As per the latest report by IMARC Group, titled “Office Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global office furniture market size reached US$ 64.3 Billion in 2018. Office furniture represents one of the key facilities that are provided by the management for conducting work efficiently. It is generally manufactured using materials like metal, wood, plastic and fiberglass, and plays an important role in seating as well as storing and protecting crucial documents against fire, dust, insects and theft. Well-designed furniture also helps in reducing fatigue and enhancing overall work productivity.
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Global Office Furniture Market Trends:
The global office furniture market is currently being propelled by the rising demand for premium and designer furniture products, along with the burgeoning corporate and real estate sectors across the globe. The growth of the market is further supported by an increase in the number of corporate offices owing to the construction of IT parks and commercial zones. Moreover, numerous organizations nowadays are setting-up informal office spaces to create a collaborative environment and promote social interaction among co-workers. This has prompted manufacturers to introduce intelligently designed furniture products which, in turn, is strengthening the market growth. Further, on account of technological advancements and the growing incidences of health issues, there has been an increase in the demand for smart workplace furniture that offers internet connectivity and promotes better posture. Looking forward, the market value is projected to reach US$ 86.7 Billion by 2024, expanding at a CAGR of around 5% during 2019-2024.
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Key Market Segmentation:
Market Breakup by Product Type:
4. Storage Units and File Cabinets
5. Overhead Bins
Based on the product type, the market has been segmented into seating, systems, tables, storage units and file cabinets, overhead bins, and others. At present, seating represents the leading product category worldwide.
Market Breakup by Material Type:
3. Plastic and Fibre
On the basis of the material type, the market has been segregated into wood, metal, plastic and fiber, glass, and others. Amongst these, wood accounts for the majority of the total market share.
Market Breakup by Distribution Channel:
1. Direct Sales
2. Specialist Store
3. Non-Specialist Stores
The market has been analyzed on the basis of the distribution channel into direct sales, specialist store, non-specialist stores, online, and others. Currently, direct sales exhibit a clear dominance in the market.
Market Breakup by Price Range:
Based on the price range, the market has been classified into low, medium and high segments.
Market Breakup by Region:
1. North America
2. Asia Pacific
4. Middle East and Africa
5. Latin America
Region-wise, North America represents the biggest market for office furniture across the globe. Other major markets include Asia Pacific, Europe, Latin America, and Middle East and Africa.
The competitive landscape of the market has been examined in the report. Some of the major players operating in the industry include Knoll, Inc., HNI Corporation, OKAMURA CORPORATION, Steelcase Inc., Herman Miller, Inc., Haworth Inc., KOKUYO Co., Ltd., Meridian Office Group, Kimball International, 9to5 Seating, BERCO DESIGNS and Hooker Furniture.
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This post was originally published on The Market Plan