The Institutional and Office Furniture Manufacturing Market comprises of sale of institutional & office furniture by entities which produce institutional and office furniture designing office furniture such as office desks, chairs and fixtures, such as showcases. The rise in institutional & office furniture furnishing manufacturing is majorly due to the emerging markets and, rise in technology and disposable income. The large enterprises and corporate are now investing comprehensively for developing stylish and luxury furnishing and interiors for office spaces, common areas for providing employee with the comfortable & productive environment for working. The vendors now prefer in designing office furniture which offers better comfort and minimizing the work stress. In addition, smart furniture is also being designed.
The rise in demand for the modular tables and desktop chairs has significant market growth. However, increasing prices for office spaces compelling enterprises and companies are adopting new designing of modular office furniture. Moreover, the manufacturers are further offering new innovative and multi-functional furniture for staying ahead in the competitive market. The demand for home office furniture has further led global rise, especially in geographies such as the United States and European countries. Rise in demand for home office and work from home concept; have led to rise in desktop chairs and tables over the forecast period. Moreover, introduction of multi-functional furniture supporting consumer to utilize the space for other purposes. The offices and industrial buildings are importantly such as real estate assets provide investors with a wide range of income & growth opportunities. Moreover, growths of private sector have further sustainably increased the office infrastructure. The emerging market are now focusing on building new offices, alterations or the renovation and another trending activities taken up by industry professionals in the developed and the developing markets.
The wide scale development of IT (Information technology) sector has further created substantial opportunities for office furniture market globally. Moreover, the ever increased emphasis on work aesthetics has created the enormous target for the market. Moreover, the market for the institutional & office furniture manufacturing is expected to face some restraints associated lack of available resources, workforce issues and increasing inventory levels.
According to study “Institutional and Office Furniture Manufacturing Global Market Report” Some of the key players of the market are IKEA AB, Herman Miller Inc., HNI Corporation, Okamura Corporation, and Knoll Inc. The key players in the furniture market started entering into partnerships with the e-commerce retail stores to strengthen their distribution network.
Furniture manufacturers also started adopting new sustainable techniques associated to production, integration of new technology with furniture, near shore manufacturing concepts are some of the new and major trends witnessed in the market.
The market is segmented into office furniture, and institutional furniture, among the segments, institutional furniture market accounts for the major share. The increase in positive economic outlook, the wide scale growth of e-commerce, supportive government regulations, added to sufficient potential for the global institutional and office furniture manufacturing market. Based on the geography the Asia-Pacific is one of the fastest growing region owing to huge demand from China, India, Japan, and Australia.
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Ankur Gupta, Head Marketing & Communications