Pune,India, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The global office furniture market size was valued at USD 44.27 billion in 2021 and is projected to grow from USD 48.64 billion in 2022 to USD 80.62 billion by 2029, exhibiting a CAGR of 7.48% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “Office Furniture Market, 2022-2029.”
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List of Key Players Profiled in the Office Furniture Market:
- Steelcase Inc. (U.S)
- MillerKnoll, Inc (U. S.)
- Nilkamal Ltd. (India)
- Kimball International Inc. (U.S)
- Haworth Inc. (U.S.)
- HNI Corporation (U.S)
- Krueger International, Inc. (U. S.)
- Humanscale (U.S.)
- Global Furniture Group (U.S.)
- Vitra International AG. (Switzerland)
Report Coverage:
The report presents a rounded study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the office furniture market growth are shared in the report.
Drivers and Restraints:
Significant Growth in ICT Industry Drives the Market Growth
The ICT sector has made a substantial contribution to the economies of numerous nations worldwide. The ICT sector needs proper infrastructure development since it is crucial to its operation in order to achieve optimal performance and deliver necessary services. It consists of two parts, IT applications, engineering, and services provided online. As a result, governments have been spending money on building infrastructure and luring MNCs and startups to the nation.
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COVID-19 Impacts:
Significant Drop in Product Demand during COVID-19 Pandemic
Governments implemented a number of measures to stop the spread of COVID-19, including lockdowns, border closures, and other suspensions of non-essential corporate operations. The production, supply chain, and other operations were severely disrupted in 2021 as a result of these limits and regulations. Additionally, many organizations, including corporate offices, IT service providers, and others were forced to allow employees to work from home for a longer period of time. This had a huge influence on the demand for office furniture globally and decreased income generating.
Segments:
By Product Type
- Office Chair
- Office Table
- Storage Furniture
- Others
By Material
- Wood
- Steel
- Others
By Distribution Channel
- Online
- Offline
By Geography
- North America
- Europe
- Asia Pacific
- the Middle East & Africa
- South America
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Regional Insights:
North America spearheads the market growth, primarily driven by the United States, boasting the largest share in the office furniture market within the region, alongside Canada and Mexico.
The escalating demand for office furniture in North America is a result of Canada's rapid urbanization and Mexico's burgeoning commercial real estate sector. Additionally, the region's requirement for office furniture is augmented by the rising influx of international corporations and startups establishing corporate offices in Canada.
Competitive Landscape:
Major industry players are actively employing diverse strategies to fortify their market positions as industry frontrunners. One pivotal tactic involves acquiring companies to enhance their brand recognition among consumers. Furthermore, another crucial approach involves consistently introducing innovative products after conducting thorough market research and understanding the needs of their target audience.
Detailed Table of Contents:
Introduction
- Research Scope: Outlining the boundaries and extent of the research.
- Market Segmentation: Identifying distinct market segments for analysis.
- Research Methodology: Detailing the approach and techniques used for conducting the research.
- Definitions and Assumptions: Clarifying specific terms and presumptions for the study.
Section 2: Executive Summary
Section 3: Market Dynamics
- Market Drivers: Factors propelling market growth.
- Market Restraints: Factors limiting market expansion.
- Market Opportunities: Potential avenues for market advancement.
- Market Trends: Ongoing shifts or patterns shaping the market.
Section 4: Key Insights
- Overview of the Parent/Related Markets: Understanding the broader market context.
- Regulatory Landscape: Evaluating the governing regulations impacting the market.
- Industry SWOT Analysis: Assessing strengths, weaknesses, opportunities, and threats within the industry.
- Recent Industry Developments: Highlighting significant policy changes, partnerships, product launches, and mergers & acquisitions.
- Impact of COVID on Supply Chain of Office Furniture Market: Analyzing the pandemic's effects on the supply chain, challenges faced, and potential opportunities arising from the situation.
Section 5: Global Office Furniture Market Analysis, Insights, and Forecast (2018-2029)
- Key Findings/Summary: Condensed overview of crucial discoveries.
- Market Size Estimates and Forecast: Projecting market sizes and trends.
- By Product Type (Value): Office Chair, Office Table, Storage Furniture, Others.
- By Material (Value): Wood, Steel, Others.
- By Distribution Channel: Online, Offline.
- By Region (Value): North America, Europe, Asia Pacific, South America, Middle East & Africa.
TOC Continued...!
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Key Industry Development:
- February 2022: A new ergonomic office table called Move Up was introduced by Godrej and Boyce, a flagship company of Godrej, through the Godrej Interior division for people who work from home.
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