Global Office Furniture Market 2017-2021
About Office Furniture
Office furniture consists of specific furniture designed for office applications such as individual workstations, meetings, lounges, and cafeterias. Wood, steel, plastic, glass, and other materials are used in manufacturing office furniture. The major factors that aid in the growth of the global furniture market are increasing population, high global penetration of organized retail, and rapidly growing real estate industry across the globe. The growth in the market is expected to be driven by a growing demand for premium, ready-to-assemble, eco-friendly, and designer furniture.
Technavio’s analysts forecast the global office furniture market to grow at a CAGR of 3.71% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global office furniture market for 2017-2021. To calculate the market size, the report considers the new installations value market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Office Furniture Market 2017-2021
Technavio recognizes the following companies as the key players in the global office furniture market: Herman Miller, HNI, KOKUYO, Okamura, and Steelcase
Other Prominent Vendors in the market are: 9to5 Seating, AFC SYSTEMS, BERCO DESIGNS, Clarin, Creative Wood, Global Upholstery Solutions, Godrej & Boyce, KI, Kimball International, Kinnarps, Knoll, Meridian Office Group, Sedus, Teknion, and Wipro Furniture Business.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Developing innovative and cost-effective products. The manufacturers in the global office furniture market are focused on developing innovative and cost-effective products. For instance, HNI provides innovative and differentiated end-user solutions targeting specific end-user industries. Wilkhahn, a German office furniture brand, launched the IN chair; the chair helps users to simulate core body muscles and encourage regular motion during work hours.”
According to the report, one of the major drivers for this market is Growing demand for modern, luxury furniture. An expanding global economy and increased focus on work-space aesthetics have fueled the demand for luxury furniture across the globe. The global market for modern, luxury furniture is expected to grow at a CAGR of around 5% during the forecast period. Geographically, Europe accounts for the largest market share of luxury furniture. Developing countries such as China and India are expected to grow at fast rates due to their expanding economies and growing number of technology parks. The advent of modern healthcare systems across the globe (especially in developing regions such as APAC) has further fueled the market for luxury office furniture. A global increase in the number of theme-based food service joints, hotels, and restaurants has boosted the demand for luxury furniture in the foodservice industry. The growth in the global lodging industry is further fueling the growth of the global luxury furniture market.
Further, the report states that one of the major factors hindering the growth of this market is High transportation cost and freight loss. The supply chain of the global office furniture market includes the procurement of raw materials from suppliers, production of furniture, storage of furniture in warehouses, and inventory management. Fluctuating transportation costs across the globe affect manufacturers as the transportation of furniture and related products forms a major part of the supply chain for office furniture. Transportation costs are involved in the supply of raw materials to factories, the supply of intermediary goods to production sites, transportation of end products to warehouses, and delivery of finished goods to end-users. Transportation costs incurred by companies include taxes, duties, and fuel prices.
Herman Miller, HNI, KOKUYO, Okamura, Steelcase, 9to5 Seating, AFC SYSTEMS, BERCO DESIGNS, Clarin, Creative Wood, Global Upholstery Solutions, Godrej & Boyce, KI, Kimball International, Kinnarps, Knoll, Meridian Office Group, Sedus, Teknion, and Wipro Furniture Business.
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