The Global Office Furniture Market Size includes furniture such as desks, chairs, tables, storage cabinets used as workplace equipment. Office furniture provides ergonomic seating and other comforts to increase productivity of employees. They also help in efficient utilization of space and create aesthetically appealing workspace environment.

Market key trends:

Sustainable office furniture is a key trend gaining traction in the market. Manufacturers are increasingly adopting sustainable practices in furniture production by using recycled, reused, bio-based and recyclable materials. They are also decreasing the use of toxic chemicals in manufacturing and finishing processes. This is benefiting the environment and appealing to companies focusing on reducing carbon footprint. Growing eco-conscious consumers are further driving demand for sustainable office furniture made from materials like bamboo, recycled steel and plastic.

Porter’s Analysis

Threat of new entrants: The Office Furniture Market has moderate threat of new entrants due to existence of economies of scale and access to distribution channels. However, requirement of large investments and stringent regulations act as entry barriers for new players.
Bargaining power of buyers: Buyers in the Office Furniture Market possess moderate bargaining power due to availability of substitutes and low switching costs. However, differentiated products and services offered by existing players mitigate the power of buyers to some extent.
Bargaining power of suppliers: Suppliers of raw materials used to manufacture office furniture have low to moderate bargaining power owing to fragmented nature of supply base and availability of substitutes. However, suppliers involved in specialized materials enjoy higher bargaining power.
Threat of new substitutes: Threat of new substitutes in the Office Furniture Market is low as furniture is a basic requirement and alternatives have certain limitations. However, continuously growing shared office spaces pose a moderate threat.
Competitive rivalry: High in the fragmented Office Furniture Market due to presence of numerous national and international players competing on the basis of pricing, product differentiation, and brand image.

SWOT Analysis

Strength: Wide product portfolio and diverse customization options provide good value to customers. Strong distribution network and brand recognition further strengthen market position.
Weakness: High dependency on economic cycles leaves business vulnerable to downturns. Rising raw material prices increase production costs.
Opportunity: Growing trend of workspace automation and emphasis on well-being present opportunities to develop innovative solutions. Greater demand from Asia-Pacific and South America offers scope for geographical expansion.
Threats: Intense competition from local and online retailers exerts pricing pressure. Shift towards rental and shared office spaces threatens sales of owned furniture.

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