Los Angeles, October 23, 2019-QY Research recently released their new research report, titled, “Global Commercial Furniture Market Research Report 2019”. The report published by QY Research is a collation of data derived from an extensive research on the existing market dynamics. Researchers have used top down and bottom up approaches to analyze and present accurate facts and figures of the market. The report also presents a brief understanding of market drivers, restraints, opportunities, segments and its competitive landscape.
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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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.
Manufacturers to Expand their Market by New Mergers and Acquisitions
Herman Miller Inc. is an office, equipment, and home furnishings company based in Zeeland. They have recently announced a new agreement to acquire an additional 34% equity interest in HAY A/S for an estimated $78 mn. Similarly, in 2018, they have acquired a 33% equity interest in HAY. At the end of the agreement, Herman Miller will hold 67% interest in HAY. Increasing its ownership in HAY is a strategic priority to accelerate profits, growth, and development of the brand globally. With this agreement Herman Miller will target urban demographic for expansion.
The other manufacturers covered in the report are Bene AG, Quama, Martela, Herman Miller, Knoll, Kimball International, KI, Kinnarps Holding, Haworth, HNI Corporation, Okamura Corporation, Kokuyo, Henglin Chair Industry, Flokk, Fursys, ITOKI, Aurora, USM Modular Furniture, Steelcase, Global Furniture Group, Teknion, Nowy Styl, Ahrend, SUNON, Uchida Yoko, Changjiang Furniture Company, Sedus Stoll, and EFG.
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