LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the office furniture market in India is projected to grow to USD 13.58 billion by 2021, at a CAGR of more than 20% over the forecast period.
This research report titled ‘Office Furniture Market in India 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|The office furniture market in India will grow at a healthy rate over the forecast period, owing to the sustained demand in organized and unorganized furniture segments. The organized office furniture market's penetration in India is largely limited to multinational corporations (MNCs) in tier 1 cities, while the unorganized segment caters to all segments.|
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Based on the product, the report categorizes the office furniture market in India into the following segments:
- Office seating furniture
- Office furnishing systems
- Office table furniture
- Office storage furniture
- Other office furniture
The top three revenue-generating product segments in the office furniture market in India are discussed below:
Office seating furniture
“The office seating furniture segment of the market is both the largest and fastest-growing section of the market, driven by the surge in sales due to increase in the workforce and product innovations,” says Jhansi Mary, a lead analyst at Technavio for school and college essentials research.
The office seating furniture market includes products such as stacking chairs, ergonomic chairs, stool, and benches. Innovations in seating furniture, such as ergonomic designs which enhance the comfort of the users sitting for prolonged periods of time will also propel the growth of the seating furniture market during the forecast period.
Office furnishing systems
The Indian office furnishing systems market is expected to reach USD 3.63 billion in 2021. The office furnishing system segment includes products such as panel and modular systems, commonly referred to as office systems or cubicles. These are portable workstations with integrated lighting systems and work surfaces. Office furnishing systems are available in various types, including desking systems and panel systems. Some of the popular vendors that provide office furnishing systems are Godrej and AFC systems.
Office table furniture
“Office table furniture is the most commonly used furniture in offices. Office tables are usually manufactured from wood, plastic, tempered glass, or steel. Currently, the rise in demand for tables made from eco-friendly raw materials are driving the market segment growth,” says Jhansi.
Corrugated cardboard is another key material that is quickly gaining popularity in the office table industry. Some of the popular vendors for office table furniture include Zuari Furniture, Durian, Godrej, and DAMRO. The emergence of global companies like IKEA in this segment is creating wider business opportunities for vendors like Godrej.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Godrej & Boyce
- Zuari Furniture
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