The global office furniture is expected to post a CAGR of almost 6% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Office Furniture Market 2020-2024 (Graphic: Business Wire)
Growing concerns about the preservation of environment and deforestation have increased the preference for eco-friendly office furniture among end-users. In addition, the growing focus on achieving long-term ecological sustainability has led many furniture manufacturers to adopt green solutions. Vendors are now sourcing wood from sustainable forests and waste wood from construction sites to manufacture new, refurbished, and recycled furniture. This reduces the volume of wood waste that ends up in landfills. Moreover, refurbished and recycled furniture costs less than new furniture, which is further fueling its adoption in the office furniture market.
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As per Technavio, the increasing consumer preference for multifunctional and customized furniture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Office Furniture Market: Increasing Consumer Preference for Multifunctional and Customized Furniture
Shrinking office spaces and the high cost of commercial leases has increased the demand for multi-functional office furniture. Also, the adoption of customized office furniture is on the rise as some organizations prefer interiors that match their theme and work culture. With the rising number of startups across the world, the demand for such furniture is expected to increase significantly during the forecast period.
"Increase in mergers and acquisitions and the rising popularity of online furniture stores will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Global Office Furniture Market: Segmentation Analysis
This market research report segments the global office furniture market by product (seating, systems, tables, storage units and files, and overhead bins), end-user (commercial office furniture and home office furniture), distribution channel (offline and online), and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth. This is due to the increase in the number of small-sized enterprises, home-based offices, and start-ups in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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