Global Commercial Furniture market will reach 74 billion US$ by the end of 2025

Publisher: QYResearch
Published Date: 2019/10/25

Smart Furniture to Drive Global Commercial Furniture Market
Rapid urbanization has led to increase in number of corporate offices across the globe. This has contributed to the high cost of real estate and commercial leases, shrinking the offices spaces. Small office spaces and growing trend of attractive interiors have simultaneously inflated the demand for modern and innovative designs. In addition, the adoption of multifunctional, portable, and customized office furniture to make the spaces more organized is positively influencing the market growth.

The smart furniture includes smart sofas, smart showerheads, charging tables, smart wardrobe, and food tracking refrigerator. It can be operated remotely through smart devices such as smartphones and tablets. Rising concerns of deforestation has pressurized manufacturers towards adoption of green solutions. Hence, manufacturers are offering furniture from recycled wood wastes. The shifting preference toward making furniture energy efficient and sustainable is expected to propel this segment of commercial furniture market.

Increasing trend of working from home, mushrooming number of startups that work out of co-working spaces, and expensive nature of smart furniture are noted to be some of the critical restraints in the global commercial furniture market. However, ergonomically designed furniture, especially for offices, keeping in mind health concerns of a desk job could open up lucrative opportunities for the global commercial furniture market.

Seating Segment to Acquire Largest Share in Global Commercial Furniture Market
The global commercial furniture market has two segments, type and application. The type segment is further segregated into seating, tables, casegood, and others. The seating segment is expected to hold the largest share in the market due to its rising demand in offices. New product launches and efficient product engineering for office spaces is expected to bolster the demand for the seating segment during the forecast period. The application segment is segregated into office, hospitality, education, healthcare, and others.

Asia Pacific to Lead as Emerging Economies Witness Mushrooming Startups
Rising number of commercial spaces across Asia Pacific is expected to drive the demand of commercial furniture market in the region. It is also anticipated to become one of the largest player in the market with China, India, and Australia paving the way. Government investments in startups and increasing foreign direct investments are expected to play a major role in encouraging this market. Unprecedented usage of Internet is projected to indirectly support the market through online sales of commercial furniture. Also, the rising trend of innovative commercial spaces is boosting the market growth in the North America and Europe.

The global commercial furniture market was valued more than US$61 bn in 2018 is expected to rise above US$74 bn by the end of 2025, exhibiting a possible CAGR of over 20% during 2019-2025.

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