The market is estimated to register 5.8% CAGR during the forecast period 2017-2022
[EUPRwire, Sat Oct 06 2018] According to the latest report by Fact.MR, the global office furniture market is expected to witness above-average growth. The market is estimated to register 5.8% CAGR during the forecast period 2017-2022. Owing to the rising number of corporate offices along with the rise in employment rate is driving the growth in office furniture market. Manufacturers are also working on new look and designs to offer multipurpose and comfortable office furniture. Modular type of furniture which is tech-friendly and boosts productivity. Following insights show how the global market for office furniture will perform in the next five years.
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When referring to the workplace, each and every piece of furniture plays an important role enhancing the productivity. Surrounded by boring furniture, employees often tend to lose interest in work. Hence, businesses are choosing vibrant color furniture with a modular design. With advancement in technology, furniture that can provide quick and easy connectivity are becoming a high priority. Employee fitness and health is also one of the priorities for companies. Therefore, manufacturers are focusing on designing office furniture that can provide correct posture, eventually minimizing strain on the spine. Companies are also fostering innovative culture by providing work areas encouraging communication. To support this, office furniture manufacturers are designing furniture with adjustable heights and using visually attractive color and texture.
Thinking outside the box, manufacturers are experimenting with innovative designs providing optimal comfort and reducing stress. Providing balance between collaboration and privacy, office furniture manufacturers are focusing new designs for modern workspace. The concept of recycled office furniture is also gaining traction, resulting in cost saving and reducing waste. Taking an environmentally friendly step, companies and organizations are also opting for recycled office furniture as it is cost-effective and can be delivered quickly.
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Asia Pacific Excluding Japan (APEJ) is expected to remain dominant in the global office furniture market. Experiencing robust growth, APEJ office furniture market is estimated to reach close to US$ 14,800 million revenue by the end of 2022. APEJ is witnessing healthy growth due to the increasing number of commercial complexes, tech parks and expansion of MNCs in the region.
North America is expected to emerge as the second most lucrative market in the global office furniture market. Owing to the increasing adoption of innovative technologies in the region and change in overall operations, companies in the region are shifting towards the furniture that can meet their specific needs.
Office chairs are expected to emerge as one of the most used and preferred products in the office furniture market. Office chairs are projected to gain around one-third of the revenue share by 2017 end. Towards the end of 2022, office chairs are estimated to bring in nearly US$ 8,900 million revenue.
Office furniture sales through retail stores are expected to be highest during the forecast period 2017-2022. Retail stores as a sales channel is likely to experience above-average growth throughout the forecast period. Meanwhile, direct to consumer is also expected to witness steady growth. It is projected to create incremental opportunity exceeding US$ 1,800 million between 2017 and 2022.
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