The global office furniture market was valued at US$ 74,428.57 million in 2019, according to Office Furniture Market Report, by Material (Metal, Wood, Plastic, and Others), by Product Type (Storage Units, Seating, Desks & Tables, Workstation, and Accessories), by Price Range (Premium, Medium, and Economy), by End User (Corporate Offices, Government Offices, and Others), by Distribution Channel (Offline and Online) and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global office furniture market is expected to surpass US$ 96,642.94 million by 2027, exhibiting a CAGR of 3.1% during the forecast period (2020-2027). The growth of the office furniture market is expected to be driven by increasing adoption of ergonomic chairs. Ergonomic chairs are usually referred to the office chairs, which are designed to provide better posture, comfort, and better lumbar support for the human body. These chairs offer numerous advantages for the employees in terms of improved health, by providing the required back support, better work productivity, and enhanced customizability.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 25 market data tables* and 20 figures* on "Office Furniture Market” - Global Forecast to 2027.
Key Trends and Analysis of the Global Office Furniture Market:
- Among regions, North America accounted for a significant market share in 2019. Flourishing IT (Information technology) sector in the region is creating substantial opportunities for the office furniture market globally. Moreover, rising awareness about work aesthetics and ergonomics at work places has created enormous growth for the market. These factors are expected to create a lucrative opportunity for the office furniture market growth in the region.
- The global office furniture market is experiencing an upsurge in demand for eco-friendly furniture, as the consumers are becoming more aware about sustainable living. The office furniture manufacturers are focusing on developing eco-friendly furniture products by procuring the wood from plantations that have a long-term conservation policy and who grow sustainable plants. For instance, in April 2010, Crate and Barrel, a North American retailer, worked collaboratively with the Tropical Forest Trust for ensuring that the hardwood used for manufacturing furniture is procured from sustainable plantations, which are being managed for long term conservation.
Key Takeaways of the Market:
- Among distribution channel, offline segment held largest revenue share of 84.6% in the global office furniture market in 2019. The segment is expected to continue its dominance over the forecast period, owing to wide availability of furniture shops across the globe. Moreover, in August 2014, A.T. Kearney, a leading global management consulting firm, suggested that 70% of the consumers prefer in-store purchase of furniture.
- Major players operating in the global office furniture market include Knoll Inc., LLC., HNI Corporation, Herman Miller, Inc., Teknion Corporation, Kimball International Inc., Berco Designs, Kokuyo Co., Ltd., Haworth Inc., Okamura Corporation, and Steelcase Inc.
- Key players operating in the office furniture market are focusing on various strategies such as partnerships & collaborations in order to strengthen their market presence and expand their product portfolio. For instance, in June 2019, Teknion Corporation entered into a partnership agreement with Bene, a European office furnishing company. With the help of this partnership, Tenkion Corporation aims to expand its product portfolio of office furniture.
Global Office Furniture Market - Impact of Coronavirus (Covid-19) Pandemic
- Few organizations across the globe are considering renovation of their offices in the near future with a smaller sitting capacity. Organizations such as Twitter have announced that they expect one-half to two-thirds of their desk workers to remain 'work from home' for an indefinite period of time now. Also, IBM did a survey of 25,000 office workers and discovered that 54% of desk workers want to pursue the option of work from home (full time), whereas 75% were comfortable to work either part time or full-time depending on the requirements and 40% felt that their employers should at least have the option of working remotely. Furthermore, employers such as Google and Amazon have started offering up to US$ 1,000 expense reimbursements for home office equipment for ensuring that the employees remain productive working from home as they were in the office.