Office Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Office furniture is gaining more significance with the expanding business environment in the developing and underdeveloped nations across the globe. The number of renovation and modification projects is increasing in countries, such as the United States, China, and India which are fueling the growth of the market. Moreover, favorable trade relations between countries and government policies, such as Foreign Direct Investment, trade relaxations in the Asian and Middle East regions have increased the number of multinational and global companies and technology and business parks, thus helped the market to record more revenue transactions.

This increasing construction of residences, offices, and commercial complexes has been one of the significant factors, which are influencing the growth of the market throughout the study period and the trend is anticipated to continue in the forecast period as well. Though owing to the COVID-19 pandemic many companies switched to remote working practices, the majority of employees have been resuming their working at office routine slowly, which is anticipated to accelerate the growth of the market. An increase in the number of corporate offices, owing to the rapid construction of IT parks and commercial zones, is creating a demand for modernized office furniture globally. In addition to this, for boosting colleague communications, collaborative environment, and social interactions, organizations are creating informal office spaces. This shift has prompted the manufacturers in the market studied to introduce intelligently designed furniture products.

Key Market Trends

Growing E-Commerce is Helping the Market to Record More Revenue

During the study period, customers have gradually started to switch to the e-commerce channels for their business needs which helps in reducing the number of times they need to visit the physical retail stores to compare their desired products, their prices, etc., Similarly, more vendors are also adapting to the online retail strategies to reduce costs and increase their profit margins. Moreover, there’s a rise in the number of online furniture stores to reduce the need for rental space and inventory. Amazon.com and Wayfair are some of the leading online retailers for office furniture. The growth opportunity for the sales of office furniture through online channel have forced online retailers to improve purchase processes in terms of security and reliability, which, in turn, has propelled the demand for office furniture. Some of the policies that encourage consumers to purchase online include secured transactions, cash on delivery options, convenient return policies, integrated and centralized customer service.

Asia-Pacific to Witness Strong Growth in Office Furniture Market

Asia-Pacific is the fastest-growing region in the global office furniture market. China, Japan, Australia, and India are the top contributing countries in the region. Many key players in the office furniture market are entering into partnerships with the e-commerce retail stores to strengthen their distribution network. Demand for office furniture has also increased with an exponential rise in the number of commercial properties along with the number of employments in the service sector. In addition, an increasing number of start-ups and an increasing number of business expansions is another factor expected to drive the growth of the target market in the region. The growth in the region is anticipated to be fostered by rising demand for office leasing and a rise in the number of employments. Besides, the expansion of multinational companies in the Asia Pacific region the market is also expected to impel the growth of the office furniture market in the Asia Pacific.

Competitive Landscape

The report covers major international players operating in the office furniture market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

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