Escalating Number of Corporate Offices to Foster the Market Growth of Global Office Furniture, according to our research report Global Office Furniture Market Outlook 2023.
Global office furniture market is segmented into end user. Among this segment, workplace segment is expected to showcase a significant growth in near future on account of rising growth of real estate sector and as well as increasing growth of corporate sector all across the globe.
The global office furniture market is expected to register a CAGR of 5.2% over the forecast period i.e.2016-2023. The market of office furniture is expected to have a positive outlook during the forecast period. The popularity of modern modular furniture which is gaining traction is anticipated to foster the growth of office furniture market over the forecast period.
North-America is expected to showcase a tremendous growth in the market of office furniture across the globe in near future. The market is driven by shifting of consumers towards high priced and innovative and eco-friendly office furniture in the region. The U.S. is expected to dominate the market of office furniture in North-America region with a contribution more than 70% in 2023. On the other hand, Asia-Pacific is projected to be the most opportunistic market for new and existing market players; India, Malaysia, Indonesia, South Korea, China, Philippines to have the highest demand.
Green furniture gaining traction:
Rising concern towards environmental protection has intensified the demand for eco-friendly office furniture over the past few years. Keeping in mind the sustainability, the manufacturers are incorporating eco-friendly materials in order to manufacture furniture. Such innovation is anticipated to drive the growth of office furniture market over the next few years.
Inclination towards multifunctional furniture:
Rapid pace in urbanization across the globe and increasing preferences of consumer towards multifunctional and comfortable office furniture are likely to propel the growth of office furniture market in near future.
On the other hand, the escalating raw material prices, significant obsolescene of technologies related to production and prevailing deforestation all across the globe is hampering the growth of this industry.
The report titled “Global Office Furniture Market Outlook 2023” delivers detailed overview of the Global Office Furniture Market in terms of market segmentation by Product Type, by Price Range, by End User, and by Distribution Channel.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global office furniture market which includes company profiling of Okamura, Herman Miller, Kokuyo, HNI, and Steelcase. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global office furniture market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stake holders to align their market centric strategies according to the ongoing and expected trends in the future.