Office furniture can be found in various commercial places. Office desks, office chairs and office storage are some of the majorly used office furniture across the globe.
Global office furniture market is expected to reach USD 87.6 Billion by the end of 2024, expanding at a CAGR of 6.7% over the forecast period i.e. 2017-2024. Moreover, the office furniture market accounted for 256.6 million units in 2016 in terms of volume and is expected to grow at a CAGR of 5.4% over the forecast period. The global demand for office furniture is increasing due to increasing employment and emergence of new office spaces across the globe. Global office furniture market is expected to grow at a remarkable pace in future. A number of factors such as increasing office leasing activities across the world and positive growth of global GDP are likely to be the dynamic factors behind the growth of global office furniture market in future. Further, development and availability of advanced & functional office furniture is adding value to the office furniture market.
In terms of regions, the global office furniture market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa regions. Among these regions, Asia Pacific is slated to account for a leading share of 45.4% in the terms of value by 2024 in the office furniture market. The growth in the region is anticipated to be fostered by rising demand for office leasing and rise in the number of employment. Besides, expansion of multinational companies in Asia Pacific region the market is also expected to impel the growth of office furniture market in the Asia Pacific. China and India are the prominent market in the region.Apart from Asia Pacific region, North America region accepted to witness robust growth over the forecast period. Additionally, U.S. office furniture market reached USD 10.4 Billion in 2016 and is expected to thrive at a notable CAGR over the forecast period i.e. 2017-2024. In the terms of volume, U.S. office furniture market is anticipated to reach 32.9 million units in 2024. CLICK TO DOWNLOAD SAMPLE
Global office furniture market is segmented on the basis of product type into seating, overhead bins, storage units and files, tables, accessories and workstations. Seating segment grabbed 33.9% market value share in 2016 occupies the largest market of office furniture across the globe.In addition to the product type, global office furniture market is further segmented into material, end user, price-range and distribution channel. End user segment is further segmented into enterprise, hospitals, schools and others, out of which, enterprise segment with 77.4% market value share is anticipated to have largest share by the end of 2024.
Our in-depth analysis has segmented global office furniture market into the following segments:
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Rise in number of offices worldwide and high spending on office interiors are some of the major factors which are expected to drive the demand for office furniture in upcoming years. Further, with the increase in number of corporate offices across the globe, the market of office furniture is likely to grow at remarkable pace over the forecast period.Growing trend for adopting modern and innovative design furniture in offices instead of conventional furniture due to conceptions such as boring furniture will make employees lazy and affect productivity of the organization, is a major factor which is predicted to foster the growth of market over the forecast period. Manufacturers are offering advanced & innovative designed furniture which are healthier, comfortable and technologically enhanced. This Factor is strengthening the growth of global furniture market across all regions.Factors such as, rapid urbanization and rising construction buildings are key reasons behind the increasing number of office buildings across the globe. Establishment of new office buildings in urban areas is expected to be the key factor behind the growth of office furniture market during the forecast period.However, consumers with low spending budget are looking forward to adopt other possible cost effective furnishing solution such as online rental and second hand furniture. Further, this rising trends of furniture rental and adoption of old furniture are reducing the demand for new furniture. Further, decline in demand for new furniture is likely to hinder the growth of market over the forecast period.
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