Global office furniture market reached USD 52.7 Billion in terms of value in 2016 and is expected to reach USD XX Million by the end of 2024, expanding at a CAGR of 6.7% over the forecast period i.e. 2017-2024. Moreover, the office furniture market accounted for 256.6 million units in 2016 in terms of volume and is expected to reach 385.4 million units, expanding at a CAGR of 5.4% over the forecast period
Global office furniture market is segmented on the basis of product type into seating, overhead bins, storage units and files, tables, accessories and workstations. Seating segment (33.9% market value share in 2016) occupies the largest market of office furniture across the globe. Further, global office seating market is anticipated to reach USD 31.6 Billion by the end of 2024 from USD 17.8 Billion in 2016. In the terms of volume, this segment is anticipated to flourish at a CAGR of 6.7% over the forecast period
Global metal office furniture market is anticipated to achieve absolute $ opportunity of USD 3.2 Billion between 2017-2024. In the terms of value, metal office furniture segment is expected to grow at a CAGR of 6.1% over the forecast period. Moreover, metal office furniture segment is expected to observe the growth rate of 1.5x over the forecast period
Factor Impelling the Market Growth:
Growing trend for adopting modern and innovative design furniture in offices instead of conventional furniture due to conceptions such as boring furniture will make employees lazy and affect productivity of the organization, is a major factor which is predicted to foster the growth of market over the forecast period
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Factors such as, rapid urbanization and rising construction buildings are key reasons behind the increasing number of office buildings across the globe.
Establishment of new office buildings in urban areas is expected to be the key factor behind the growth of office furniture market during the forecast period.
Additionally, increasing office construction spending in both developing and developed countries is fuelling the demand for office furniture across all regions
Leading office manufacturers are expanding their presence across the globe in order to strengthen their position in world office furniture market. These expansions has helped the companies to increase their customer base and boost their revenue growth
Region Scenario:
Asia Pacific is slated to account for a leading share of 45.4% in the terms of value by 2024 in the office furniture market. The growth in the region is anticipated to be fostered by rising demand for office leasing and rise in the number of employment
North America is expected to showcase lucrative growth over the forecast period i.e. 2017-2024 by registering a CAGR of 6.1% in the terms of value over the forecast period. Further, the market is expected to account USD 22.4 Billion by 2024 from USD 14.1 Billion in 2016
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In the terms of value, Europe market is expected to expand at a CAGR of 4.8% during the forecast period i.e. 2017-2024. Growing economy and increasing demand for offices in the region are expected to positively impact the growth of office furniture market in Europe
Strong economic climate and expansion of several industries in China is anticipated to positively impact the demand for office furniture during the forecast period. Moreover, China office furniture market is expected to expand at a CAGR of 8.4% in the terms of value during 2017-2024 during the forecast period
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