Office Furniture Market Estimated to Record Highest CAGR by 2029
Posted by Deeksha on October 18th, 2019
The global office furniture market is expected to create ~ US$ 22 Billion worth of incremental opportunity over the forecast period. Since the last two decades, the number of small, micro, and medium-sized enterprises has increased drastically in developed and developing countries. Moreover, constant provision from private investments and governments is fueling the growth of the private sector, which is further propelling the office furniture market growth to a great extent. Office furniture is highly required for such agencies and commercial infrastructures. However, the office furniture market is highly fragmented and manufacturers’ efforts for organizing the industry have supported the global supply chain rigorously. With this, consumers are exposed to a wide range of office furniture to choose either from a retail store or through an online platform. Fact.MR found that the office furniture market is expected to grow with ~ 7% CAGR in the forecast period. Furthermore, discomfort in the neck, back, shoulders, hands, and wrists have become some of the common concerns of working people, especially those associated with longer sitting hours in office. Increasing awareness about the importance of office furniture to maintain a good posture and to keep good health is spreading gradually. There are numerous health and safety measures suggested by UEOHC and OSHA for proper work practices and workstation setup. This has led to the adoption of an ergonomic approach at workstations by significant employers. The office furniture market has witnessed significant ergonomic evolution in their designs. Growing awareness of potential health effects due to inappropriate posture is likely to boost the demand for ergonomic office chairs during the forecast period.
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A recent study conducted by fact.MR found that per capita spending on residential remodeling has increased drastically since 2012. Majority of consumers in the global office furniture market have a higher expectation for more convenient purchase process. The global demand for office furniture is directly proportional to the number of employees working worldwide. Further, total construction spending for offices in the United States stood ~ US$ 78,943 Mn, which gives a rough representation of massive spending on office construction. It is creating outstanding opportunities for the office furniture market globally. Owing to the increasing consumer preference for online shopping, several companies are selling their products through online retail channels. Moreover, companies are also investing in obtaining their own domain for selling their products through personal online websites. As the office furniture industry is known for its fragmented nature, only a handful of global manufacturers remain prominent in the market. As consumers in emerging markets have different profiles than customers in developed markets, import penetration remains lower. Consumers choose domestic manufacturers over international players for their office furniture purchase.
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In the office furniture market, prominent manufacturers are focused on acquisitions and collaborations with various European designers to adapt their work style. Key players are investing heavily to improve the effectiveness of office design, which maintains the physical and mental health of employees. Steelcase Inc., Itoki Corp., and other players operating in the office furniture market are focused on acquiring emerging companies to increase their production capacity and market presence. Even with a higher level of market fragmentation, top players have successfully maintained their position by offering technologically advanced and innovative office furniture. Historically, the demand for office furniture in Europe and North America is high. However, over the forecast period, the APEJ region is anticipated to witness surprising growth than that of the other regions.
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About the AuthorDeeksha
Joined: January 3rd, 2019
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