Office furniture mainly consists of chairs, tables, sofas, file cabinets, and cubicles with raw materials as wood, glass, vinyl, plywood, plastic, and steel. The office furniture market is majorly run by unorganized local players and some global players. With an urge to sustain in the market many global players are going into mergers and acquisitions so that the local market can be tapped. The rise of startups and co-working space has created new demand in the office furniture market. Innovations in the sector are related to the furniture that can give comfort and create a stress-free aura for employees all day and are modular to attract clients' and customers' attention.
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COVID-19 Scenario Analysis:
- The industry was experiencing huge growth and demand from countries like China, India, and Indonesia but with work from home conditions provided by almost all the offices, there is rapid cancellation of contracts and a decrease in demand.
- Being a huge labor intended sector all the manufacturing units are fully shut due to the unavailability of laborers and workers.
- After stabilization of the current scenario, the Asia-Pacific countries like India, Japan, China, South Korea, and Indonesia are expected to experience growth in demand.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Change in the corporate’s mindset toward integrated, eco-friendly, comfortable, and attractive office space because of high real-estate prices has led to better use of the commercial space & accommodate more employees in single office hence increasing growth of global office furniture market. With the increase in the stress of work, there is an urge to develop furniture such that they reduce stress and provide the utmost comfortable and productive environment. In addition, investment of government and private players in IT parks & gardens, commercial zones, blooming startups by entrepreneurs & MSME’s in developing countries, an extension of office across globe and creating informal office space for employees is driving the global office furniture market.
However, factors like labor availability, the long replacement cycle of furniture, fluctuating raw material price of wood, and unorganized local market leaders constraint the growth of the global office furniture market. In contradiction, huge investments in the sector are seen in the urge of better and smart office workspace, better temperature control chairs for comfortable sitting posture, and other health-related issues boost the market growth.
The global office furniture market trends are as follows:
New product launches to flourish the market
The launch of new office furniture that contain improved capabilities have been launched by leading market players. They have taken necessary steps to improve the sitting comfortability, posture, and relaxation that the regular office chairs and tables don’t provide.
Herman Miller Mirra 2 a classy chair claims to be designed with ergonomics and healthy posture for better backbone support and temperature control to sit for long hours without feeling hot and getting sweaty. This series is available at comparatively low price than the premium class Herman Miller Aeron which is a designed for complete health benefits and utmost comfort in the chair segment.
Introduction of customizable furniture and establishment of new MNC branches in Asia-Pacific countries
Manufacturers have been focusing on producing new products for compatible applications as there are varying demands based on the utilization. Leading market players are determined to launch Do It Yourself office furniture which is helpful during the shift of offices.
IKEA furniture is famous for the dismantled form of furniture which can be assembled as per the size and structure of the office after purchasing.
Moreover, Asia-Pacific countries have seen a surge in new corporate offices and startups due to the availability of employees and resources, which is leading to the establishment of new corporate workspace and increasing demand for the global office furniture market.
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Key Benefits of the Report:
- This study presents the analytical depiction of the global office furniture industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global office furniture market share.
- The current market is quantitatively analyzed to highlight the global office furniture market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global office furniture market analysis based on competitive intensity and how the competition will take shape in coming years.
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Reasons to Buy this Office Furniture Market Report:
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