The Growing Service Industry is Expected to Boost the Global Office Furniture Market in the near Future
The global office furniture market includes all furniture assets in an office such as cabinets, tables, seating furniture etc. Furniture is an important part of modern offices. Office furniture differentiates corporate buildings from residential buildings. Office furniture is also associated with employee productivity and overall work lifestyle of an employee. Employee ergonomics is heavily dependent on the seating furniture and desk furniture at the office. Most employees spend most of their daylight time in office; hence, offices need to provide them with good furniture.
Rising service industry, especially information and technology services is a key driver for growth of the global office furniture market. In recent years, service industry has grown significantly. Unlike manufacturing industry, service industry requires big corporate offices instead of big production plants. Service industry is human resource intensive. Quality and scale of the services is heavily dependent on human resources of a service company. To acquire and to retain skilled employees, service companies need to improve work life of its employees. Furniture is a key aspect of work life of an employee in a service industry. Hence, service companies tend to buy quality furniture to acquire and retain employees. The growing service industry is expected to boost the global office furniture market in the near future.
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Multiple IT parks and commerce zones have standard furniture throughout the building, usually leased to companies. Large scale manufacturing of office furniture and standardization of office furniture helps office furniture manufacturers to minimize the costs. Due to automation in office furniture manufacturing, manufactures can design standard desks, cabinets, or seating systems at much lower cost as compared to customized requirements. Standardization of office furniture in IT parks and commerce zones is expected to boost the global office furniture market in the near future.
Limited land for tree planting to harvest wood is a key restraint for wooden office furniture. Though demand for wooden furniture is high, supply of wooden furniture is limited to the availability of the wood resource. Wood production is limited to trees available for harvesting. Due to limited production of wood resource, other types of office furniture such as plastic/fiber or glass furniture are expected to capture some share of the wooden office furniture market.
Metal office furniture is expensive as the metallurgical process needed to acquire refined metal is expensive. However, strength and lifespan of metal furniture is much better than other types of office furniture. Metal office furniture segment is expected to expand significantly in the near future.
Plastic and fiber office furniture is lightweight as compared to wooden or metal furniture. It is also on an average, cheaper than wooden or metal furniture. Some type of plastic and fiber material are not sturdy and have a shorter lifespan while some fiber materials are very sturdy and have a longer lifespan. Prices of products in this category vary greatly depending on quality of plastic/fiber material used.
The global office furniture market can be segmented on the basis of furniture type, material type, and geography. On the basis of furniture type, the market can be segmented into seating, storage units, tables, ceiling and others. On the basis of material type, the market can be divided into four segments: wood, metal, plastic/fiber, and others. Others segment includes hybrid and glass furniture.On the basis of geography, the global office furniture market can be segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America.