Office furniture makes up an important part of the office design and usually includes large furnishings such as desks, tables, chairs, bookshelves, and couches. Major material types in the global office furniture market include wood, leather, plastic, and metal.
Office furniture is a significant portion of the investment cost for setting up a workplace and lasts for an average of five years.
Types Of Office Furniture And Their Necessity
The nature and size of the company dictate the cost and extent of the usability of office furniture. For instance, a startup will have a different budget and expectations from office furniture as compare to an established and mature company. The functionality and back up options for both types of companies differ in terms of how much and how often a piece of furniture is being used and for what particular purpose.
The global office furniture market is categorized into product types of seating, overhead, bins, storage, tables, accessories, and workstations. The seating arrangements contribute to the largest share of the office furniture market with a growth in the Research and Development from product designers and product architects across the globe.
Changing Trends In The Office Furniture Products
Changing to more sustainable workstations is influencing the demand and supply for niche, cleaner, and more minimalistic office furniture. Modern and innovative designs have started to occupy a major chunk of leading industries. Factors such as rapid urbanization and an increasing need to improve the aesthetic appeal of office spaces throughout the globe are making manufacturers develop economically and environmentally sustainable furniture.
The expansion rate of companies has increased as more and more office spaces are coming up in urban townships. The market for construction and office furniture has found an expanded target audience base that is well versed with modern design and infrastructure to suit their demand for more sophisticated furniture requirements.
What Constitutes As The Global Furniture Market?
Out of the two major sectors for the furniture market – household and commercial furniture market, commercial and office-oriented furniture target bases are increasing in size and are drawing more foreign investment. Regions of North America and Asia-Pacific are particularly expanding their furniture markets and making revenue in the production and manufacturing of office furniture goods. One of the major reason for this is the rising literacy and vocational training that has lead to an increase in employment rates.
The advent of online furniture in emerging economies is shifting consumer behavior to easy procurement and sale. Countries in the Asia-Pacific region such as India, China, Japan, and South Korea are emerging as leading furniture markets. Easy availability of raw materials and cheap labor is an additional favorable factor and is helping increase their industrial growth. For instance, the office furniture market in India is projected to grow to $ 13.58 billion by 2021. Malaysia and Indonesia are identified as the leading countries in providing hospitality services of international standards and are providing in-house delivery system, client servicing, follow-ups with customers, etc. This adds on to the global appeal and expansion of the furniture market in the Asia-Pacific region.
Growing entrepreneurial spirit and urbanization is indirectly impacting the growth of office spaces across the globe, especially in the developing economies. This is leading to a demand for cost-effective, and long lasting office furniture that is also innovatively designed.