Conference Room Table Market: An Insight On the Important Factors and Trends Inf
Posted by Harshad Borde on June 24th, 2019
A conference room table is a large table, generally in a rectangle shape around which people may be seated during a conference. Conference table furniture is available in a wide variety of designs and styles. They are made of metal, plastic, wood, or glass. Conference tables are widely used in the corporate sector, in educational institutions, and in hotels. Depending on the end-use, conference table designs can be modified through manual and machine-based processes.
Numerous factor such as increasing size of corporate offices, number of employees, and increasing number of startups are expected to result in increasing demand for conference room tables over the forecast period. Increasing number of startups and government support for new startups is driving demand for the product. Rising service industry, especially IT, is one of the major factors responsible for the growth of the conference room table market. Standardization of office infrastructure in IT parks and commercial zones is anticipated to boost the conference room table market during the forecast period. Unlike production plants, the service industry requires big corporate offices to operate their work plans. Rising number of educational institutions is likely to expand the market during the forecast period. In educational institutions, discussion of administration policies, formal gatherings etc. are conducted around conference tables.
Shipping, storage, and space requirement are major challenges for manufacturers of conference room tables. High cost of conference tables is also anticipated to hamper the growth of the market over the forecast period. Moreover, popularity of the concept of co-working space is restricting the growth of the conference room table market. Lack of space, and rise of small sized firms are few other factors expected to impact the growth of the market over the forecast period. Rising trend of rental market and use of old tables is decreasing the demand for new tables, which is likely to restrict the demand for conference room tables.
The conference room table market can be segmented on the basis of material type, distribution channel, and end-use. In terms of material type, the market is bifurcated into wood, plastic, metal, and glass. Demand for wooden conference tables is high, but limited land for wood plantations is hampering the growth of the wooden conference table market. Metal tables are expensive and small corporates cannot afford metal tables, thus hampering the growth of the metal conference room table market. In terms of distribution channel, the market is categorized into online and offline. Online channel is expected to dominate the market due to increasing adoption of smart phones and digital technologies. On the basis of end-use, the market is categorized into corporates, educational institutions, and hospitals, where corporates are expected to dominate the market over the forecast period.
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Based on geography, the conference room table market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Among all regions, Asia Pacific is expected to dominate the market in terms of growth, backed by India and China. Expansion of multinational companies and increasing service industry in the region is anticipated to drive the growth of the market over the forecast period. North America is expected to lead the market in terms of share due to the infrastructure and large number of corporates, educational institutions, and hospitals in the region.
The major industrial players in the conference room table market are Steelcase Inc., Inter IKEA Group, Kimball International Inc., Herman Miller Inc., Okamura Corporation, Kokuyo Co Ltd. Knoll, Inc., HNI Corporation, Wipro Furniture, and Meridian Office Group. The market is highly fragmented, ranging from small carpenters to big industrial players. Influence of big industrial players is restricting the growth of local players. Major shares are held by key players of the market, restricting the entry of small players. High entry barriers is leading to declining growth of the conference room table market.
About the AuthorHarshad Borde
Joined: April 26th, 2019
Articles Posted: 526
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