Nov 22, 2018
Global Office Furniture Market to Find Office Chairs becoming Top-selling Product, says Fact.MR
by Team Fact.MR
The global office furniture market is envisaged to find growth due to the rising demand for ergonomic furniture that helps to keep health issues of employees such as back pain at bay. Increasing focus on comfort could encourage manufacturers to design and develop more products accordingly. The need to maintain employee wellness is expected to promote the demand for comfortable chairs, desks, and other types of office furniture. High demand for smart products could be another factor pushing the growth of the global office furniture market. Office desks with sensors are a good example of smart office furniture.
Fact.MR projects the global office furniture market to log a 5.8% CAGR between 2017 and 2022 to obtain a valuation of US$30.5 bn by the final forecast year. Among sales channels, retail stores could rank higher in the global office furniture market by reaching to a nearly US$9.6 bn valuation by the end of 2022. This segment of the global office furniture market could remain as one of the highly lucrative ones during the course of the forecast period. However, direct to customer is forecast to show above-average growth in the global office furniture market. By sales channel, the global office furniture market is also classified into discount stores, e-commerce stores, manufacturer stores, and rental stores.
By type of product, the global office furniture market is categorized into reception furniture, office systems furniture, storage furniture, office tables, office chairs, and other segments. Among these, office chairs are prognosticated to gather pace in the global office furniture market by showing higher sales growth by the end of the forecast period. This segment of the global office furniture market could earn more than an US$8.8 bn by the end of 2022. Office tables are also envisioned to become a prominent segment of the global office furniture market. In 2017, the segment secured close to one-third of the total revenue earned by the global office furniture market.
From a geographical point of view, APEJ is anticipated to show impressive growth in the global office furniture market. By the end of 2022, the regional office furniture market could be valued at an over US$14.7 bn. Some of the key factors propelling the demand in the APEJ office furniture market could be the increasing number of employees because of the rise of new entrants, rising number of startups, increasing number of new offices and MNCs, and rising development of corporate offices.
North America is also predicted to become a profit-making region for the global office furniture market. The U.S. could help increase the demand in the North America office furniture market because of the rising development of multi-functional furniture. However, the demand could be cyclical as it fluctuates according to employment levels, capital investment, office building construction, and other macroeconomic trends. The need to reduce operational expenses has encouraged U.S. players to adopt online retailing methods for sales and distribution. Buyers concerned about affordability are expected to increase the demand for used office furniture in the country.
The U.S. could witness the rise of international and domestic players in the office furniture market. In order to win a furnishing contract, a number of firms are required to go through competitive bidding in the highly competitive U.S. office furniture market. There could be higher demand for domestically-produced goods in the U.S. office furniture market unlike the household furniture market, which sees maximum imports. Product customization and shorter lead times are some of the important advantages that U.S. manufacturers of office furniture offer. However, made-to-stock types of office furniture offered by retailers could be imported at an increasing rate.