The report segments the office furniture market in the US based on the product type (seating, system, table, storage unit and file, and overhead bin) and by end-user (commercial and home office). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the office furniture market in the US, according to Technavio researchers:
- Surge in the number of start-ups: a major market driver
- Emergence of online furniture stores: key market trend
- Increasing adoption of convertible workstations
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Surge in the number of start-ups: a major market driver
Surge in the number of start-ups is one of the major factors driving the office furniture market in the US. Favorable governmental policies like legal protections, increasing ease of doing business, innovative work environments, and business benefits like tax holidays fuel the growth of start-ups across the globe, including the US. Cities like Silicon Valley, New York City, Boston, Los Angeles, and others witness the entry of many new entrepreneurs. The emerging start-up environment would lead to the increase in office spaces and tech parks. This is expected to contribute toward an increase in demand for office furniture during the forecast period.
According to a senior analyst at Technavio for furniture and home furnishing research, “The American government has launched several programs to boost start-ups in terms of capital expansions, bridging mentors and entrepreneurs, increasing innovations from the lab to the market, and introducing favorable policy changes to unleash the existing market opportunities. These policies along with the emergence of several start-up zones are expected to fuel the growth of the office furniture market in the US during the forecast period.”
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Emergence of online furniture stores: key market trend
The US is one of the leading countries that cater to the online sales of office furniture. Numerous furniture manufactures in the US make use of online platforms to sell furniture. A considerable decline in inventory and reduced rental space are the major reasons behind the popularity of e-commerce platforms that offer office furniture.
Growing internet penetration, rising consumer engagement through online shopping platforms, rising number of small-sized enterprises and home-based offices, and growing number of start-ups and entrepreneurs contribute toward the increased demand for the online sales of office furniture. The growing trend of digitization is expected to boost the office furniture market in the US during the forecast period.
An expanding US economy and increased focus on work-space aesthetics have fueled the demand for luxury furniture across the US. A new trend in the office furniture market is the convertible workstations being offered by manufacturers. Corporates prefer a standing desk solution that can be used as a table top and can also be converted to regular sitting workstations as per requirement. One of the benefits of the standing meeting is that it goes on for a shorter duration and is more productive.
Additionally, many companies are opting for standing meetings instead of seated ones, owing to the risks posed to one's health due to prolonged sitting. This new trend of standing meetings and conferences will have a positive impact on growth during the forecast period.
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