Office Chair Market: Global Outlook and Forecast Based on Upcoming Trends
Posted by Arslan on September 20th, 2019
The report studies the office chair market worldwide, especially in North America, Europe, Southeast Asia, India and Other Regions with production, size, growth, revenue, consumption, import and export in these regions. In order to study the various trends and patterns prevailing in the concerned market, Fact.MR has included a new report on global office chair market insights to its wide online database including upcoming trends and market growth factors through 2028. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants.
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 growth of the office chair market.
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.
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.
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.
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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.
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About the AuthorArslan
Joined: December 18th, 2017
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