The new report by Expert Market Research titled, ‘Global Office Furniture Market Report and Forecast 2023-2028’, gives an in-depth analysis global office furniture market price, assessing the market based on product type, material type, distribution channel, price range, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 61.5 Billion
- Forecast CAGR (2022-2027): 4%
- Forecast Market Size (2028): USD 77.09 billion
With the growing business climate in emerging and impoverished nations worldwide, office furniture is increasing importance. Renovation and modification projects are expanding in nations like the United States, China, and India, driving the industry.
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Positive trade ties and government policies, such as foreign direct investment and trade relaxations in Asia and the Middle East, helped the market record more revenue transactions.
Office Furniture Industry Definition and Major Segments
Seating, computer system installation, and document storage are all done using home office furniture. It is widely used by employees, students, professionals, and entrepreneurs for reading, writing, running desktops and laptops, participating in online meetings and lectures, and storing information in hard drive storage areas.
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The office furniture industry can be segmented based on product type into:
- Storage Units and File Cabinets
- Overhead Bins
On the basis of material type, the office furniture market is divided into:
- Plastic and Fibre
On the basis of distribution channel, the industry is divided into:
- Direct Sales
- Specialist Store
- Non-Specialist Stores
The industry is segregated on the basis of price range into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Office Furniture Market Trends
Customers began using e-commerce platforms for their business requirements, reducing the frequency of visits to conventional retail establishments to compare items and pricing. More merchants are turning to online selling to save costs and improve profits. Online furniture companies are also growing to reduce the requirement for leased space and inventory.
Popular online office furniture sellers include Amazon and Wayfair. Online merchants had to strengthen buying processes in terms of security and reliability, which boosted demand for office furniture. Convenient return procedures integrated, and unified customer support are just a few of the policies that encourage online purchases.
Asia Pacific is the world’s fastest growing office furniture market. The top four contributors are China, Japan, Australia, and India. Many major office furniture manufacturers are partnering with e-commerce retailers to expand their distribution networks. Demand for office furniture rose along with commercial property and service sector jobs.
A rising number of start-ups and corporate expansions is also predicted to fuel the region’s market growth. Demand for office space and jobs is expected to drive the rise in the region. Expansion of international corporations in Asia-Pacific should also increase the region’s office furniture industry.
Key Market Players
The major players in the market are Herman Miller, Inc., Steelcase Inc., Bene GmbH, Knoll, Inc., and Haworth Inc., and among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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