Office Furniture Market: To See Incredible Growth By 2027 | Knoll Inc., LLC., HNI Corporation, Herman Miller

The global office furniture market is expected to surpass US$ 96,642.94 million by 2027, exhibiting a CAGR of 3.1% during the forecast period (2020-2027). The growth of the office furniture market is expected to be driven by increasing adoption of ergonomic chairs. Ergonomic chairs are usually referred to the office chairs, which are designed to provide better posture, comfort, and better lumbar support for the human body. These chairs offer numerous advantages for the employees in terms of improved health, by providing the required back support, better work productivity, and enhanced customizability.

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The Market's Most Important Takeaways:

In 2019, the offline distribution channel had the highest revenue share of 84.6 percent in the global office furniture market. Because of the widespread availability of furniture stores around the world, the segment is likely to maintain its dominance over the projection period. Furthermore, A.T. Kearney, a major global business consulting firm, said in August 2014 that 70% of consumers prefer to buy furniture in stores.

Major players operating in the global office furniture market include Knoll Inc., LLC., HNI Corporation, Herman Miller, Inc., Teknion Corporation, Kimball International Inc., Berco Designs, Kokuyo Co., Ltd., Haworth Inc., Okamura Corporation, and Steelcase Inc.

In order to improve their market presence and grow their product portfolio, key players in the office furniture market are focusing on various strategies such as alliances and collaborations. For example, in June 2019, Teknion Corporation formed a relationship with Bene, a European office furniture manufacturer. Tenkion Corporation hopes to increase its office furniture product offering with the help of this alliance.

Covid 19 Impact Analysis:

COVID-19 has three primary effects on the global economy: it immediately affects production and demand for all vital commodities, it has a negative influence on the supply chain, and it has a financial impact on businesses. In 2020, the breakout of the coronavirus disease (COVID-19) was a major stumbling block to the expansion of the office furniture manufacturing business. Due to trade restrictions, supply networks were severely disrupted. Furthermore, due to global government-imposed lockdowns, furniture demand has decreased.

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Detailed Segmentation:

Global Office Furniture Market, By Material Type:
Metal
Wood
Plastic
Others

Global Office Furniture Market, By Product Type :
Storage Units
Seating
Desks & Tables
Workstation
Accessories

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