LONDON–(BUSINESS WIRE)–Technavio has been monitoring the office furniture market and it is poised to grow by USD 22.67 bn during 2020-2024, progressing at a CAGR of almost 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the office furniture market. The market growth in 2020 is likely to increase compared to the market growth in 2019.
Frequently Asked Questions:
What are the major trends in the market?
Growing demand for eco-friendly office furniture is a major trend driving the growth of the market.
At what rate is the market projected to grow?
The market will accelerate at a CAGR of almost 6% and the incremental growth of the market is anticipated to be $ 22.67 bn.
Who are the top players in the market?
Haworth Inc., Herman Miller Inc., HNI Corp., Hooker Furniture, Inter IKEA Holding BV, Kimball International Inc., Knoll Inc., KOKUYO Co. Ltd., OKAMURA Corp., and Steelcase Inc. are some of the major market participants.
What is the key market driver?
The demand for modern and luxury furniture is one of the major factors driving the market.
How big is the APAC market?
The APAC region will contribute to 46% of the market share.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Haworth Inc., Herman Miller Inc., HNI Corp., Hooker Furniture, Inter IKEA Holding BV, Kimball International Inc., Knoll Inc., KOKUYO Co. Ltd., OKAMURA Corp., and Steelcase Inc. are some of the major market participants. The demand for modern and luxury furniture will offer immense growth opportunities. In a bid to help players strengthen their market foothold, this office furniture market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Office Furniture Market 2020-2024: Segmentation
Office Furniture Market is segmented as below:
- Storage Units And Files
- Overhead Bins
- Commercial Office Furniture
- Home Office Furniture
- Distribution channel
- North America
- South America
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Office Furniture Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The office furniture market report covers the following areas:
- Office Furniture Market Size
- Office Furniture Market Trends
- Office Furniture Market Industry Analysis
This study identifies growing demand for eco-friendly office furniture as one of the prime reasons driving the office furniture market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Office Furniture Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist office furniture market growth during the next five years
- Estimation of the office furniture market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the office furniture market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of office furniture market vendors
Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019-2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product placement
- Seating – Market size and forecast 2019-2024
- Systems – Market size and forecast 2019-2024
- Tables – Market size and forecast 2019-2024
- Storage units and files – Market size and forecast 2019-2024
- Overhead bins – Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by End-user
- Market segments
- Comparison by End user placement
- Commercial office furniture – Market size and forecast 2019-2024
- Home office furniture – Market size and forecast 2019-2024
- Market opportunity by End user
Market Segmentation by Distribution channel
- Market segments
- Comparison by Distribution channel placement
- Offline – Market size and forecast 2019-2024
- Online – Market size and forecast 2019-2024
- Market opportunity by Distribution channel
- Geographic segmentation
- Geographic comparison
- APAC – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver – Demand led growth
- Volume driver – Supply led growth
- Volume driver – External factors
- Volume driver – Demand shift in adjacent markets
- Price driver – Inflation
- Price driver – Shift from lower to higher priced units
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Haworth Inc.
- Herman Miller Inc.
- HNI Corp.
- Hooker Furniture
- Inter IKEA Holding BV
- Kimball International Inc.
- Knoll Inc.
- KOKUYO Co. Ltd.
- OKAMURA Corp.
- Steelcase Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.