According to a new research report published by xResearch, the global Office Home furniture market is expected to exhibit positive growth trend and reach a significant valuation by the end of the forecast period of 2017-2023. The report provides 360° analysis of Business office Household furniture industry dimensions, share, growth, future trend and forecast from view of manufacturers, regions, product types and end industries and this factor which is useful to the business.
place of work household furniture marketplace has witnessed continuous growth since past few years. In 2018, the business furniture industry exceeds the value of USD 56 Billion. With a CAGR of 5.3% during 2019-2023, the global business office home furnishings marketplace is projected to reach USD 76.8 Billion by 2023. Improvement in economic conditions and growth in industrial & services sector across all regions is believed to supplement the growing consumption of workplace furnishings. In 2018, place of work furnishings accounted for around 15.6% of global furniture sector.
Commercial real estate sector is one of most globally recognized sector. The growth of this sector is well complemented by rising demand for office spaces coupled with growth of commercial sector. Sectors such as IT and ITeS, consulting, retail and e-commerce are witnessing high demand for business spaces and this growing office environment space absorption bodes well for the growth of global workplace furnishings industry. Apart from this, expansion of multi-national companies in various other nations is giving rise to the demand for new place of work products.Various government initiatives to build and nature startups is empowering the economic growth and employment in nations. Further, surge in number of startups is creating an expanding opportunity for the growth of the global office home furnishings market place.
Developed market place such as U.S., Germany, U.K., Switzerland, Japan and Italy are also offering significant growth opportunities. Rising office interior improvement activities such as refurbishment is expected to continue to drive gains for the workplace furnishings industry in developed nations. Moreover, the market place is witnessing increased demand for customized aesthetics office environment home furnishings and fresh business office design themes in various developed countries such as. This is leading to the development of aesthetic & innovative workplace household furniture products.
The research report provides sector analysis and forecasts for North America, Latin America, Europe, Asia pacific and Middle East & Africa. In 2018, Asia pacific capture a current market share of 43.8% and is expected to continue its dominance over the forecast period. Countries such as Japan, Hong Kong, Australia, Japan and Singapore have a high market maturity in Asia pacific region. Further, it is anticipated that India, Malaysia, Vietnam, philippines and other developing countries in the region will drive the demand for business office home furniture products. Developing countries are witnessing rapid urbanization and rising commercial construction activities are paving the way for the growth of Asia pacific business office home furniture market place in near future.
Europe business furniture market is projected to grow at a significant pace during the forecast period. In 2018, Eastern and Western European countries such as Germany, poland, France, Spain and United Kingdom captured largest percentage of current market share in Europe place of work furniture market. Rising adoption of ergonomic business office furnishings coupled with increasing workplace refurbishment activities is driving gains in Europe place of work home furnishings industry.The report also identifies country industry outlook for business household furniture, covering country wise industry size, growth rate, industry share, current trends and opportunities.
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Some of the major trends and developments in office environment household furniture industry are as follows:
? Major players are involved in launch of new design and innovative business office home furniture. This is resulting in increased competition and is driving key vendors to introduce new designed and high performance business furnitures.