Office Furniture Market Grows with Significant rise in Revenue during Forecast period 2022-2027

 

Office Furniture Market

With the global business climate continuously expanding in both developing and underdeveloped countries, office furniture is becoming more and more important nowadays. The market is expanding because to the increase in renovation and modification projects in developing nations like Japan, China, and India.

Industrialization and economic growth are taking place in growing economies like India, and this is changing the nation's infrastructure. For instance, the World Bank Group estimates that the Asia Pacific region's per capita income was US$10,368 in 2017, increasing 3.85 percent from 2016. Office buildings are being thought of as real estate investments since they offer prospects for expansion and revenue. Additionally, as the private sector expands, more small, medium-sized, and large businesses will need office space (MSME). Businesses are also focused on remodelling and constructing new offices in addition to building new ones. New office furniture purchases are necessary for office renovations.

According to Coherent Market Insights, The global Office Furniture Market was valued at US$ 74,428.57 Mn in 2019, and is expected to reach US$ 96,642.94 Mn by 2027, exhibiting a CAGR of 3.1% during the forecast period.

To provide employees or workers with a pleasant, effective, and comfortable atmosphere, many corporations and organisations are investing heavily in the furnishings and surroundings of office spaces. In order to reduce stress and improve comfort, manufacturers are creating workplace furniture. Additionally, during the projected period, smart furniture is anticipated to increase significantly. For instance, workplace desks and other furniture include sensors and integrated controllers that allow employees to regulate numerous functions, such as establishing the ideal temperature. Similar to this, smart office chairs can provide personnel applications that alter posture.

These pieces of intelligent office furniture are primarily created with comfort and convenience in mind. Additionally, the introduction of home office furniture has contributed to the expansion of the office furniture industry. The long replacement cycle, fluctuating raw material costs, and logistical and supply chain complexity are all impeding the expansion of the office furniture industry. One of the key factors influencing the growth of the office furniture industry globally is the rising number of local enterprises as new entrants. Numerous government programmes, including loans, self-certification, income tax exemption, and others, support these start-ups or developing businesses.

In order to build a strong business, these firms are also supported by seasoned mentors and business owners. The introduction of favourable rules is expected to accelerate the growth of emerging enterprises through overall government activities for assisting small and emerging businesses to grow and launch different programmes. The worldwide market for office furniture is anticipated to benefit significantly from these rules. Globally, and particularly in Europe and the US, it is projected that demand for innovative home office furniture will rise dramatically.

Therefore, it is anticipated that the trend of working from home combined with growing demand for home office furniture would generate a profitable potential for the expansion of the office furniture market globally. In the past, the need for desk chairs and modular tables grew gradually. Therefore, it is anticipated that the trend of working from home combined with growing demand for home office furniture would generate a profitable potential for the expansion of the office furniture market globally. In the past, the need for desk chairs and modular tables grew gradually.

Top Companies covered are Knoll Inc., LLC., HNI Corporation, Herman Miller, Inc., Teknion Corporation, Kimball International Inc., Berco Designs, Kokuyo Co., Ltd., Haworth Inc., Okamura Corporation, and Steelcase Inc.