According to a new research report published by xResearch, the global Office Home furnishings market place is expected to exhibit positive growth trend and reach a significant valuation by the end of the forecast period of 2017-2023. The report provides 360° analysis of Business Furniture sector sizing, share, growth, future trend and forecast from view of manufacturers, regions, product types and end industries and this factor which is useful to the business.
Business office furnishings current market has witnessed continuous growth since past few years. In 2018, the office environment home furniture industry exceeds the value of USD 56 Billion. With a CAGR of 5.3% during 2019-2023, the global workplace furniture market is projected to reach USD 76.8 Billion by 2023. Improvement in economic conditions and growth in industrial & services sector across all regions is believed to supplement the growing consumption of workplace home furniture. In 2018, business home furnishings accounted for around 15.6% of global furnishings market.
Commercial real estate sector is one of most globally recognized sector. The growth of this sector is well complemented by rising demand for business office spaces coupled with growth of commercial sector. Sectors such as IT and ITeS, consulting, retail and e-commerce are witnessing high demand for place of work spaces and this growing office environment space absorption bodes well for the growth of global office furnishings current market. Apart from this, expansion of multi-national companies in various other nations is giving rise to the demand for new office products.Various government initiatives to build and nature startups is empowering the economic growth and employment in nations. Further, surge in number of startups is creating an expanding opportunity for the growth of the global workplace household furniture market place.
Developed industry such as U.S., Germany, U.K., Switzerland, Japan and Italy are also offering significant growth opportunities. Rising office interior improvement activities such as refurbishment is expected to continue to drive gains for the place of work home furnishings industry in developed nations. Moreover, the current market is witnessing increased demand for customized aesthetics office environment home furnishings and fresh business office design themes in various developed countries such as. This is leading to the development of aesthetic & innovative business furniture products.
The research report provides market analysis and forecasts for North America, Latin America, Europe, Asia pacific and Middle East & Africa. In 2018, Asia pacific capture a industry share of 43.8% and is expected to continue its dominance over the forecast period. Countries such as Japan, Hong Kong, Australia, Japan and Singapore have a high sector maturity in Asia pacific region. Further, it is anticipated that India, Malaysia, Vietnam, philippines and other developing countries in the region will drive the demand for place of work furniture products. Developing countries are witnessing rapid urbanization and rising commercial construction activities are paving the way for the growth of Asia pacific place of work household furniture market place in near future.
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Europe office home furniture marketplace is projected to grow at a significant pace during the forecast period. In 2018, Eastern and Western European countries such as Germany, poland, France, Spain and United Kingdom captured largest percentage of market share in Europe business furniture industry. Rising adoption of ergonomic place of work home furnishings coupled with increasing business refurbishment activities is driving gains in Europe office environment furniture market place.The report also identifies country industry outlook for business office furniture, covering country wise marketplace measurement, growth rate, sector share, current trends and opportunities.
Some of the major trends and developments in workplace furnishings industry are as follows:
? Major players are involved in launch of new design and innovative place of work home furniture. This is resulting in increased competition and is driving key vendors to introduce new designed and high performance workplace furnitures.
? The office furnishings industry is witnessing a lot of acquisitions and merger activities to expand their product portfolio and footprint across the world.
Business Furniture Industry Segmentation
For the purpose of this study, the report is categorized into three segments i.e. product type, retailing channel and price range.
place of work Home furnishings Market: product Type Segment Review
The global office household furniture market is segmented into product type by seating, workstation, tables, storage units and accessories. Seating and workstation segment acquired major portion of marketplace share in 2018. Further, seating and workstation segment is slated to account for major industry share during the forecast period.
Workplace Furniture Marketplace: By Retailing Channel Segment Review
Retailing channel segment is categorized into offline stores and online stores. Online business office furnishings retailing segment is anticipated to proliferate over the forecast period owing to rapid growth of e-commerce across the globe. In addition, rapid growth in home offices coupled with growing inclination of people towards online sales channel is supplement to drive the growth of business furniture online retailing.
Business Home furnishings Industry: By price Range Segment Review
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The report is further segmented by price range into high priced, medium priced and low priced, out of which, medium priced office environment home furnishings sector accounted for largest market in 2017 and is expected to expand at significant CAGR during the forecast period.
The top ten business office home furniture manufacturers account for around one-third of global business office furniture business. In developed nations such as U.S. and Japan, office environment furniture sector is majorly captured by top players. However, in Asia pacific, the market is more fragmented due to the presence of various domestic and regional players.
The business office furniture marketplace report profiles various major and niche office home furniture manufactures with their detailed company information, product portfolio, SWOT analysis, financial performance, company business strategy, controlled companies and subsidiaries, manufacturing plants and business locations, recent developments and strategic moves (i.e. acquisition, expansion, merger & joint venture, investment etc.)
Some of the major companies included in office environment furniture market report are Steelcase, Herman Miller, Haworth, Knoll, HNI, Kokuyo, Okamura, IKEA, Kimball International, Hooker Furnishings etc.
Business Home furnishings Market : Marketplace Dimension & Forecast
place of work Home furniture Market : Market place Size & Forecast
ASIA Sales Opportunities The Planet WITH 36% Yearly Development IN CO-WORKING Offer
ASIA prospects The entire world WITH 36% Once-a-year Advancement IN CO-WORKING Supply
asia potential customers the entire world with 36% annual development in co-working supply