Office Furniture Market is Set to Grow at a CAGR of 5.8% by 2024

New York, USA, 2018-Nov-16 — /EPR Network/ —According to Goldstein Research, world office furniture market is expected to reach USD 96.2 billion by 2024 from USD 61.2 billion in 2016, growing at a compounded annual growth rate of 5.8% over the forecast period 2016-2024. The rise of commercial space majorly in the developing countries on account of the economic development is driving the growth of global office furniture market. Global office furniture market segmentation has been carried out on the basis of material used, products, distribution channel, and region. Based on products, office chairs segmented accounted for 13.9% market share. The lengthening working hours in the office is augmenting the demand for chairs ranging from swivel chairs to ergonomic chairs. Global office furniture market is majorly driven by North America with a market share of 33.21% in 2016. North America office furniture market is growing on the back of a large number of working population and increasing office space in the region. Further, Asia Pacific office furniture market is expected to grow by 41.0% annual growth rate during 2016-2024.

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Market Segmentation

On the basis of our in-depth analysis, Global Office Furniture Market can be segmented as follows:

By Material Used

  • Wood
  • Metal
  • Plastics
  • Others (glass, leather, steel and more)

By Products

  • Office Chairs
  • Office Tables
  • Storage cabinets
  • Office furnishing

By Distribution Channel

  • Online Channel
  • Offline Channel

By Region

  • North America Office Furniture Market  {Market Share (%), Market Size (USD Billion, Adoption Rate (%)}
  • Europe Office Furniture Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • The Middle East and Africa  Office Furniture Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Latin America Office Furniture Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
  • Asia Pacific Office Furniture Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}

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 “Global Office Furniture Market Outlook 2024” contains a detailed overview of the global office furniture market. On the basis of our in-depth analysis, market can be segmented in terms of market segmentation by material used, products and distribution channel.

Further, for the in-depth analysis, Global Office Furniture Industry Analysis Report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such as IKEA, Herman Miller, Godrej and Boyce, Kokuyo, Okamura, Steelcase, Berco furniture solution, Creative wood, Stellar Global Furniture, Kimball International, Meridian Office group, Technion, Wipro Furniture, Sedus, Kinnarps, HOF Furniture,etc.

The company profiles show the business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents the global office furniture market trends along with market forecast that will help industry consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities.

 Key questions answered in this Global Office Furniture Report

  • The Global Office Furniture Market Size by 2024.
  • The total revenue Of Global Office Furniture Market per segment and region in 2015-16.
  • The Office Furniture Market trends.
  • The factors which are driving Global Office Furniture Market.
  • The major barriers to office furniture industry growth.
  • The key vendors in this industry space.
  • The industry opportunities for the existing and entry-level players.
  • The recent developments and business strategy of the key players.

Office furniture market is further bifurcated in various segments with separate market analysis mentioned below:

Furniture Market

Furniture market globally has its increasing foothold. With the rapid urbanization in a region real estate market also tends to grow thus driving the growth in demand for furniture. Global furniture market is majorly driven by the Asia Pacific, majorly India and China in terms of both manufacturing and consumption of furniture. World furniture market size expected to reach more than USD 550 billion by 2024 from USD 400 billion in 2016, growing at a compounded annual growth rate of 4.2% over the forecast period 2016-2024.

Outdoor Furniture Market

The trend of luxury housing, growing real estate sector and rising disposable income of people is driving the growth of world outdoor furniture market. Global outdoor furniture market segmentation has been carried out on the basis of product type, material type, end users, distribution channel and region. Furniture market is expected to reach more than USD 14.3 billion by 2024 from USD 9.1 billion in 2016, growing at a compounded annual growth rate of 5.6% over the forecast period 2016-2024

 

Global Healthcare Furniture Market Analysis

The healthcare furniture includes all the movable & stationary furniture in the diagnostic office & labs, waiting area, and patient ward. Global healthcare furniture market size is set to grow at a CAGR of 6.8% over the forecast period 2017-2025. The increasing number of hospitals and other healthcare facilities coupled with the increasing number of patients all over the world is driving the growth of healthcare furniture market.

RTA Furniture Market

RTA furniture gained its popularity in furniture market for its low cost and high functionality as compared to ready-to-use (RTU) furniture. Global RTA furniture market is expected to showcase significant growth to surpass USD 33 billion by 2024. Geographically, Western Europe dominates the global furniture market with more than more than 25% global furniture production and over 25% of entire furniture consumption.

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