Ergonomic Designs of Furniture and a Favourable Policy Framework for Newer Entrants to Boost the Growth of the Office Furniture Market, Says Fact.MR
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A recent study conducted by fact.MR found that per capita spending on residential remodeling has increased drastically since 2012. Majority of consumers in the global office furniture market have a higher expectation for more convenient purchase process. The global demand for office furniture is directly proportional to the number of employees working worldwide. Further, total construction spending for offices in the United States stood ~ US$ 78,943 Mn, which gives a rough representation of massive spending on office construction. It is creating outstanding opportunities for the office furniture market globally. Owing to the increasing consumer preference for online shopping, several companies are selling their products through online retail channels. Moreover, companies are also investing in obtaining their own domain for selling their products through personal online websites. As the office furniture industry is known for its fragmented nature, only a handful of global manufacturers remain prominent in the market. As consumers in emerging markets have different profiles than customers in developed markets, import penetration remains lower. Consumers choose domestic manufacturers over international players for their office furniture purchase.
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In the office furniture market, prominent manufacturers are focused on acquisitions and collaborations with various European designers to adapt their work style. Key players are investing heavily to improve the effectiveness of office design, which maintains the physical and mental health of employees. Steelcase Inc., Itoki Corp., and other players operating in the office furniture market are focused on acquiring emerging companies to increase their production capacity and market presence. Even with a higher level of market fragmentation, top players have successfully maintained their position by offering technologically advanced and innovative office furniture. Historically, the demand for office furniture in Europe and North America is high. However, over the forecast period, the APEJ region is anticipated to witness surprising growth than that of the other regions.
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This study underlines key opportunities in the office furniture market and finds that the market would exhibit growth at a value CAGR of ~ 7% during the forecast period.
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