Global Office Furniture Market to be driven by the Increase in Number of Offices Worldwide
As per KD Market Insights research, the global office furniture market is expected to witness robust growth over the next five years to reach an estimated value of USD 95,274.2 Million in 2024. The global office furniture market is expected to expand at a CAGR of 9.1% in the terms of value during the time period i.e. 2019-2024. An increase in the employment rate and rising consumption of office spaces are a few of the key factors impelling the growth of the office furniture market. Moreover, increasing office construction spending across the globe is expected to behold the growth of the market.
The global office furniture market has been segmented on the basis of product type, price range, and distribution channel. The office furniture product market is segmented into seating, storage unit & files, workstation, tables, and accessories. In terms of value, the office seating segment is anticipated to reach USD 35,025.4 Million by the end of 2024 and is anticipated to flourish at a CAGR of 9.9% over the forecast period. Further, the global office seating market expected to achieve the absolute $ opportunity of USD 13,173.2 Million between 2019-2024.
In the price range segment, the office furniture market is sub-segmented into premium, medium, and economy. Among this segment, the economy office furniture segment is expected to expand at a CAGR of 8.5% in terms of value over the forecast period i.e. 2019-2024.
Rapid introduction of innovative and advanced office furniture will intensify the growth of the market in the upcoming years. Key vendors are offering advanced & innovative designed furniture which is healthier and more comfortable. This factor is bolstering the growth of the global furniture market across all regions. Consumers such as enterprises and others are preferring modern and modular office furniture to improve productivity which bodes well for the growth of the market.
Increase in Number of Offices Worldwide
According to the International Labour Organization, world economic growth increased by 3.6% in 2017 as compared to 3.2% in 2016. This growth also marked a decrease in unemployment across the globe. Positive GDP growth figures of developed and developing regions across the globe is believed to positively impact the growth of the market. Further, new employment opportunities in developing nations is believed to escalate the growth of the market. With an increasing number of employed people across the globe, the demand for new offices is also increasing.
In terms of geography, the office furniture market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific office furniture market accounted for a market share of 46.8% in 2018 and is expected to attain a notable market share by the end of 2024.
In terms of value, the Asia Pacific office furniture market is expected to reach USD 48,156.3 Million by the end of 2024 from USD 27,205.9 Million in 2018. The market value of the Asia Pacific office furniture market is expected to rise at a CAGR of 10.5% over the forecast period. In addition to this, the Asia Pacific office furniture market value is projected to witness a Y-O-Y growth of 13.7% in 2024 as compared to previous years.
The report also covers detailed competitive analysis of major market players of the global office furniture market, such as Herman Miller Inc., Inter IKEA Group, Okamura Corporation, HNI Corporation, Knoll, Inc., Steelcase Inc., Haworth Inc., Kokuyo Co Ltd., Kimball International Inc., Hooker Furniture and others prominent players. The office furniture market is witnessing a wide range of industry activities such as product launch, acquisition, agreement, and expansion across the globe. For instance, on 28th January 2019, Kimball announced the launch of its new product Helio to its office seating portfolio. This product launch increases the product offering of the company.
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