Office Furniture Market Size, Share, and Trends Analysis, As Well As Segment Forecasts, 2022 – 2030

Office Furniture Market
Office Furniture Market

The increased number of corporate offices created by the rapid construction of IT parks and commercial zones creates a global demand for modernized office furniture. Organizations are creating informal office spaces to improve colleague communications and foster a collaborative environment through social interactions. As a result of this shift, manufacturers in the market studied have begun to introduce intelligently designed furniture products.

One of the key variables impacting the market's growth over the course of the study is the rising number of homes, offices, and commercial complexes being built. It is projected that this tendency would persist throughout the projection period. Moreover, several businesses adopted remote working practises as a result of the COVID-19 pandemic. The bulk of workers have been gradually returning to their normal work schedules, which is expected to hasten the market's growth.

The global Office Furniture Market was valued at US$ 74,428.57 Mn in 2019, and is expected to reach US$ 96,642.94 Mn by 2027, exhibiting a CAGR of 3.1% during the forecast period.

Additionally, the growing adoption of the work-from-home (WFH) paradigm as a result of the coronavirus (Covid-19) pandemic is one of the key reasons boosting the Office Furniture Market growth. Many individuals are still working from home due to the unanticipated spread of the illness and the state-wide lockdown, which is increasing the demand for cosy and durable office furniture for home offices.

Many important participants in the office furniture industry are also entering into relationships with e-commerce retail outlets to expand their distribution networks. Along with the employment in the service industry and the exponential rise of commercial buildings, office furniture demand increased as well. An surge in new businesses and corporate expansions is another element anticipated to promote market growth. The growing need for office space and jobs is anticipated to propel market expansion.

 From 2018 to 2021, historical Office Furniture Market trends for the office furniture sector were reported, along with projections through 2027. The report has divided the world market into the following regions on a regional basis: Africa, the Middle East, Latin America, the Asia-Pacific region, and North America. Currently, the greatest market is in the Asia Pacific region. India and China are currently the two largest marketplaces in Asia Pacific.

 

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