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Global Office Furniture Market to Grow at a CAGR of 5.3% between 2022 and 2027.

According to a new report by EMR titled, 'Global Office Furniture Market Report and Forecast 2017-2021', the global office furniture market reached a value of almost USD 72.1 billion in 2020. The market is further projected to grow in the forecast period of 2016-2020 at a CAGR of 5.3% to attain a value of USD 98.3 billion by 2027.

The United States and European countries are the largest markets for office furniture driven by the growing corporate industry, growing real estate sector, and increasing demand for premium and designer furniture. Office furniture is being heavily invested upon by large enterprises and corporates as they offer employees comfortable and productive environments. Thus, there have been many innovations over the years in office furniture to provide comfort and minimize stress while working. The online retail stores are attracting customers in huge numbers as it saves money and time of the customer in travelling to the store and is catering to the demand for variety. Online retail strategies are also enabling sellers to reduce costs and increase their profit margins.

In October 2016, Herman Miller, Inc. (NASDAQ: MLHR), a major player in the global office furniture market, launched a new Aeron chair. The Aeron chair was first unveiled in 1994 and provides unparalleled comfort to its customers. Steelcase Inc. (NYSE: SCS) is another vital key player in the global office furniture market, which is tapping into the consumers' demand for innovative products that also speaks to the growing need for a more active lifestyle. In March 2020, the company re-designed and presented a height-adjustable desk with the new Ology and which has Active Touch desk and Steelcase Rise app, which reminds the users to keep moving throughout the day and keeps track of their progress.

Market Analysis by Product, Distribution Channel, End-Use, and Region:

  • The global office furniture market is divided on the basis of products into seating, modular furniture, desks and tables, and other office furniture.
  • Based on distribution channels, the market is divided into offline and online retail stores.
  • The market is categorised on the basis of end-use into commercial office furniture and home office furniture.
  • The regional markets for office furniture are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing real estate sector, expanding the corporate industry, and the increasing demand for premium and designer furniture are driving the global office furniture market.
  • The global office furniture is being invigorated by the introduction of beneficial policies and enactment of several programs by the governments of many countries across the globe, which are helping boost start-ups.
  • The market is being enhanced by the technological advancements made in the office furniture.
  • The demand for office furniture is increasing due to the increasing trend of a home office and work from home.
  • The increasing demand for sustainable and environmentally sound furniture, which will help in the reduction of waste disposable, deforestation, and environmental pollution, is expected to aid the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global office furniture products market for the (2017-2021) and (2022-2027) periods.
  • The report offers historical (2017-2021) and forecast (2022-2027) market information for the product, end-use, distribution channel, and regional markets of office furniture products.

Steelcase Inc., Herman Miller, Haworth Inc., Bene GmbH, Knoll, Inc., HNI Corporation, Sedus Stoll AG, Kimball International, Inc, and KOKUYO Co., Ltd., among others, are the key players in the global office furniture market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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