Office Furniture Market in the US 2018-2022
About Office Furniture
Office furniture is a type of furniture that can be fixed or portable, which is specifically designed for office applications like individual workstations, meeting rooms, lounges, and cafeterias. Wood, steel, plastic, glass, and other similar materials are used in manufacturing office furniture.
Technavio’s analysts forecast the office furniture market in the US to grow at a CAGR of 5.49% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the office furniture market in the US for 2018-2022. To calculate the market size, the report considers the revenue generated through the retail sales of different types of office furniture made up of wood, metal, and other raw materials.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Office Furniture Market in the US 2018-2022
Technavio recognizes the following companies as the key players in the office furniture market in the US: Herman Miller, HNI, Knoll, Steelcase, and Haworth
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increasing adoption of convertible workstations. A new trend in the office furniture market is the convertible workstations offered by the manufacturers. Corporates are now preferring common sit to stand desk and turn to entire sit to stand workstation. These are standing desk solution that can be used as a table top as well as it can be quickly converted into the great sitting workstation. This type of furniture is great for the start-ups as they do not have to invest a huge amount on the office furniture.”
According to the report, one of the major drivers for this market is Surge in the number of start-ups. The global, including the US, start-up space is expanding continuously since the past few years. Favorable governmental policies like legal protections, increasing ease of doing business, innovative work environments, and business benefits like tax holidays fuel the growth of start-ups across the globe, including the US. Cities like Silicon Valley, New York City, Boston, Los Angeles, and others witness the entry of a large number of new entrepreneurs.
Further, the report states that one of the major factors hindering the growth of this market is Uncertainty in the prices of raw materials. One of the key operational challenges faced by the market is the uncertainty in the cost of raw materials and manufacturing. Fluctuation in the costs of raw materials and assembly components used in the manufacturing process of furniture is a key concern that is curtailing market growth. This adversely affects the profit margins for manufacturers and retailers. The cost of raw materials like steel, plastics, textiles, wood particleboard, and cartons, has increased considerably.
Herman Miller, HNI, Knoll, Steelcase, and Haworth