As per the latest report by IMARC Group, titled “Office Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 64.3 Billion in 2018. Office furniture represents one of the key facilities that are provided by the management for conducting work efficiently. It is generally manufactured using materials like metal, wood, plastic and fiberglass, and plays an important role in seating as well as storing and protecting crucial documents against fire, dust, insects and theft. Well-designed furniture also helps in reducing fatigue and enhancing overall work productivity.
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Global Office Furniture Market Trends:
The global office furniture market is currently being propelled by the rising demand for premium and designer furniture products, along with the burgeoning corporate and real estate sectors across the globe. The growth of the market is further supported by an increase in the number of corporate offices owing to the construction of IT parks and commercial zones. Moreover, numerous organizations nowadays are setting-up informal office spaces to create a collaborative environment and promote social interaction among co-workers. This has prompted manufacturers to introduce intelligently designed furniture products which, in turn, is strengthening the market growth. Further, on account of technological advancements and the growing incidences of health issues, there has been an increase in the demand for smart workplace furniture that offers internet connectivity and promotes better posture. Looking forward, the market value is projected to reach US$ 86.7 Billion by 2024, expanding at a CAGR of around 5% during 2019-2024.
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Market Summary:
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