KD Market Insights has published a report on global Office Furniture market research report. The report offers valuable market insights drivers which would aid the industry leaders to develop and line up their market strategies supported by reliable and accurate data. According to KD Market Insights report, the global Office Furniture market is expected to grow at a CAGR of 9.1% during the forecast period 2024. The market was held to USD XX.X Million in 2019 and is projected to reach to a valuation of USD XX.X Million in 2024. The report covers a detailed chapter on market segmentation of Office Furniture market covering market segments by type, price range and distribution channel
The report offers an exhaustive analysis of the market trends, opportunities, growth areas and industry drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Rapid introduction of innovative and advanced office furniture will intensify the growth of the market in the upcoming years. Key vendors are offering advanced & innovative designed furniture which are healthier and more comfortable. This factor is bolstering the growth of global furniture market across all regions. Consumers such as enterprises and others are preferring modern and modular office furniture’s to improve the productivity which bodes well for the growth of the market.
Barriers in Market
The cost of raw materials used in manufacturing of furniture remains highly volatile and fluctuating with time. This fluctuation in raw material prices may obstruct the growth of office furniture market in future. The cost of raw materials used in manufacturing of furniture remains highly volatile and fluctuating with time. This fluctuation in raw material prices may obstruct the growth of office furniture market in future.
Consumers with low spending budget are looking forward to adopting every possible cost-effective furnishing solution such as online rental and second-hand furniture. Further, this rising trend 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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The world office furniture is segmented by product into five: seating, storage unit and files, workstation, tables and accessories. With a market share of 35.1%, global office seating market captured the major portion of the market. In the type segment, office seating segment is expected to be the most attractive market in global office furniture market over the forecast period. Further, this segment is projected to open new avenues for the market players and to be the most lucrative market over the forecast period. Apart from this, when compared with other segments, accessories segment is anticipated to attain the highest CAGR over the upcoming years i.e. 2019-2024.
With respect to the distribution channel, the market is segmented into online stores and offline stores, out of which, offline stores segment shared approximately 96.1% of the global market in 2018. According to BPS analysis, office furniture online retailing market is likely to witness an increase of +120 BPS during the forecast period. Further, the online market is anticipated to grow at a CAGR of 15.6% during the forecast period i.e. 2019-2024.
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This research report studied the Office Furniture market to forecast the revenues and analyze the trends in 5 regions i.e. North America, Europe, Asia Pacific, Latin America and Middle East & Africa. This chapter of the report presents a comparison between emerging regions and developed regions to highlight the key factors and industry trends impacting the overall Office Furniture market. Country analysis is also covered for various major economies across various regions:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
This study evaluates and categorizes the key vendors in the Office Furniture market. The key companies published in the report include among others, Herman Miller Inc., Inter IKEA Group, Okamura Corporation, HNI Corporation, Knoll, Inc., Steelcase Inc., Haworth Inc., Kokuyo Co Ltd., Kimball International Inc. and Hooker Furniture.
The competitive strategic window analyses the competitive landscape in terms of the market share and company profiles of major vendors. This section provides company’s metrics such as business strategy and performance such as financials, sales breakup by segment and by geography, SWOT Analysis, company snapshot, business strategy, key product offerings, marketing and distribution strategies, recent news & development and other market activities.
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