Office furniture: Key market research findings
- North America dominated the market geographically
- Seating segment accounts for a majority of the market’s revenue
- Key vendors – Herman Miller, HNI, Kokuyo, Okamura, and Steelcase
Technavio’s market research analysts predict the global office furniture market to grow at a CAGR of around 6% between 2016 and 2020. Much of this market’s growth is augmented by the launch of innovative design concepts that can enhance the work environment. Such product designs aim to reduce clutter, enhance comfort, enable employee collaboration, and utilize space efficiently. Manufacturers are developing high-quality ergonomic furniture to allow for better comfort during long working hours. During 2015, North America dominated the global office furniture market by accounting for almost 38% of the overall market space. Growing real estate activities and the subsequent rise in the number of commercial properties are expected to fuel the demand for office furniture in North America in the coming years.
The new market research report from Technavio presents a breakdown and analysis of the office furniture segments based on the product type.
“The market is currently witnessing the development of convertible workstations. Corporations are now increasingly preferring sit-to-stand workstations and desks over regular seating arrangements, owing to their many added benefits. These desks can be used as table tops and can be converted to regular sitting workstations as needed,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
In 2015, the seating segment accounted for more than 34% of the market’s revenue to become the dominant shareholder in the global office furniture market. Office seating furniture includes swivel and stacking chairs, benches, and ergonomic chair stools. The rising number of office spaces, and consequently employees, especially in countries like the US, the UK, and India will contribute significantly to the growth of this segment during the forecast period. Product innovations are also expected to play a key role in the market’s growth.
The key vendors in the global office furniture market include Herman Miller, HNI, Kokuyo, Okamura, and Steelcase. The market is characterized by the presence of well-diversified international and domestic vendors. The global vendors dominate the market in terms of quality, technology, and price. Competition in the market is expected to intensify in the coming years with an increase in product and service extensions such as furniture installation, extended warranties, and new improvements like portable workstations and multifunctional office furniture. To gain a competitive edge in the market, vendors are coming up with innovative product offerings. Factors such as increased advertising budgets, strong relationships with the distributors, and surging direct sales opportunities will also enhance the sales of office furniture across the globe during the forecast period.
A more detailed analysis is available in the Technavio report, Global Office Furniture Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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