LONDON--(BUSINESS WIRE)--The office furniture market is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increasing demand for eco-friendly furniture is one of the major reasons for the growth of the market. Growing concerns about global warming have resulted in high demand for eco-friendly office furniture and recycled furniture. Market competitors, today, are also considering long-term ecological sustainability while manufacturing furniture. Also, growing concerns about the preservation of the environment and increasing deforestation worldwide are encouraging furniture manufacturers to adopt green solutions, which will positively impact market growth during the forecast period.
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As per Technavio, increasing consumer preference for multifunctional and customized furniture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Office Furniture Market: Increasing Consumer Preference for Multifunctional and Customized Furniture
Shrinking office space, high cost of commercial leases, rapidly evolving consumer demands and the rise in the number of startups across the globe have led manufacturers to introduce multifunctional and customized products. Multifunctional furniture is also witnessing high demand from international schools. New teaching methodologies in these schools require furniture that is multipurpose, collaborative, and portable. Therefore, this trend is expected to gain traction during the forecast period and enhance the sale of office furniture across the globe.
“Along with increasing consumer preference for multifunctional and customized furniture, the growth of the global economy and focus on workspace aesthetics have fueled the demand for luxury furniture across the globe. Modern, luxury furniture is characterized by innovative designs and technologically advanced production practices, which will drive the global office furniture market growth in terms of value,” says a senior analyst at Technavio.
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Office Furniture Market: Segmentation Analysis
This market research report segments the global office furniture market by distribution channel (offline and online), by product (seating, systems, tables, storage units and files, and overhead bins), by end-user (commercial office furniture and home office furniture) and geographical regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market and register the highest incremental growth due to the high imports of office furniture in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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