Office Furniture Market to Reach US$ 86.7 Billion by 2024 and Expanding at a CAGR of around 5%

Global Office Furniture Market Research Report and Forecast 2024 Report Edition: 2019 © 2019 IMARC All Rights Reserved

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Report Description and Highlights

Report Description

Global Office Furniture Market Overview: As per the latest report by IMARC Group, titled “ Office Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2 024 �, thee global office furniture market size reached US$ 64.3 Billion in 2018. Office furniture represents one of the key facilities that are provided buy the management for conducting work efficiently. It is generally manufactured using materials like metal, wood, plastic and fiberglass, and plays an important role in seating as well as storing and protecting crucial documents against fire, duct, insects and theft. Well designed furniture also helps in reducing fatigue and enhancing overall work productivity.

Office Furniture Market Trends The global office furniture market is currently being propelled by the rising demand fore premium and designer furniture products, along with the burgeoning corporate and real estate sectors across the globe. The growth of the market is further supported by an increase in the number of corporate office owing to the construction of IT parks and commercial zones. Moreover, numerous organizations nowadays are setting-up informal office spaces to create a collaborative environment and promote social interaction among co-workers. This has prompted manufactures to introduce intelligently designed furniture products which, in turn, is strengthening the market growth.

Report Description and Highlights

157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

120.2 2011

2012

2013

2014

2015

2016

2017

2018

In Billion US$

in Billion US$

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180 160 140 120 100 80 60 40 20 0

160.0 2019

175.9

181.2

186.5

165.3

170.6

2020

2021

2022

2023

2024

Further, on account of technological advancements and the growing incidences of health issues, there has been an increase in the demand for smart workplace furniture that offers internet connectively and promoted better posture. Looking forward, the market value is projected to reach US$ 86.7 Billion by 2024, expanding at a CAGR of around 5% during 2019-2024.

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Report Description and Highlights

Report Description Key Market Segmentation:

Market Segmentation by Product Type • • • • • •

Seating Systems Tables Storage Unites and File Cabinets Overhead Bins Others

Based on the product type, the market has been segmented into seating, systems, tables, storage units and file cabinets, overhead bins, and others. At present, seating represents the leading product category worldwide.

Market Segmentation by Material Type • •

Wood Metal

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Report Description • • •

Plastic and Fibre Glass Others

On the basis of the material type, the market has been segregated into wood, metal, plastic and fiber, glass, and others. Amongst these, wood accounts for the majority of the total market share.

Market Segmentation by Region • • • • •

North America Europe Asia Pacific Middle East and Africa Latin America

Region-wise, North America represents the biggest market for office furniture across the globe. Other major markets include Asia Pacific, Europe, Latin America, and Middle East and Africa.

Market Segmentation By Distribution Channel

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Report Description • • • • •

Direct Sales Specialist Store Non-Specialist Stores Online Others

The market has been analyzed on the basis of the distribution channel into direct sales, specialist store, non-specialist stores, online, and others. Currently, direct sales exhibit a clear dominance in the market.

Market Segmentation by Price Range • • •

Low Medium High

Based on the price range, the market has been classified into low, medium and high segments.

Competitive Landscape

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Report Description

The competitive landscape of the market has also been examined with some of the key players.

• • • • • • • • • • • •

Steelcase Inc. OKAMURA CORPORATION.l HNI Corporation Herman Miller, Inc. Haworth Inc. Knoll, Inc. KOKUYO Co.,Ltd. Meridian Office Group Kimball International 9to5 Seating BERCO DESIGNS Hooker Furniture

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Report Description

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