Office Furniture Market Size to Grow by USD 22.67 bn During 2020-2024

Technavio has been monitoring the office furniture market and it is expected to grow by USD 22.67 bn, accelerating at a CAGR of almost 6% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking

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Office Furniture Market: APAC to lead market growth during the forecast period

• 46% of the market growth will originate from APAC during the forecast period.
• Growing demand for eco-friendly office furniture will be a key trend that will influence market growth significantly.
• The Demand for modern and luxury furniture will be a significant factor in driving the growth of the office furniture market.

Office Furniture Market: Key Competitors

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Haworth Inc., Herman Miller Inc., HNI Corp., Hooker Furniture, Inter IKEA Holding BV, Kimball International Inc., Knoll Inc., KOKUYO Co. Ltd., OKAMURA Corp., and Steelcase Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

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Office Furniture Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive office furniture market growth during the next five years
• Precise estimation of the office furniture market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the office furniture market industry across APAC, North America, Europe, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of office furniture market vendors

The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market is accelerate at a CAGR of almost 6%.
    
2. What is the incremental growth of the market?
   The market is expected to grow by USD 22.67 bn through 2020-2024.
    
3. What is a key factor driving this market?
   demand for modern and luxury furniture will drive market growth over the forecast period.
    
4. What are the key regions covered in this market research report?
   APAC, North America, Europe, and South America are the key regions featured in this research report.
    
5. Which is the leading geographic region for this market:
   46% growth will originate from APAC
    
6. Who are the leading market vendors?
   The leading vendors in this market are Haworth Inc., Herman Miller Inc., HNI Corp., Hooker Furniture, Inter IKEA Holding BV, Kimball International Inc., Knoll Inc., KOKUYO Co. Ltd., OKAMURA Corp., and Steelcase Inc.
    
7. What are the market segments covered in this report?
   The market is segmented by Product (Seating, Systems, Tables, Storage units and files, and Overhead bins), Geography (APAC, North America, Europe, and South America), End-user (commercial office furniture and home office furniture), and Distribution channel (offline and online)