segment is slated to
account for major market share during the forecast period.
Office Furniture Market: By
Retailing Channel Segment Review
Retailing channel segment is
categorized into offline stores and online stores. Online office furniture
retailing segment is anticipated to proliferate over the forecast period owing
to rapid growth of e-commerce across the globe. In addition, rapid growth in
home offices coupled with growing inclination of people towards online sales
channel is supplement to drive the growth of office furniture online retailing.
Office Furniture Market: By
Price Range Segment Review
The report is further segmented by
price range into high priced, medium priced and low priced, out of which,
medium priced office furniture market accounted for largest market in 2020 and
is expected to expand at significant CAGR during the forecast period.
Office Furniture Market
Competitive Landscape
The top ten office furniture
manufacturers account for around one-third of global office furniture business.
In developed nations such as U.S. and Japan, office furniture market is majorly
captured by top players. However, in Asia Pacific, the market is more
fragmented due to the presence of various domestic and regional players.
The office furniture market report
profiles various major and niche office furniture manufactures with their
detailed company information, product portfolio, SWOT analysis, financial
performance, company business strategy, controlled companies and subsidiaries,
manufacturing plants and office locations, recent developments and strategic
moves (i.e. acquisition, expansion, merger & joint venture, investment etc.
Some of the major companies
included in office furniture market report are Steelcase, Herman Miller,
Haworth, Knoll, HNI, Kokuyo, Okamura, IKEA, Kimball International, Hooker
Furniture, among others.
The office furniture research
report includes:
·
Analysis of demand trends
·
Market size and five year forecasts of market
trend and growth
·
Detailed segmentation of global and regional
market
·
Company profiles of major players
Why buy this report?
·
Inform your marketing, brand, strategy and
market development, sales and supply functions
·
Track key industry trends, opportunities and
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·
Gain competitive intelligence about market
leaders
·
Create resilient market entry and expansion
strategies
Segmentation of Office
Furniture market
By Product Type
Seating
Workstations
Tables
Storage Units
Accessories
By Retailing Channel
Offline Stores
Online Stores
By Price Range
High Priced
Medium Priced
Low Priced
Regional Analysis
North America
Latin America
Europe
Asia Pacific
Middle East & Africa