Office furniture Market will multiply at an impressive CAGR of 6.7% | Top Key Players: Kimball International Inc., Knoll, Inc., Kokuyo Co Ltd., Herman Miller Inc., HNI Corporation, Hooker Furniture, OKAMURA Corporation, Haworth Inc., Inter IKEA Group, and

Global office furniture market is segmented on the basis of product type into seating, overhead bins, storage units and files, tables, workstations and accessories. Further, seating segment occupies the largest market of office furniture across the globe. Further, global office seating market expected to achieve absolute $ opportunity of USD 12.7 Billion during 2017-2024 period. In product type segment, seating segment has dominated the global office furniture market with a market share of 33.9% in 2016 and is expected to dominate the overall office furniture market during the forecast period i.e. 2017-2024. With continuous design enhancement and development of chic and ultra-modern seating, seating segment is making headway for the expansion of the office furniture market.

Global office furniture market is expected to expand at a CAGR of 6.7% in the terms of value during the time period i.e. 2017-2024. Rise in employment rate and increasing consumption of office spaces are the major dynamic factor behind the expansion of office furniture market. Global office furniture market is expected to grow at a remarkable pace in future. A number of factors such as increasing office leasing activities across the world and positive growth of global GDP are likely to be the dynamic factors behind the growth of global office furniture market in future. Further, development and availability of advanced & functional office furniture is adding value to the office furniture market.

Distribution channel is further segmented into online stores and off-line stores, out of which, off-line store segment with 97.1% share is anticipated to grab the largest share by 2024. Further, this segment is expected to observe a growth rate of 1.6x over the forecast period. Offline store distribution segment dominated the overall office furniture distribution channel in 2016. This can be attributed to high involvement of builders and architects in office furniture distribution. However, increasing penetration of office furniture through online stores also provides the platform for the growth of the office furniture market.

Rise in number of offices worldwide

Rise in number of offices worldwide and high spending on office interiors are some of the major factors which are expected to drive the demand for office furniture in upcoming years.

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Further, with the increase in number of corporate offices across the globe, the market of office furniture is growing at remarkable pace over the forecast period. Apart from this, growing number of small business and start-ups are also fuelling the growth of market.

Innovations in Furniture Designs

Growing trend for adopting modern and innovative design furniture in offices instead of conventional furniture due to conceptions such as boring furniture will make employees lazy and affect productivity of the organization, is a major factor which is predicted to foster the growth of market over the forecast period. In addition to this, increasing health and environment awareness amongst the population has led manufacturers to develop more health beneficial and eco-friendly furniture to create a healthier workplace.

However, the cost of raw materials used in manufacturing of furniture remains highly volatile. This fluctuation in raw material prices may obstruct the growth of office furniture market in future. Factor such as lack of skilled labors and rising labor costs across all regions, especially in developed countries are also hindering the growth of market.

The report titled “Global Office furniture Market: Global Future Market Value & Volume Outlook (2016-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global office furniture market in terms of market segmentation by product type, by material, by price range, by distribution channel, by end-user, by application and by region.

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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the global office furniture market which includes company profiling of Kimball International Inc., Knoll, Inc., Kokuyo Co Ltd., Herman Miller Inc., HNI Corporation, Hooker Furniture, OKAMURA Corporation, Haworth Inc., Inter IKEA Group, and Steelcase Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global office furniture market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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