LONDON–(BUSINESS WIRE)–Technavio has been monitoring the office furniture market in the US and it is poised to grow by USD 5.64 bn during 2020-2024, progressing at a CAGR of over 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. Download a Free Sample Report on COVID-19
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 negative impact on the office furniture market in the US. 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?
The emergence of online furniture stores 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 over 6% and the incremental growth of the market is anticipated to be $ 5.64 bn.
Who are the top players in the market?
American Signature Inc., Ashley Furniture Industries Inc., Global Furniture Group, Haworth Inc., Herman Miller Inc., HNI Corp., Kimball International Inc., Knoll Inc., Steelcase Inc., and Teknion Corp., are some of the major market participants.
What is the key market driver?
The surge in the number of start-ups is one of the major factors driving the market.
How big is the Seating Segment market?
The seating segment region will contribute to 40% of the market share.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. American Signature Inc., Ashley Furniture Industries Inc., Global Furniture Group, Haworth Inc., Herman Miller Inc., HNI Corp., Kimball International Inc., Knoll Inc., Steelcase Inc., and Teknion Corp. are some of the major market participants. The surge in the number of start-ups will offer immense growth opportunities. In a bid to help players strengthen their market foothold, this office furniture market in the US 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 in US 2020-2024: Segmentation
Office furniture market in US is segmented as below:
- Storage Unit And File
- Overhead Bins
- Raw material
- Offline Stores
- Online Stores
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Office furniture market in US 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 in US report covers the following areas:
- Office furniture market in US Size
- Office furniture market in US Trends
- Office furniture market in US Industry Analysis
This study identifies the emergence of online furniture stores as one of the prime reasons driving the office furniture market in the US 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 in US 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist office furniture market in US growth during the next five years
- Estimation of the office furniture market in US size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the office furniture market in US
- 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 in US 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
- 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
- Table – Market size and forecast 2019-2024
- System – Market size and forecast 2019-2024
- Storage unit and file – 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 – Market size and forecast 2019-2024
- Home office – Market size and forecast 2019-2024
- Market opportunity by End user
Market Segmentation by Distribution channel
- Market segments
- Comparison by Distribution channel placement
- Offline stores – Market size and forecast 2019-2024
- Online stores – Market size and forecast 2019-2024
- Market opportunity by Distribution channel
Market Segmentation by Material
- Market segments
- Comparison by Material placement
- Wood – Market size and forecast 2019-2024
- Metal – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by Material
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
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- American Signature, Inc.
- Ashley Furniture Industries, Inc.
- Global Furniture Group
- Haworth Inc.
- Herman Miller, Inc.
- HNI Corp.
- Kimball International Inc.
- Knoll Inc.
- Steelcase Inc.
- Teknion Corp.
- 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.