Overview of Global Office Furniture Market Size, Demand, Trends, Share and Growth Forecast till 2022
FACT.MR has been actively involved in offering comprehensive research data concerning various topics which are associated to industrial reference and investor utility. This particular research report titled “Office Furniture Market Forecast, Trend Analysis & Competition Tracking – Global Review 2017 to 2022” has been added to the wide online database of FACT.MR which discusses the present as well as future market scenario. Readers can access knowledge related to market volume, regional expanse as well as competitive landscape prevailing in the global Office Furniture Market. In order to study development patterns, this smart assessment also focuses on market dynamics, which talks about drivers, restraints and opportunities estimated to influence the concerned market during the period until 2022.
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When referring to the workplace, each and every piece of furniture plays an important role enhancing the productivity. Surrounded by boring furniture, employees often tend to lose interest in work. Hence, businesses are choosing vibrant color furniture with a modular design. With advancement in technology, furniture that can provide quick and easy connectivity are becoming a high priority. Employee fitness and health is also one of the priorities for companies. Therefore, manufacturers are focusing on designing office furniture that can provide correct posture, eventually minimizing strain on the spine. Companies are also fostering innovative culture by providing work areas encouraging communication. To support this, office furniture manufacturers are designing furniture with adjustable heights and using visually attractive color and texture.
Thinking outside the box, manufacturers are experimenting with innovative designs providing optimal comfort and reducing stress. Providing balance between collaboration and privacy, office furniture manufacturers are focusing new designs for modern workspace. The concept of recycled office furniture is also gaining traction, resulting in cost saving and reducing waste. Taking an environmentally friendly step, companies and organizations are also opting for recycled office furniture as it is cost-effective and can be delivered quickly.
According to the latest report by Fact.MR, the global office furniture market is expected to witness above-average growth. The market is estimated to register 5.8% CAGR during the forecast period 2017-2022. Owing to the rising number of corporate offices along with the rise in employment rate is driving the growth in office furniture market. Manufacturers are also working on new look and designs to offer multipurpose and comfortable office furniture. Modular type of furniture which is tech-friendly and boosts productivity. Following insights show how the global market for office furniture will perform in the next five years.
Office Chairs- Top-Selling Product
Compared to other office furniture such as tables, office systems furniture, storage furniture, etc., office chairs are expected to emerge as a top-selling product. Witnessing a steady growth, office chairs is estimated to surpass US$ 8,800 million value by the end of 2022. Meanwhile, office tables are also expected to account for nearly one-third of the revenue share by 2017 end.
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Office Furniture to Witness Highest Sales through Retail Stores
Accounting for nearly one-third of the revenue share, retail stores is expected to emerge as the most lucrative sales channel for office furniture. Towards the end of 2022, retail stores are projected to bring in nearly US$ 9,600 million revenue. Although sales of office furniture through direct to customer sales channel is also expected to experience above-average growth during the forecast period 2017-2022.
Regional Outlook
Asia Pacific Excluding Japan (APEJ) is projected to witness impressive growth, exceeding US$ 14,700 million revenue by the end of 2022. Increasing development of corporate offices, rise in a number of MNCs building new offices, and growing number of startups and new entrants resulting in more number of employees are some of the factors driving the growth of office furniture in the region.
Competition Tracking
The report offers a detailed profile of various companies that are expected to remain active in the expansion of global office furniture market through 2022, which include Herman Miller Inc., Steelcase Inc., Knoll, Inc., Okamura Corp, HNI Corporation, Uchida Yoko Co., Ltd, INABA SEISAKUSHO Co., Ltd, Itoki Corp, Fursys, Inc., and UE Furniture Co., Ltd.
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Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Retail & Consumer Goods Market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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