Lewes, DE -- (SBWire) -- 08/02/2016 --Report forecast the global office furniture market to grow at a CAGR of 5.54% during the period 2016-2020.
Multinational companies are expanding their businesses worldwide into new cities and countries and the corporate sector is realizing ever-increasing profits. In a bid to make these office spaces more employee-friendly and comfortable to work in, employers are using innovative furniture and design concepts. The rising number of employees also necessitates higher investment in office furniture. Manufacturers in the office furniture industry are cognizant of the evolving trends in the market and are developing ergonomic and eco-friendly products to cater to these requirements.
The market is driven primarily by the booming real estate sector, rising population, and an increase in the number of single-family households, particularly in urban areas. The growing demand for premium and luxury furniture in the latest styles and designs will also drive revenue growth over the next five years. Demand for eco-friendly furniture is also growing.
The report covers the present scenario and the growth prospects of the global office furniture market for 2016-2020. To calculate the market size, Technavio considers the revenue generated from the sales of office furniture including furniture used in public, private, and government-owned companies. It does not include products used in hospitals, educational institutions, and restaurants.
The market is divided into the following segments based on geography:
- APAC
- Europe
- North America
- ROW
According to the report, a key growth driver is the launch of innovative design concepts to enhance work environment. In order to create new customer bases and provide efficient and cost-effective products, vendors focus on the launch of innovative products. These product designs aim to reduce clutter, enhance comfort, enable employee collaboration, and utilize space efficiently. Manufacturers have also been developing high-quality ergonomic furniture to allow for better comfort during long working hours.
Further, the report states that a major factor that could hamper market growth is the emergence of virtual workplace. With the penetration of the internet and advances in technology, the concept of the virtual workspace has gained traction over the past few years. Such work environments reduce the need for employees to work at a fixed geographical position. Virtual employee networks also reduce infrastructure costs substantially for companies. These developments pose significant challenges to the global office furniture market, particularly for manufacturers of corporate office furniture.
Global Office Furniture Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
key players in the global office furniture market: Herman Miller, HNI, Kokuyo, Okamura, and Steelcase.
Other Prominent Vendors in the market are: 9to5 Seating, AFC Systems, Berco Furniture Solution, Clarin, Creative Wood, Global Upholstery, Godrej & Boyce, KI, Kimball International, Kinnarps, Knoll, Meridian Office Group, Sedus, Teknion, and Wipro Furniture.
Market driver
- Launch of innovative design concepts to enhance work environment
- For a full, detailed list, view our report
Market challenge
- Emergence of virtual workplace
- For a full, detailed list, view our report
Market trend
- Introduction of multifunctional furniture
- For a full, detailed list, view our report
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Spanning over 71 pages and 39 Exhibit "Global Office Furniture Market 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Market segmentation by distribution, Market segmentation by product, Geographical segmentation, Key leading countries, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key vendor analysis.
For more information Visit at: http://www.marketresearchreports.com/technavio/global-office-furniture-market-2016-2020
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