Office Furniture Market to increase by USD 26.8 billion during 2022-2027, Increase in number of office spaces worldwide to drive the growth - Technavio

NEW YORK, Sept. 8, 2023 /PRNewswire/ -- The office furniture market size is expected to grow by USD 26.8 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 6.09% during the forecast period. The market is segmented by Distribution Channel (Offline and Online), End-user (Commercial office furniture and Home office furniture), Product (Seating, Systems, Tables, Storage units and files, and Overhead bins), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). The increasing online retailing of office furniture drives the market growth. Given the exploitation of the internet, online retailing is an activity of retail trade. The increased penetration of smartphones and other modern technology devices is a major factor in the market growth for office furniture. Furthermore, most office furniture manufacturers, retailers, and exclusive retailers advertise and sell their products online to enhance their product visibility and strengthen their online presence, Hence, such factors fuel the growth of the market during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the office furniture market: Flokk AS, Global Furniture Group, Godrej and Boyce Manufacturing Co. Ltd., Haworth Inc., HNI Corp., Hooker Furniture Corp., Inter IKEA Holding B.V., KI, Kimball International Inc., Kinnarps AB, KOKUYO Co. Ltd., Konig Neurath AG, Meridian Office Furniture Ltd., MillerKnoll Inc., Okamura Corp., Reecan, Schiavello International, Sedus Stoll AG, Steelcase Inc., and Teknion Group
• Office Furniture Market is fragmented in nature.
• Market to observe 5.64% YOY growth in 2023.

Market Dynamics:

Trend

• The growing popularity of smart multipurpose office furniture is an emerging office furniture market trend.
• The demand for this furniture around the world has been boosted by decreasing office space because of increases in property prices and higher costs to lease business premises.
• Office spaces are designed according to the preferences of employers and since this type of office furniture has a positive effect on employees and increases efficiency and productivity, demand for other types of Smart Multimodal Office Chairs is increasing.
• Hence, such trends fuel the office furniture market growth during the forecast period. 

Challenges

• The fluctuating prices of raw materials challenge the growth of the office furniture market.
• Wood particleboard price has increased because of volatility in input and transportation costs.
• Along with that, the continued downsizing of furniture manufacturers' production capacities. The fluctuations in transportation costs around the world are also affecting manufacturers as the transportation of furniture accounts for a major part of the supply chain in this market.
• Furthermore, fuel expense accounts for a major portion of the transportation cost incurred by a vendor. They fluctuate regularly.
• Hence, such factors challenge the growth of the office furniture market growth during the forecast period. 

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The offline segment will be the largest contributor to market growth during the forecast period. Convenience in terms of contacting the vendor, availability of a wide variety of products and brands, and direct sales are some of the factors driving the growth of this segment. Get a glance at the market contribution of the segments, Request a Sample

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Distribution Channel

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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