Office Furniture Market Is Anticipated To Reach A Valuation

Susan Howell





Rockville, Jan. 31, 2023 (GLOBE NEWSWIRE) — The worldwide office furniture market is projected to grow at a CAGR of 7% from 2023 to 2033. The market is esteemed at US$ 50 billion out of 2023 and is in this way expected to arrive at a valuation of US$ 98 billion by 2033-end.

Recent Developments:

  • Key office furniture players in the market are focusing on innovations and product developments to address customer requirements. Moreover, manufacturers are collaborating with other players to launch new products and stores to address consumers’ demands. For instance:
    • In June 2022, Miller Knoll Inc had collaborated with Studio 7.5 to introduce its new office chair collection. The design was introduced to reduce the gap.
    • In February 2022, Godrej and Boyce launched Move Up, an ergonomic office table through its business Godrej interior for individuals with a home office.
    • Another example is Steelcase signed which had signed a definitive agreement to acquire Halcon. This acquisition will help boost the portfolio of Steelcase wood products.

Download Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=280


Report Attributes
             Details
Historical Data          2023 – 2032
Value Projection (2032)           US$ 98 Billion
Growth Rate (2022-2032)                7 % CAGR
No. of Pages                170 pages
No. of Tables               80 Tables
No. of Figures              72 Figures

Key Trends:

  • Furniture offering features such as easy-to-install, multifunctional, and quick are witnessing high adoption in the office furniture market. This trend is driven by a high consumer preference for affordable furniture.
  • Smart furniture is witnessing a surge in adoption as it offers consumers posture-changing applications. For instance, office desks are equipped with controllers and sensors, where the employee can control various parameters such as temperature.
  • Major office furniture players are improving ergonomics as well as involving value-added and designs.

Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=280

Drivers:

The office furniture market is expected to witness moderate growth during the forecast period and is expected to reach a valuation of US $ 98 Billion by 2033. Market growth is driven by the following factors:

  • Co-working spaces are the places where working professionals assemble together in neutral spaces on different projects. Co-working spaces have witnessed a massive trend in the last few years. This has also significantly improved the landscape of the office furniture market.
  • Rapid growth in ICT has led to the growth of the office furniture market. The ICT market requires better infrastructure and it includes two important components, IT application and engineering. Governments have been making significant investments
  • Also, rise in growth of MSMEs (Micro, Small, and Medium Enterprises) leads to better infrastructure.

Competitive Landscape

Leading office furniture companies are focused on enhancing product standards with changing preferences of customers. Major office furniture producers are following safety regulations to maintain quality control of innovative office interior products.

Furthermore, RTA (Ready to Assemble) furniture is also gaining popularity among consumers for better usage and convenience. The need for eco-friendly furniture is driving top office furniture providers to use green materials that reduce waste disposal, pollution, and environmental impact.

For instance:

In April 2021, PPG Industries Ohio Inc. (PPG), a company that makes metallic office furniture, introduced PPG ERGOLUXE powder coatings. The company provides a distinctive polyester-hybrid technology, and the layers added to the finishing give chairs, benches, workstations, and tables design and sustainability advantages.

Key Companies Profiled

  • Knoll
  • ANEW
  • Steelcase
  • ITOKI
  • Haworth Inc.
  • Herman Miller Inc.
  • Global Furniture Group
  • Okamura Corporation
  • HNI Corporation
  • Kimball International

Get Full Access of Complete Report:
https://www.factmr.com/checkout/280

Segmentation Landscape:

  • By Product :
    • Office Chairs
    • Office Tables
    • Storage Furniture
    • Office System Furniture
    • Reception Furniture
    • Others
  • By Sales Channel :
    • Retail Stores
    • Specialty Stores
    • Online Stores
    • Rental Stores
    • Others
  • By Region :
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

Regional Landscape:

  • North America holds a substantial share of the market and various factors such as commercial real estate, ICT spending, and the rising number of start-ups are expected to boost the adoption of office furniture in the region. Moreover, the rise in the number of coworking spaces in the region is expected to significantly impact the growth of the office furniture market. Besides this, rising commercial real estate and rapid urbanization in Canada are expected to offer lucrative opportunities during the forecast period.
  • Asia Pacific is expected to witness an impressive CAGR due to a rise in urbanization rate and infrastructural development. Corporate business owners are investing significant money in infrastructure and improving the office environment.
  • Moreover, the office furniture market in Japan is progressing at a rapid pace due to the expansion of business and IT spaces and a growing inclination towards modern furniture.

Key Questions Covered in the Office furniture market Report

•        How will the demand for office furniture market surge during the forecast period?
•        Which are the key trends propelling the sales of a office furniture market in the market?
•        Which region will be the most lucrative in the office furniture market from 2023 to 2033?
•        What is the projected market valuation of the office furniture market in 2033?
•        What are the challenges office furniture market providers might face over the upcoming decade?
•        Which will be the leading end users in the office furniture market?

Check out more related studies published by Fact.MR Research:

Home Furniture Market OutlookIn FY 2021, the Home Furniture market reached a valuation of US$ 162.0 Billion, closing at US$ 171.72 Billion. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 6.0% CAGR, reaching US$ 307.52 Billion.

Outdoor Garden Furniture Industry The outdoor garden furniture market was worth US$ 2 Bn in 2020, and is slated to expand at a CAGR of 7.6% to top US$ 4 Bn by 2031. The market is projected to offer an incremental opportunity of US$ 148 Mn through assessment period of 2021-2031.

Global Playroom Furniture MarketThe global playroom furniture market is estimated at USD 4,000 Mn in 2022 and is forecast to surpass USD 6,700 Mn by 2032, growing at a CAGR of 5.4% from 2022 to 2032.

Furniture on Rent Market InsightsExpanding at a high-value CAGR of 7%, the global furniture on rent market is predicted to increase from a valuation of US$ 6.1 billion in 2023 to US$ 12 billion by 2033-end.

Incontinence Bedding & Furniture Protection Market Worldwide consumption of incontinence bedding & furniture protection products is anticipated to rise at a CAGR of 4.9% between 2022 and 2032.

About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.

Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Connect to Analyst: Mr. Yash Pathak
Email : [email protected]
Sales Team : [email protected]
Follow Us: LinkedIn | Twitter | YouTube

Next Post

Garden & Landscape Expo Offers Spring-like Respite Feb. 10-12

January 31, 2023 Ian Lewitz As winter season settles over Wisconsin, the 30th-annual PBS Wisconsin Backyard & Landscape Expo delivers a little bit of spring-like warmth to the Alliant Vitality Center in Madison, Feb. 10-12. Party hours are noon to 7 p.m. Friday, Feb. 10 9 a.m. to 6 p.m. […]
Garden & Landscape Expo Offers Spring-like Respite Feb. 10-12