Private Sector Development to Boost Demand for Office Furniture Market Forecast 2019 to 2029

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application and industry

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Office furniture market shows that the market is expected to grow at a CAGR of ~ 7% during the forecast period. The global office furniture market value is likely to be valued at ~ US$ 47 Billion by the end of 2019. Shifting consumer’s priorities to change the office structure to make it more modular and integrated, for using every square feet of office space is mainly driving the office furniture market growth.

Large corporates and enterprises are investing vigorously in furnishing and the peripheries of office spaces to give employees or workers an agreeable, productive, and comfortable environment. Thus, manufacturers are designing office furniture that minimizes stress and offers enhanced comfort. Moreover, smart furniture is expected to gain significant growth in the forecast period.

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For example, office desks or other furniture comes with an embedded controller and sensor, where the employee can control various tasks such as setting up an optimal temperature. Similarly, smart office chairs can provide employees with posture changing applications.

These types of smart office furniture are primarily developed with a motive of convenience and comfort. Moreover, the arrival of home-based office furniture has further triggered the office furniture market growth. However, complexity in logistics and supply chain, fluctuations in raw material costs, and long replacement cycle are hampering the growth of the office furniture market.

An increasing number of local companies as new entrants is one of the crucial drivers for the office furniture market growth worldwide. These start-ups or emerging companies are sustained by numerous government schemes such as loans, self-certification, income tax exemption, and others. These companies are also backed by experienced mentors and entrepreneurs for establishing a healthy business.

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Overall government initiatives for helping the small and emerging businesses to grow and launch several plans are likely to boost the growth of emerging companies by introducing favorable policies. These policies are also expected to create noteworthy opportunities for the global office furniture market. Globally, the demand for creative home office furniture is also anticipated to increase significantly, mainly in Europe and the United States.

Hence, rising demand for home office furniture backed with the trend of work from home is expected to create a lucrative opportunity for the office furniture market growth globally. Historically, the demand for modular tables and desktop chairs experienced moderate growth. However, increasing prices for office spaces are forcing enterprises and companies to adopt modular office furniture. Moreover, manufacturers are offering innovative multi-functional office furniture to stay ahead of the intense competition.

Booming IT (Information technology) sector is creating substantial opportunities for the office furniture market globally. Moreover, increased emphasis on work aesthetics has created enormous growth for the market. Key players operating in the office furniture market are focused on designing and manufacturing products with changing preferences of customers. Furthermore, RTA (Ready to Assemble) furniture is also gaining popularity among consumers for better usage and convenience.

Since the last few years, per capita spending on online trading channels has increased significantly. Many local and prominent manufacturers are adopting online retail strategies to decrease the product display cost and increase the overall profit margin. Moreover, the number of online furniture stores has increased considerably. Wayfair and are some of the leading online office furniture retailers. Some companies also offer an exchange offer for upgrading old office furniture. This phenomenon is countering the low replacement rate of the office furniture, thereby, boosting the global market growth to a great extent.

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The report answers important questions which include:

  • Why is player leading the Office Furniture Market in region?
  • Which factors pose a negative impact on the Office Furniture Market growth?
  • What was the value registered by the Office Furniture Market in 2018?
  • What challenges do the Office Furniture Market players face during R&D stages?
  • Which countries contribute a significant share to the total market revenue in region?

Key findings of the Market report:

  • Prominent manufacturers, raw material suppliers, equipment providers, traders, and distributors in the Office Furniture market.
  • In-depth analysis of important market segments, market potential, impacting trends, and challenges.
  • Critical examination of the strengths, weaknesses, opportunities and threats of each Market player.
  • Extensive investigation of the effects of the growth of relevant industries.
  • Accurate data regarding the future prospects of the Market during the forecast period.

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