Office Furniture Market 2017 Will Grow at CAGR of 5.80% by 2022

Office furniture is a functional furniture that is designed specifically for workspace. Office furniture consists of desks, chairs, tables, drawers, cabinets, etc. Office furniture is designed according to the job function such as furniture for reception area is different from furniture in a meeting room or boardroom. Companies are adopting modular furniture with vibrant colors to enhance productivity and encourage innovative thinking by making the workplace more interesting.

With the increasing use of advanced technology, office furniture manufacturers are also designing furniture that can fit with the new technology including a different type of gadgets, machines, etc. Employee health and wellness are emerging as the priority for businesses, manufacturers are focusing on developing and designing furniture offering great comfort and minimizing health issues. The concept of smart furniture is also gaining momentum such as office desks with sensors, where a person can set preference according to the comfort. For instance, the sensor attached to a chair can indicate when it’s time to change posture. More such new smart office furniture is being developed with a focus on specific use and comfort.

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According to a study by Fact.MR, the global office furniture market is expected to experience steady growth. The market is estimated to reach US$ 30,501.2 million revenue towards 2022 end. Owing to the rise in the development of commercial complexes across the globe, the demand for office furniture is also increasing. Offering comfort and flexibility, manufacturers are designing furniture that can be integrated with technology. Meanwhile, fitness in the workspace is also being focused on by providing furniture offering comfort and supporting correct posture, thereby eliminating back problems.

Office Chairs- Top-Selling Product

Compared to other office furniture such as tables, office systems furniture, storage furniture, etc., office chairs are expected to emerge as a top-selling product. Witnessing a steady growth, office chairs is estimated to surpass US$ 8,800 million value by the end of 2022. Meanwhile, office tables are also expected to account for nearly one-third of the revenue share by 2017 end.

Office Furniture to Witness Highest Sales through Retail Stores

Accounting for nearly one-third of the revenue share, retail stores is expected to emerge as the most lucrative sales channel for office furniture. Towards the end of 2022, retail stores are projected to bring in nearly US$ 9,600 million revenue. Although sales of office furniture through direct to customer sales channel is also expected to experience above-average growth during the forecast period 2017-2022.

Regional Outlook

Asia Pacific Excluding Japan (APEJ) is projected to witness impressive growth, exceeding US$ 14,700 million revenue by the end of 2022. Increasing development of corporate offices, rise in a number of MNCs building new offices, and growing number of startups and new entrants resulting in more number of employees are some of the factors driving the growth of office furniture in the region.

Competition Tracking

The report offers a detailed profile of various companies that are expected to remain active in the expansion of global office furniture market through 2022, which include Herman Miller Inc., Steelcase Inc., Knoll, Inc., Okamura Corp, HNI Corporation, Uchida Yoko Co., Ltd, INABA SEISAKUSHO Co., Ltd, Itoki Corp, Fursys, Inc., and UE Furniture Co., Ltd.

Report Overview at https://www.factmr.com/report/280/office-furniture-market

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This release was published on openPR.