The global furniture and furnishings market was valued at almost USD 135 billion in 2016 and is expected to surpass USD 168 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on furniture and furnishing for the period 2017-2021. This market study discusses the major drivers and key emerging trends that will impact the growth of the global furniture and furnishing market during the forecast period. Some of the top vendors listed in this industry analysis include Steelcase, Herman Miller, Haworth, HNI, and Okamura.
In terms of geographical analysis, the Americas was the largest shareholder in the global market during 2016 with a market share of around 46%. Europe and APAC are the key revenue generating segments of the global furniture and furnishings market.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The global market for furniture and furnishing is currently experiencing a steady shift towards automation. Several large and medium-sized furniture manufacturers such as Godrej & Boyce, HNI, and Haworth have already automated their processes to achieve enhanced productivity and decreased TATs without compromising on quality.”
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The new procurement market intelligence report analyzes some of the key drivers and trends are expected to foster the growth of this market and its sub-segments.
Increasing demand for home office furniture
The demand for home office furniture such as computer desks, filing cabinets, and adjustable chairs in the global market is on the rise. The surge in demand is spurred by the increasing adoption of the work-from-home culture on a global scale. The global home office furniture market is projected to post growth at a CAGR of around 6% between 2016 and 2019, which, in turn, will lead to the growth of the global furniture and furnishing market.
Setting up of new offices and facilities
MNCs are increasingly setting up new branches and offices, fueled by improving economic conditions and reduction in trade barriers across the globe. The resultant drop in the vacancy rate of office space is likely to add to the demand for office furniture and subsequently, drive the growth of the global market for furniture and furnishings.
Changes in technological landscape
Workspace design is evolving rapidly with the transition towards automation and virtualization among organizations and the resultant shrinkage in office spaces. Organizations are also adopting an open work environment to facilitate closer collaboration and exchange of ideas among their employees. Such changes have a direct impact on the organization’s furniture requirements.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Furniture and Furnishing Market – Procurement Market Intelligence 2017’.
