Global Office Chair Market Expected to Secure Notable Revenue Share during 2018-
Posted by Arslan on February 11th, 2019
Development of multifunctional office chair is a key trend that has gained significant traction in the office chair market recently. Quick & easy to transport, multifunctional, and foldable attributes have been key focus areas of prominent stakeholders in the office chair market. This has further led the development of innovative yet affordable chair for commercial applications among manufacturers.
Current and future prospects of the office chair market are directly influenced by growth of the office furniture industry. With notable growth of the private sector, there has been a proliferation of micro, small & medium-sized enterprises (MSMEs), underpinned by immense support from national governments and private investments. Increase in the number of commercial infrastructures has further created high demand for office furniture, thereby driving the office chair market growth.
The office chair market is forecast to register an above-average 5.6% value CAGR between the period 2018 and 2028. Albeit nature of the office chair market continues to remain fragmented, collaborative efforts of office furniture manufacturers toward organizing the industry have gradually been reinforcing the overall supply chain. This has further offered customers in the office chair market with an enhanced exposure to a wide range of product variants.
With manufacturer adopting advanced technologies for production of innovative yet affordable office furniture, growth of the office chair market will remain steady in the forthcoming years. However, prospects of the office chair market will continue to observe the confines of pervasive market fragmentation and preeminence of domestic office chair manufacturers, along with the impact of shipping and transportation costs.
Office Chair Market: New Builds, Alterations and Refurbishments Apropos of Offices & Industrial Buildings Guiding Growth Trajectory
Growth of the office chair market will continue to be impacted by the massive infrastructural transformation that is underway against the backdrop of economic development and industrialization in emerging economies. Office chair market is likely to witness opportunities in industrial buildings, which are imperative assets in the real-estate industry as they offer investors with a wide range of growth and revenue generation opportunities.
Increased momentum of the private sector has significantly rubbed off on the office infrastructure construction & revamp of MSMEs, which has spurred adoption of office chair. While emerging markets demonstrate new office builds, renovation and alternation in commercial buildings has paved new avenues for stakeholders in the office chair market, in terms of innovation and sales. Adoption of internationalization in office infrastructure has driven the demand for advanced office chair, which caters the requirements of comfort and modern aesthetics.
Key players in the office chair market have introduced a wide range of product variants to fulfil needs of different workplaces that vary according to an organization’s capacity. Manufacturers focus on the development and design of requirement-specific office chairs, such as those for conference rooms, private cabins, and desks. Availability of office chairs in a wide variety of designs has favored their adoption in recent years, thereby fuelling growth of the office chair market.
Office Chair Market: High Shipping & Transportation Costs and Low Import Penetration Constraining Growth Prospects
Shipping and transportation costs have prevailed as a major concern among players in the office chair market, in terms of both forward and reverse logistics. Additional associated costs that include packaging, warehousing, collection, and reshipping, which adds to final cost of the product, has further been significantly impeding growth of the office chair market. Moreover, with growing preference for online purchases, which offers a buy-back approach to customers without charging them the transportation costs, has limited the revenue generation scope for office chair manufacturers. This has confined growth prospect of the office chair market.
With the office chair market being highly fragmented, few established manufacturers hold leading market shares. Import activities related to office chair have remained relatively low, as requirements of customers in emerging markets vary from those in developed regions. This has further inclined purchase preference of customers toward domestic manufacturers over international vendors, which has impacted the global supply chain of the office chair market.
Office Chair Market: Ecommerce Paving New Frontiers
The office chair market will continue to witness significant opportunities in the online sales platform, as the office furniture industry becomes more organized. In the light of growing consumer appetite for online purchase, smart office furniture manufacturers are selling their furniture through their own website or through popular retail websites such as eBay, Amazon, and more. This is likely to pave new frontiers for the office chair market.
In 2017, Amazon’s furniture sales reached US$ 4 billion, representing the popularity of an e-commerce platform for buying furniture through an online platform, and office chair sales were influenced significantly. As the office chair market is fragmented, domestic manufacturers are approaching online portals, which include Trendsutra Platform Service Private Limited (pepperfry.com) and Urban Ladder, to showcase their products, and bolster their sales.
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