According to the latest report by IMARC Group, titled "Office Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global office furniture market size reached US$ 67.6 Billion in 2019. Office furniture includes desks, chairs, tables, storage cabinets and shelving, filing cabinets, and cubicle dividers that are used in commercial and corporate spaces. They are specifically designed to meet the requirements of the employees while improving the overall aesthetic appearance of the workplace. These pieces of furniture are extremely efficient and are made from high-quality materials to offer comfort to the users and protect important documents and electronics against dust, theft, fire and pests. Consequently, they are widely being used in meeting rooms, individual workstations, cafeterias, and lounges to improve the overall work productivity of the employees.
Global Office Furniture Market Trends:
The market is primarily driven by a significant increase in the construction of commercial zones and IT parks. Numerous corporates and enterprises are taking initiatives to create an informal workplace with furnishings that would cater to the comfort of the employees. This assists in promoting social interaction among the employees and facilitating a collaborative and productive environment. In line with this, significant growth in the corporate sector is also providing a thrust to the market growth. Apart from this, a considerable rise in the number of start-ups and an increasing requirement for employment across the globe are acting as another major growth-inducing factor. Moreover, continual research and development (R&D) has enabled manufacturers to develop intelligent and smart office furniture. They are also integrating furniture with sensors to remind the users to change their posture or complete a certain task at regular intervals, which is further creating a positive outlook for the market. Other factors influencing the market growth include the availability of multi-functional furniture, and several technological advancements in the market. On account of the aforementioned factors, the market is expected to reach a value of US$ 89.6 Billion by 2025, registering a CAGR of 4.8% during 2020-2025.
- On the basis of the product type, the market has been divided into seating, systems, tables, storage units and file cabinets, overhead bins, and others. Seating exhibits a clear dominance in the market.
- Based on the material type, the market has been categorized into wood, metal, plastic and fiber, glass, and others. Wood holds the majority of the total market share.
- On the basis of the distribution channel, the market has been classified into direct sales, specialist store, non-specialist stores, online, and others. Amongst these, direct sales account for the majority of the global market share.
- Based on the price range, the market has been segregated into low, medium and high segments.
- On the geographical front, North America holds the leading position in the market. Other major regions include Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been studied in the report, along with the detailed profiles of the key players operating in the industry. Some of these players include Steelcase Inc., Okamura Corporation, HNI Corporation, Herman Miller Inc., Haworth, Inc., Knoll, Inc., KOKUYO Co., Ltd., Meridian Office Furniture Limited, Kimball International, Inc., D3, Inc., BERCO DESIGNS, and Hooker Furniture Corporation.
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