Office Furniture Market Worth USD 22.32 Billion, at 6% CAGR During 2019-2023

[freemexy]

Office Furniture Market Worth USD 22.32 Billion, at 6% CAGR During 2019-2023

According to Technavio Research Report "Office Furniture Market by distribution channel (offline and online), by product (seating, systems, tables, storage units and files, and overhead bins), by end-user (commercial office furniture and home office furniture) and geographical regions (APAC, North America, Europe, South America, and MEA) is witnessed to grow USD 22.32 billion, at a CAGR of 6% from 2019 to 2023”.quality modern office furniture
Shrinking office space, high cost of commercial leases, rapidly evolving consumer demands and the rise in the number of startups across the globe have influenced manufacturers to introduce multifunctional and customized products. Multifunctional furniture is also witnessing high demand from international schools. The evolved teaching methodology in these schools requires furniture that is multipurpose, collaborative, and portable. Therefore, this trend is expected to gain traction during the forecast period and is expected to enhance the sale of office furniture across the globe.

“Along with increasing consumer preference for multifunctional and customized furniture, the growth of the global economy and focus on workspace aesthetics have fueled the demand for luxury furniture across the globe. Modern, luxury furniture is characterized by innovative designs and technologically advanced production practices, which is expected to drive the global office furniture market growth in terms of value,” says a senior analyst at Technavio.
This market research report segments the global office furniture market by distribution channel (offline and online), by product (seating, systems, tables, storage units and files, and overhead bins), by end-user (commercial office furniture and home office furniture) and geographical regions (APAC, North America, Europe, South America, and MEA).

The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market and register the highest incremental growth due to the high imports of office furniture in the region.