The global office furniture market to grow at a CAGR of 3.71% during the period 2017-2021.
Global Office Furniture Market 2017-2021, 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.
The latest trend gaining momentum in the market is Developing innovative and cost-effective products. The manufacturers in the global office furniture market are focused on developing innovative and cost-effective products. For instance, HNI provides innovative and differentiated end-user solutions targeting specific end-user industries. Wilkhahn, a German office furniture brand, launched the IN chair; the chair helps users to simulate core body muscles and encourage regular motion during work hours.
According to the report, one of the major drivers for this market is Growing demand for modern, luxury furniture. An expanding global economy and increased focus on work-space aesthetics have fueled the demand for luxury furniture across the globe. The global market for modern, luxury furniture is expected to grow at a CAGR of around 5% during the forecast period. Geographically, Europe accounts for the largest market share of luxury furniture.
Developing countries such as China and India are expected to grow at fast rates due to their expanding economies and growing number of technology parks. The advent of modern healthcare systems across the globe (especially in developing regions such as APAC) has further fueled the market for luxury office furniture. A global increase in the number of theme-based food service joints, hotels, and restaurants has boosted the demand for luxury furniture in the foodservice industry. The growth in the global lodging industry is further fueling the growth of the global luxury furniture market.
Further, the report states that one of the major factors hindering the growth of this market is High transportation cost and freight loss. The supply chain of the global office furniture market includes the procurement of raw materials from suppliers, production of furniture, storage of furniture in warehouses, and inventory management. Fluctuating transportation costs across the globe affect manufacturers as the transportation of furniture and related products forms a major part of the supply chain for office furniture. duties, and fuel prices.
Key Market Trends
Developing innovative and cost-effective products Increasing demand for ready-to-assemble furniture Increasing popularity of online furniture stores Increasing preference for multifunctional furniture Increasing consumer