Office Furniture Market Trends

Growth Drivers

• Constant Growth in the Number of Companies Across the Globe - For Instance, the presence of more than 300 million companies was noticed in 2021. A significant rise has been observed in the number of companies worldwide. A company requires a particular space to keep all the necessary equipment and records to keep in order for undisrupted functionality. Every workspaces facility needs furniture of good quality for the employees, customers, products, and others.
• Increasing Number of Start-Ups - In the year 2018, more than 45000 startups were born solely in India while at least 2 start-ups are born per day in the same region.
• Growing Sales of Chairs & Tables - It is observed that the sales of occasional table reached approximately USD 6 billion in 2020.
• Spiking Establishments of Small and Medium Sized Enterprises - As of 2021, about 325 million small and medium sized enterprises (SMEs) were operating across the globe.

• Booming IT Sector – For instance, Global IT expenditure is expected to reach nearly 4.7 trillion in 2023, a 5% increase from 2022 expenditure.

Challenges

• Higher Costs Associated with the Furniture – A good quality feature and more durability is always adding more expenses on the pocket. Moreover, currently numerous ergonomic features along with premium grade finishing and customizations are also available which is hiking the price of office furniture. This major factor is hindering the growth of the market over the projected forecast period.
• Requirement for Higher Initial Investment
• Disrupted Supply-Chain Due to Covid-19