Office furniture Market to Reach USD 58 Billion by 2024, fostered by Integration of Innovative Technologies

According to a new report published by Fast. MR, titled, “Office Furniture Market” witnessed a market value of USD 58 billion in 2018 and is considered to reach USD XXXX billion in 2024, recording a compound annual growth rate (CAGR) of 6.7% between 2019 and 2024. The office furniture market is analyzed based on regions, by Product, by price range and by distribution channel. The regions included are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also comprises detailed competitive analysis of dominant market players of office furniture market, such as Herman Miller Inc., Inter IKEA Group, Okamura Corporation, HNI Corporation, Knoll, Inc., Steelcase Inc., Haworth Inc., Kokuyo Co Ltd., Kimball International Inc., Hooker Furniture and others.

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Market Summary:

Based on the Product, the market has been classified into Seating (Office Chairs, Guest Chairs, Stools, Sofa, Others), Storage Unit and Files (Bins & Shelves, Cabinets, Others), Workstation (Individual Workstation, Collaborative Workstation, Others), Tables (Conference Tables, Dining Tables, Occasional Tables, Others) and Accessories. In type segment, Seating office furniture contributed around XX% market share of the office furniture market in 2018.
Office furniture price range include Premium, Medium and Economy. Premium segment was valued at USD XX million in 2018 and is expected to reach USD XX Million by 2024, progressing at a CAGR of XX% from 2019 to 2024.

On the basis of Distribution Channel, the market is categorized into Online Stores and Offline Stores.
At present, Online Stores represent XX% of the total office furniture market.
Region-wise, the market has been segmented into Europe, Asia Pacific, North America, the Middle East & Africa, and Latin America. At present, Asia Pacific is the prominent market, holding XX% of the global market share.

The competitive landscape of the market has been examined in the report. Some of the key players operating in the market include Herman Miller Inc., Inter IKEA Group, Okamura Corporation, HNI Corporation, Knoll, Inc., Steelcase Inc., Haworth Inc., Kokuyo Co Ltd., Kimball International Inc., Hooker Furniture and others prominent players.

Research Scope and Deliverables:

- Research Methodology & Executive Summary
- Market Drivers, Trends, Barriers and Opportunities
- Market Size and Forecast Projections
- Competitive Analysis
- Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
- Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
- Porter’s Five Force Analysis

Market Segmentation Analysis:

Industry report analyzes the Office Furniture market by the following segments:
- Product
- Price Range
- Distribution Channel

Geographic Market Analysis:

The report offers separate analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In addition, the further breakdown of market data and analysis of region into countries is covered in the report.

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Office Furniture Market Size, Opportunities, Commercial Demand, By Product type and Forecast until 2024

A research study added into a vast database of 360 Industry Monitor which titled “Office Furniture Market Study 2019“, reports provide detailed analysis of the market growth factor, barriers, future trends, key developments and more market analysis of historical and forecast insights in the furniture industry. This study aims to provide a detailed analysis of the global Office Furniture Market along with qualitative trends for the year 2019. Further, the report also offers future trends and market forecast up to 2024.

Commercial Construction Driving Demand for Office Furniture Market

Commercial construction primarily comprises of office space, retail stores, and others. Among these office space construction has significantly rising owing to increasing global trade and the emergence of e-commerce platforms such as Amazon, Flipkart, and others. Office space spending has observed promising growth over the last few years. In the U.S., office spending increased by nearly 11% from 2017 to 2018 as per the stats released by the U.S. Census Bureau.

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High-rise Buildings Creating Opportunity for Office Furniture Market

Limited the land space in urban city centers of the world has resulted in the vertical construction expansion. The number of high-rise buildings is increasing at a faster rate with the growth of the global economy. Nearly 4 million buildings with greater height than 150 meters exist all around the globe and nearly 3.5 million are proposed to be constructed. These high-rise buildings are often commercial centers with office spaces and retail stores. Thus, a rising number of high-rise buildings is likely to drive the demand for the office furniture market.

Product Type Outlook

On the basis of product type, the market is bifurcated into chairs, racks, tables, others. Within this product segment, demand for modular and innovative solutions is likely to observe greater penetration among various types of office furniture. In addition, sharing workspace concept also gained wide popularity around the globe. Emerging economies such as India, Brazil, Thailand, Indonesia, and others have observed promising growth. For instance, in India, the co-work space leasing observed a growth by nearly 10% year-on-year from 2017 to 2018. Thus, steady growth in the co-work space area is likely to promote the healthy growth of the office furniture market.

Competitive Landscape

The key vendors of the industry include Inaba Seisakusho Co. Ltd., Herman Miller Inc., Steelcase Inc., Itoki Corp., Knoll Inc., HNI Corporation, Kokuyo Co. Ltd., Fursys inc., Inter IKEA Systems B.V., Okamura Corp., UE Furniture Co., Teknion Corp., Haworth, Inc., and Aurora Corporation.
The vendors of the industry are making strategic alliances and acquisitions to build a strong sales network and catering channel. For instance, in 2019, Steelcase formed an agreement with Anker to provide a mobile solution of furnishing. Similarly, Steelcase acquired UK based alternative furniture maker company Orangebox.

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Definition

The essential required for the purpose of sitting, sleeping, eating, and resting in office space areas are termed as office furniture. The office furniture demand is likely to catered by the growing office space construction around the globe.

Segmentation

By Product:
- Seating (Office Chairs, Guest Chairs, Stools, Sofa, Others)
- Storage Unit and Files (Bins & Shelves, Cabinets, Others)
- Workstation (Individual Workstation, Collaborative Workstation)
- Tables (Conference Tables, Dining Tables, Occasional Tables, Others)
- Accessories

By Price Range:
- Premium
- Medium
- Economy

By Distribution Channel:
- Online Stores
- Offline Stores

By Geography
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)

Competitive Landscape
The report profiles various major market players such as
• Herman Miller Inc.
• Inter IKEA Group
• Okamura Corporation
• HNI Corporation
• Knoll, Inc.
• Steelcase Inc.
• Haworth Inc.
• Kokuyo Co Ltd.
• Kimball International Inc.
• Hooker Furniture
• Other Major & Niche Players

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