Global Office Furniture Market Expected to Grow by $96,642.94 Million by the End of 2027, According to Coherent Market Insights
SEATTLE, February 8, 2022 /PRNewswire/ — According to Consistent market informationThe Global office furniture market is estimated to exceed US$96,642.94 million by 2027 and is expected to present a 3.1% CAGR between 2020 and 2027.
Office furniture refers to movable items designed to support different human activities such as eating, sitting, and personal/business related activities. Office furniture comes in different designs and is used to hold various items, whether for personal use, in the workplace, or simply for storing items. Office furniture is an art and is seen as a kind of visual ornament. Desk and chair sets are other important office furniture. The desk can be used as a small or large desktop computer station and it can accommodate computer peripherals such as monitors, printers, scanners and fax machines. It is very necessary for the efficient and smooth functioning of an office. It creates a pleasant and relaxing office environment. Executive chairs are considered priority office furniture. They provide back support in the correct posture and reduce fatigue when sitting on them for long hours. The chairs are also available in wide ranges and styles. Some chairs are made of thick and heavy wood and are more suitable for tall people, while others are made of soft and light wood and are generally for ordinary people. Workstations make it easy to store files and perform several related activities such as typing, scanning, and printing. Thus, an organized and clutter-free office space will definitely increase productivity.
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The rapidly expanding business environment in developing and developed countries is propelling the growth of the office furniture market. Additionally, an increasing number of modification projects are again expected to drive the growth of the market. Furthermore, the growing adoption of ergonomic chairs is further expected to drive the market growth.
Rising industrialization is another key factor increasing the growth of office furniture market. According to Trading Economics, industrial production in India rose 11.9% year-on-year in August 2021, higher than 11.5% the previous month, and compared to market forecasts of 12%. Moreover, according to the India Brand Equity Foundation, the India Manufacturing Purchasing Managers Index (PMI) reached 48.1 in June 2021 from 50.8 inches May 2021. Manufacturing GVA represents 19% of the country’s real gross value added.
Expanding e-commerce industry owing to growing internet penetration is boosting the sale of office furniture which is expected to provide lucrative growth opportunities. According to the India Brand Equity Foundation, online retail penetration is expected to reach 10.7% by 2024 from 4.7% in 2019. Additionally, online shoppers in India are expected to reach 220 million by 2025. Much of the industry’s growth has been triggered by the growing penetration of the internet and smartphones. From September 2020the number of Internet connections in India increased significantly to 776.45 million, thanks to the “Digital India” program.
The growing demand for eco-friendly furniture will provide profitable market opportunities in the near future. For example, in March 2021, furniture start-up Staxxiom has unveiled its new “no tools, no hassle” furniture products, a range of patented click-to-assemble furniture constructed from natural, eco-friendly materials. Each product can be assembled in less than 2 minutes.
The growing trend of Do It Yourself (DIY) office furniture is expected to drive the growth of the office furniture market. For example, in October 2020, B&Q has launched a nifty collection of modular room dividers in response to demand for more home office space. The range includes windows, cork boards, oak slats and shelving so households can build dividers to suit them. Plus, they’re easy to install, perfect for adding a partition to a shared bedroom or creating a quiet office space in an open-plan living room.
The key players are highly focused on adopting various growth strategies such as partnership and agreement in order to expand their presence. For example, in March 2021, BoConcept and Haworth have entered into a partnership that promises to open up new global markets and new opportunities for the Danish furniture brand. BoConcept is now part of the Haworth Collection, an extensive global network of partnerships, filling a gap in Haworth’s portfolio.
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The major players operating in the global office furniture market are Knoll Inc., LLC., HNI Corporation, Herman MillerInc., Teknion Corporation, Kimball International Inc., Berco Designs, Kokuyo Co., Ltd., Haworth Inc., Okamura Corporation and Steelcase Inc.
Market segmentation :
Global office furniture market, by material type:
Global office furniture market, by product type:
- Storage units
- Desks & Tables
Global office furniture market, by price range:
Global office furniture market, by end user:
- Corporate offices
- Government offices
Global office furniture market, by distribution channel:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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