With the ongoing expansion of the corporate environment in both developing and underdeveloped nations throughout the world, office furniture is becoming increasingly important. The increase in the number of renovation and modification projects in rising economies such as Japan, China, and India is propelling market expansion.
The worldwide office furniture market was worth US$ 74,428.57 million in 2019 and is predicted to be worth US$ 96,642.94 million by 2027, growing at a CAGR of 3.1 percent during the forecast period.
India, for example, is undergoing industrialization and economic expansion, which is resulting in infrastructure transformation. For example, the World Bank Group reports that per capita income in the Asia Pacific was US$ 10,368 in 2017, up 3.85 percent from 2016. Office buildings are regarded as real estate investments since they offer revenue and expansion prospects. Furthermore, the expansion of the private sector is leading to an increase in office infrastructure for micro, small, and medium-sized businesses (MSME). Furthermore, in addition to focusing on the building of new offices, businesses are focused on the alteration and rehabilitation of existing offices. Office renovations are required.
The Asia Pacific dominated the worldwide office furniture market in 2019, accounting for 37.46 percent of the market in terms of revenue, followed by North America and Europe.
The e-commerce business is booming in countries all over the world. For example, according to the India Brand Equity Foundation (IBEF) research on e-commerce, published in July 2017, the e-commerce sector in India is predicted to grow at a CAGR of 44.77 percent from 2016 to 2020, reaching US$ 63.7 billion by 2020 and US$ 188 billion by 2025. This expansion of the e-commerce business is also aiding the expansion of the office furniture market. As office furniture manufacturers become more familiar with online channels, they are selling their products on a larger platform, thereby expanding their geographical customer base.