World Coronavirus Impact: Office Furniture Market Detailed Analysis of Current Industry Figures With Forecasts Growth By 2024
World office furniture market is expected to expand at a CAGR of 9.1% in the terms of value during the time period i.e. 2019-2024. Increase in the employment rate and rising consumption of office spaces are few of the key factors impelling the growth of office furniture market. Moreover, increasing office construction spending across the globe is expected to behold the growth of the market. Further, launch of innovative and advanced office furniture are expected to intensify the demand for office furniture in near future.
The world office furniture is segmented by product into five: seating, storage unit and files, workstation, tables and accessories. With a market share of 35.1%, global office seating market captured the major portion of the market. In the type segment, office seating segment is expected to be the most attractive market in global office furniture market over the forecast period. Further, this segment is projected to open new avenues for the market players and to be the most lucrative market over the forecast period. Apart from this, when compared with other segments, accessories segment is anticipated to attain the highest CAGR over the upcoming years i.e. 2019-2024.
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With respect to the distribution channel, the market is segmented into online stores and offline stores, out of which, offline stores segment shared approximately 96.1% of the global market in 2018. According to BPS analysis, office furniture online retailing market is likely to witness an increase of +120 BPS during the forecast period. Further, the online market is anticipated to grow at a CAGR of 15.6% during the forecast period i.e. 2019-2024.
In terms of geography, the office furniture market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America office furniture market was held at USD 15,232.8 million in 2018 and is anticipated to reach USD 23,861.3 million by the end of 2024. North America office furniture market accounted for a market share of 26.2% in 2018 and further, is expected to stand at a market share of 25.0% by the end of 2024.
The key players profiled in the report include Herman Miller Inc., Inter IKEA Group, Okamura Corporation, HNI Corporation, Knoll, Inc., Steelcase Inc., Haworth Inc., Kokuyo Co Ltd., Kimball International Inc. and Hooker Furniture. These market players have adopted different business strategies, such as acquisition, product launch, merger, and partnership to stay competitive in the global market. For instance, Steelcase Inc. announced a new collaboration with Officebricks which offers an innovative sound insulating cabin system for professional use in offices. These cabins provide exceptional acoustic performance ensuring that employees have private and secluded spaces to get things done.
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