Office furniture market has witnessed continuous growth since past few years. In 2018, the office furniture industry exceeds the value of USD 56 Billion. With a CAGR of 5.3% during 2019-2023, the global office furniture market is projected to reach USD 76.8 Billion by 2023. Improvement in economic conditions and growth in industrial & services sector across all regions is believed to supplement the growing consumption of office furniture. In 2018, office furniture accounted for around 15.6% 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.
The research report provides market analysis and forecasts for North America, Latin America, Europe, Asia Pacific and Middle East & Africa. In 2018, Asia Pacific capture 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 2018, 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.
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 furnitures.
The office furniture industry is witnessing a lot of acquisitions and merger activities to expand their product portfolio and footprint across the world.
For the purpose of this study, the report is categorized into three segments i.e. product type, retailing channel and price range.
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 2018. Further, seating and workstation segment is slated to account for major market share during the forecast period.
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.
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 2017 and is expected to expand at significant CAGR during the forecast period.
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:
By Product Type
By Retailing Channel
By Price Range