Market Definition
With numerous MNCs & start-ups being established globally, the need for comfortable & aesthetic furniture is also stimulating at a rapid pace to boost employee productivity. In addition, the growing focus of governments of different countries worldwide on infrastructural developments is leading to massive construction & renovation projects and burgeoning demand for office furniture across the corporate sector. As a result, manufacturers are actively working on increasing their production capacities & developing modern & multifunctional furniture, i.e., available & affordable for consumers across different sales channels.
Market Insights
The Global Office Furniture Market is projected to grow at a CAGR of around 5% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by the swift expansion of the corporate sector owing to massive investments by governments of different countries worldwide in economic diversification, coupled with their favorable policies attracting substantial Foreign Direct Investments (FDIs) & establishment of multinational companies & start-ups.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR(2022-27) | 5% |
| Regions Covered | North America: USA, Canada |
| Europe: Germany, France, Italy, UK, Russia | |
| Asia-Pacific: China, India, Japan, South Korea, Australia | |
| South America: Brazil | |
| Middle East & Africa: Saudi Arabia, Israel, Turkey | |
| Key Companies Profiled | Aurora Corporation, Fursys Inc., Global Furniture Group, HNI Corporation, Haworth, Herman Miller,, Haworth, Inc. Inaba Seisakusho Co. Ltd., Itoki Corp., Inter IKEA Systems B.V., Knoll Inc., Kimball International, Kokuyo Co. Ltd., Okamura Corporation, Steelcase Inc., Uchida Yoko Global Ltd., UE Furniture Co.,9to5 Seating |
| Unit Denominations | USD Million/Billion |
In addition, the advent of home-based office furniture owing to a paradigm shift toward working from home amidst the Covid-19 pandemic is another prominent aspect soaring the demand for office furniture and driving the global market.
Besides, the accelerating number of domestic furniture manufacturers, easy availability of furniture, and cost-effectiveness owing to the immense government support for small businesses are also stimulating the overall market growth. Moreover, the mounting inclination of companies toward comfortable office furniture to enhance the efficiency of employees & eliminate their stress & fatigue is another crucial aspect projected to boost the demand for office furniture and contribute to the overall market expansion through 2027.
