Global Office Furniture Market - Growth, Trends, and Forecasts (2020 - 2025)

Global Office Furniture Market - Growth, Trends, and Forecasts (2020 - 2025)

The number of renovation and modification projects is increasing in countries, such as the United States, China, and India. Moreover, favorable trade relations between countries and government policies, such as FDI, relaxation have increased the number of multinational and global companies and technology and business parks. This increasing construction of residences, offices, and commercial complexes will be one of the significant factors influencing the growth of the market size throughout the forecast period. An increase in the number of corporate offices, owing to the rapid construction of IT parks and commercial zones, is creating a demand for modernized office furniture globally. In addition to this, for boosting colleague communications, collaborative environment, and social interactions, organizations are creating informal office spaces. This shift has prompted the manufacturers in the market studied to introduce intelligently designed furniture products.

Key Market Trends

Increase in Sales of Office Furniture through Online Stores

In the past years, online spending by customers has risen significantly. Most vendors are adopting online retail strategies to reduce costs and increase their profit margins. Moreover, there’s a rise in the number of online furniture stores to reduce the need for rental space and inventory. Amazon.com and Wayfair are some of the leading online retailers for office furniture. The growth opportunity for the sales of office furniture through online channel have forced online retailers to improve purchase processes in terms of security and reliability, which, in turn, has propelled the demand for office furniture. Some of the policies that encourage consumers to purchase online include secured transactions, cash on delivery options, convenient return policies, integrated and centralized customer service.

AsiaPacific to Witness Strong Growth in Office Furniture Market

AsiaPacific is the fastestgrowing region in the global office furniture market. China, Japan, Australia, and India are the top contributing countries in the region. Many key players in the office furniture market are entering into partnerships with the ecommerce retail stores to strengthen their distribution network. Demand for office furniture has also increased with an exponential rise in the number of commercial properties along with the number of employments in the service sector. In addition, an increasing number of startups and an increasing number of business expansions is another factor expected to drive the growth of the target market in the region. The growth in the region is anticipated to be fostered by rising demand for office leasing and a rise in the number of employments. Besides, the expansion of multinational companies in the Asia Pacific region the market is also expected to impel the growth of the office furniture market in the Asia Pacific.

Competitive Landscape

The report covers major international players operating in the global office furniture market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, midsize to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Drivers
4.3 Restraints
4.4 Opportunities
4.5 Industry Value Chain Analysis
4.6 Porters Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Trends in the Market
4.8 Insights on Material Usage in Office Furniture
4.9 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Seating
5.1.2 Tables
5.1.3 Storage
5.1.4 Desks
5.1.5 Other Office Furniture
5.2 Distribution Channel
5.2.1 Home Centers
5.2.2 Flagship Stores
5.2.3 Specialty Stores
5.2.4 Online Stores
5.2.5 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.2 South America
5.3.3 Europe
5.3.4 Asia-Pacific
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 Okamura Corporation
6.2.2 HNI Corporation
6.2.3 Herman Miller Inc.
6.2.4 Haworth Inc.
6.2.5 Global Furniture Group
6.2.6 Steelcase Inc.
6.2.7 Knoll Inc.
6.2.8 Kimball International
6.2.9 9to5 Seating
6.2.10 KOKUYO Co. Ltd*
7 FUTURE OF THE MARKET
8 APPENDIX
9 DISCLAIMER

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