In a recent market study published by Fact.MR, the current and future prospects of the Office Furniture Market are thoroughly analyzed. Further, the report includes an in-depth analysis of the various factors that are likely to control the growth trajectory of the Office Furniture Market in the upcoming years. In addition, a qualitative and quantitative assessment of the various market segments is enclosed in the report and accurately represented in the form of tables, graphs, and figures.
The report indicates that the Office Furniture Market is expected to register a CAGR growth of ~XX% over the forecast period and reach a value of ~US$XX by the end of 2019 to 2029. The report elaborates on the micro and macro-economic factors that are projected to influence the growth of the Office Furniture Market in the upcoming years.
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Essential Findings of the Report
- Factors that are likely to impede the growth of the Office Furniture Market over the forecast period 2019 to 2029
- Competition analysis that provides intricate details related to the business prospects of leading market players
- Major trends influencing the dynamics of the Office Furniture Market
- Y-o-Y growth of each market segment
- Pricing strategies of various market players in the Office Furniture Market
Important questions pertaining to the Office Furniture Market catered to in the report:
- What is the projected revenue generated by some prominent market players in the Office Furniture Market?
- What are the prospects of the Office Furniture Market in region 1?
- What is the scope for innovation in the Office Furniture Market?
- How have government policies impacted the dynamics of the Office Furniture Market in various regions?
- Which region has the highest concentration of tier 1 companies?
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Wide Range of Designs to Broaden Consumer Base
According to the capacity of organizations, workplace needs to differ. To comply with these changing needs, manufacturers have introduced a wide range of office furniture. As there are different divisions, designations, and activities in every organization, appropriate office furniture are chosen. For instance, furniture in the conference room will be distinct from that of a private cabin or a desk. For these distinct working environments, a variety of office furniture such as conference hall furniture, ergonomic furniture, and many more are available. For example, conference chairs are designed with backs slightly forward with the intention to keep employees attentive in meetings and discussion. Whereas, an executive chair will have ample number of cushions and a higher back made of leather or high-priced fabric material. Thus, availability of a variety of chairs that suits different office needs attracts huge consumer base in the office furniture market.
Development of Innovative and Cost-Effective Furniture
Design innovation in the furniture sector has led to the introduction of several innovative products that gained considerable traction from consumers. Owing to the preference for modern infrastructure, consumers seek aesthetic beauty in the product apart from its affordability. To comply with this demand, manufacturers have introduced products with distinct designs. The novelty enables consumers to choose one product over another, helping manufacturers to win over the intense market competition. Currently, quick and easy-to-install, foldable, and multifunctional office furniture are trending in the office furniture market. Considering these consumer preferences, the office furniture segment is led by the development of innovative and affordable furniture.
Lower Import Penetration in the Developed Market to Impede Growth of the Office Furniture Market
As the office furniture industry is known for its fragmented nature, only a handful of global manufacturers remain prominent in the market. As consumers in emerging markets have different profiles than customers in developed markets, import penetrations remain low. Consumers choose domestic manufacturers over international players for their office furniture purchase. Even large office furniture purchases are made by contractors, who themselves develop or co-develop the entire furniture project with the manufacturer. The scenario leads to a substantial advantage to national domestic manufacturers as compared to the global market players, reducing the need for office furniture import. Such scenarios of lower import penetration significantly restrain the global supply chain as well as the growth of the global office furniture market.
High Competition between Prominent Players to Offer Quality Office Furniture
Owing to increasing consumer preference for online shopping, several office furniture companies are selling their products through their own website or through popular retail websites such as eBay, Amazon, and more. In 2018, Amazon’s furniture sales reached ~ US$ 4 billion, representing the popularity of an e-commerce platform for buying furniture. The office furniture market is heavily fragmented and only a handful of top manufactures are considering investing in research and development as the market is near maturity.
Some noteworthy developments in the office furniture market are as follow:
In September 2019, Knoll, Anew, and Mazda collaborated on a full circle project.
In August 2019, Knoll acquired Fully, which is an e-commerce company that offers direct, easy access to high-performance furniture for home offices and small businesses.
In June 2019, Steelcase and Anker joined forces to bring mobile power to the workplace.
In April 2019, Steelcase’s SILQ chair is recognized for innovative product design in top international design competition.
In 2019, Steelcase acquired Orangebox, a UK-based maker of alternative furniture and settings for the changing workplace.
In Oct 2018, Itoki signed basic agreement for business tie-up with Dutch work-style reform consulting firm.
In 2018, Steelcase expanded its relationship with Danish Design Company Bolia.
In Nov 2018, New Itoki headquarters office acquired WELL certification. This certification preliminary (gold level) demonstrates usefulness and effectiveness of office design, which maintains physical and mental health of employees.
In 2017, Fursys T40, T50 chair is nominated for the world class Korean product.
IKEA, a leading furniture company, aims to use only recycled polyester in textile products by 2020.
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