The rising awareness regarding health and environment among people is driving the furniture manufacturers to develop more advanced and innovative, health beneficial, eco-friendly and ergonomic office furniture to create a healthier work place. Along with that, the increasing employment rate combined with rapid urbanization and expansion of multi-national companies are the driving factors behind the construction of new offices around the world.
The global office furniture market reached USD 52.7 Billion in 2016 and is predicted to account for USD 87.6 Billion by the end of 2024. Further, the global office furniture market is believed to witness CAGR of 6.7% during 2017-2024.
In terms of regional segmentation, the global office furniture market is divided into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, Asia Pacific accounted for the dominating market share of 45.4% (in terms of value) in 2016, where China and India are the prominent revenue generating countries in this region. Further, the Asia Pacific office furniture market is believed to dominate the market during the forecast period. Furthermore, North America accounted for 26.8% of market share in terms of value in 2016 and is predicted to showcase lucrative growth by registering a CAGR of 6.1% in the terms of value over the period 2017-2024.
In terms of market segmentation, the global office furniture market is segmented by distribution channel into online and offline stores, out of which, the offline segment held the dominating share of 97.1% in 2016 and is predicted to hold its dominant stance over the forecast period. Further, the online store distribution channel segment is expected to reach USD 3.6 Billion by the end of 2024 from USD 1.5 Billion in 2016 (in terms of value).
The Report titled “Global Office Furniture Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2016 – 2024” also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
This report also studies existing competitive scenario of some of the key players of the global office furniture market which includes profiling of Steelcase Inc., Inter IKEA Group, Haworth Inc., Okamura Corporation, Hooker Furniture, Herman Miller Inc., HNI Corporation, Kokuyo Co. Ltd., Knoll Inc. and Kimball International Inc.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Global Office Furniture Market Outlook 2024”, analyses the overall office furniture industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global office furniture market in near future.