COVID-19 Impacts: Office Furniture Market Will Accelerate at a CAGR of Almost 6% Through 2020-2024 | Demand for Modern and Luxury Furniture to Boost Growth | Technavio

LONDON--(BUSINESS WIRE)-- Technavio has been monitoring the office furniture market and it is poised to grow by USD 22.67 billion during 2020-2024, progressing at a CAGR of almost 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please Request Free Sample Report on COVID-19 Impact

Frequently Asked Questions-

  • What was the value of the office furniture market in 2019?
  • Technavio says that the value of the market was USD 71.54 billion in 2019 and it is projected to reach USD 95.36 billion by 2024.

  • At what rate is the market projected to grow during the forecast period 2020-2024?
  • Growing at a CAGR of almost 6%, the market growth will accelerate in the forecast period.

  • What is the key factor driving the market?
  • Demand for modern and luxury furniture is one of the key factors driving the market growth.

  • Who are the top players in the market?
  • 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.

  • Which region is expected to hold the highest market share?
  • APAC

  • What is the year-over-year growth rate of the global market?
  • The year-over-year growth rate for 2020 is estimated at 5.52%.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 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 positions in the slow-growing segments.

Demand for modern and luxury furniture has been instrumental in driving the growth of the market.

Office Furniture Market 2020-2024: Segmentation

Office Furniture Market is segmented as below:

  • Product
    • Seating
    • Systems
    • Tables
    • Storage Units and Files
    • Overhead Bins
  • Geography
    • APAC
    • North America
    • Europe
    • South America
  • End-user
    • Commercial Office Furniture
    • Home Office Furniture
  • Distribution Channel
    • Offline
    • Online

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40968

Office Furniture Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our office furniture market report covers the following areas:

  • Office Furniture Market size
  • Office Furniture Market trends
  • Office Furniture Market analysis

This study identifies the growing demand for eco-friendly office furniture as one of the prime reasons driving the office furniture market growth during the next few years.

Office Furniture Market 2020-2024: Vendor Analysis

We provide a detailed analysis of vendors operating in the office furniture market, including some of the vendors such as 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. Backed with competitive intelligence and benchmarking, our research reports on the office furniture market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

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Office Furniture Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist office furniture market growth during the next five years
  • Estimation of the office furniture market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the office furniture market
  • 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

Table of Contents:

Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product placement
  • Seating - Market size and forecast 2019-2024
  • Systems - Market size and forecast 2019-2024
  • Tables - Market size and forecast 2019-2024
  • Storage units and files - Market size and forecast 2019-2024
  • Overhead bins - Market size and forecast 2019-2024
  • Market opportunity by Product

Market Segmentation by End-user

  • Market segments
  • Comparison by End-user placement
  • Commercial office furniture - Market size and forecast 2019-2024
  • Home office furniture - Market size and forecast 2019-2024
  • Market opportunity by End-user

Market Segmentation by Distribution Channel

  • Market segments
  • Comparison by Distribution channel placement
  • Offline - Market size and forecast 2019-2024
  • Online - Market size and forecast 2019-2024
  • Market opportunity by Distribution channel

Customer Landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Haworth Inc.
  • Herman Miller Inc.
  • HNI Corp.
  • Hooker Furniture
  • Inter IKEA Holding BV
  • Kimball International Inc.
  • Knoll Inc.
  • KOKUYO Co. Ltd.
  • OKAMURA Corp.
  • Steelcase Inc.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Source: Technavio Research

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