Seattle, Sept. 15, 2022 (GLOBE NEWSWIRE) — Global office furniture market is estimated to be valued at US$ 77,435.2 million in 2021, and is expected to exhibit a CAGR of 3.1% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Office Furniture Market:
The emerging economies such as India are undergoing industrialization and economic development, which is leading to infrastructural transformation. An increase in the number of corporate offices, owing to the rapid construction of Information Technology (IT) Parks and commercial zones is creating a demand for modernized office furniture across the globe.
In addition to this, for boosting colleague communications, collaborative environment and social interactions, organizations are creating informal office spaces. This shift has prompted the manufacturers in the office furniture industry to introduce intelligently designed furniture products. Office buildings are being considered as real estate assets, as they provide income and growth opportunities. Moreover, growth of the private sector is leading to increasing office infrastructures for micro, small & medium enterprises (MSME). Moreover with focus on construction of new offices, enterprises are also focusing on alteration and renovation of existing offices. The refurbishment of offices requires investments on new office furniture.
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Key Market Takeaways:
Over the forecast period (2022-2030), it is expected that the global market for office furniture will have a CAGR of 3.1 %. Global office furniture market is impacted both favorably and unfavorably by a number of social factors, including demographics (age, gender, race, and family size), consumer attitudes, public opinions, buying patterns, population growth rate, employment patterns, socio-cultural changes, ethnic and religious trends, and living standards.
Countries across the globe are witnessing high growth in the e-commerce industry. For instance, according to India Brand Equity Foundation (IBEF) report on e-commerce, published in August 2022, India’s e-commerce market is expected to reach US$ 111 billion by 2024 and US$ 200 billion by 2026. This growth in the e-commerce industry is also facilitating growth of the office furniture market. As office furniture manufacturers are getting acquainted with online channels, they are selling their products on a larger platform, thereby increasing their customer base geographically. E-commerce portals boost the sales of furniture manufacturers by providing larger exposure to manufacturers, who were confined to one geography.
For instance, In November 2018, New Itoki, a Japan-based furniture company, headquarters office, Singapore acquired WELL certification. WELL certification is the world’s first building and indoor environmental evaluation system. This certification preliminary (gold level) demonstrates usefulness and effectiveness of office design, which maintains physical and mental health of employees.
To cater to the customer requirements, Furniture manufacturers are also focusing on developing new products. The leading market players are launching innovative furniture solutions such as Do It Yourself (DIY) office furniture, which is also beneficial in shifting of offices from one location to another. For instance, IKEA furniture, A Dutch based furniture supplier, offers dismantled form of furniture, which can be assembled according to the size and structure of the office.
Major players operating in the global office furniture market include Knoll Inc., LLC., HNI Corporation, Herman …….