Monday, 16 December 2019

Office Furniture Market Size, Opportunities, Commercial Demand, By Product type and Forecast until 2024

A research study added into a vast database of 360 Industry Monitor which titled “Office Furniture Market Study 2019“, reports provide detailed analysis of the market growth factor, barriers, future trends, key developments and more market analysis of historical and forecast insights in the furniture industry. This study aims to provide a detailed analysis of the global Office Furniture Market along with qualitative trends for the year 2019. Further, the report also offers future trends and market forecast up to 2024.

Commercial Construction Driving Demand for Office Furniture Market

Commercial construction primarily comprises of office space, retail stores, and others. Among these office space construction has significantly rising owing to increasing global trade and the emergence of e-commerce platforms such as Amazon, Flipkart, and others. Office space spending has observed promising growth over the last few years. In the U.S., office spending increased by nearly 11% from 2017 to 2018 as per the stats released by the U.S. Census Bureau.

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High-rise Buildings Creating Opportunity for Office Furniture Market

Limited the land space in urban city centers of the world has resulted in the vertical construction expansion. The number of high-rise buildings is increasing at a faster rate with the growth of the global economy. Nearly 4 million buildings with greater height than 150 meters exist all around the globe and nearly 3.5 million are proposed to be constructed. These high-rise buildings are often commercial centers with office spaces and retail stores. Thus, a rising number of high-rise buildings is likely to drive the demand for the office furniture market.

Product Type Outlook

On the basis of product type, the market is bifurcated into chairs, racks, tables, others. Within this product segment, demand for modular and innovative solutions is likely to observe greater penetration among various types of office furniture. In addition, sharing workspace concept also gained wide popularity around the globe. Emerging economies such as India, Brazil, Thailand, Indonesia, and others have observed promising growth. For instance, in India, the co-work space leasing observed a growth by nearly 10% year-on-year from 2017 to 2018. Thus, steady growth in the co-work space area is likely to promote the healthy growth of the office furniture market.

Competitive Landscape

The key vendors of the industry include Inaba Seisakusho Co. Ltd., Herman Miller Inc., Steelcase Inc., Itoki Corp., Knoll Inc., HNI Corporation, Kokuyo Co. Ltd., Fursys inc., Inter IKEA Systems B.V., Okamura Corp., UE Furniture Co., Teknion Corp., Haworth, Inc., and Aurora Corporation.
The vendors of the industry are making strategic alliances and acquisitions to build a strong sales network and catering channel. For instance, in 2019, Steelcase formed an agreement with Anker to provide a mobile solution of furnishing. Similarly, Steelcase acquired UK based alternative furniture maker company Orangebox.

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Definition

The essential required for the purpose of sitting, sleeping, eating, and resting in office space areas are termed as office furniture. The office furniture demand is likely to catered by the growing office space construction around the globe.

Segmentation

By Product:
- Seating (Office Chairs, Guest Chairs, Stools, Sofa, Others)
- Storage Unit and Files (Bins & Shelves, Cabinets, Others)
- Workstation (Individual Workstation, Collaborative Workstation)
- Tables (Conference Tables, Dining Tables, Occasional Tables, Others)
- Accessories


By Price Range:
- Premium
- Medium
- Economy


By Distribution Channel:
- Online Stores
- Offline Stores


By Geography
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)


Competitive Landscape
The report profiles various major market players 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
• Other Major & Niche Players


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