Over the years, suppliers of standing desks frames and lifting columns have relied on market researches to make informed business decisions. These researches provide accurate data that helps suppliers understand and adapt to the unfolding market at a particular time. This article will serve that purpose.
The global office furniture market is a very vibrant and expanding one. The increase in the number of office spaces opening in recent times and the high demand for comfortable pieces of furniture has been some of the driving forces of the market’s expansion in the past years. In 2016, the office furniture market grew to 256.6 million dollars in volume, with an expansion CAGR of 5.4%.
According to market research carried out in 2017, the overall global market size was supposed to reach a total of 87.6 billion dollars at the end of 2024. This is supposed to be accompanied by an expanding CAGR of 6.7%. Referencing all these data implies that the office furniture market is expanding and is projected to continue in that line in the coming years.
However, the outbreak of the virus pandemic recently adds another dimension to this analysis. With its devastating effects on different territorial economies and the world economy in total, the virus outbreak will affect the office furniture market in the coming years. This article seeks to give a short and concise projection of the office furniture market after the virus pandemic in the coming years.
Trends Based on End Users
As indicated earlier, the sale of standing desks and other office furniture pieces has grown in the past years, increasing the volume of the market. This is due to the increase in demand for these pieces of furniture in workspaces and other spheres. The term office furniture should not be interpreted only as a standing desk or lifting columns-fitted furniture used only in the office or organizational settings.
There are other areas where this office furniture is used. Institutions of learning and hospitals are some of the different areas where these pieces of furniture are widely used. The end-users of the office furniture market can be categorized into corporate offices, schools, and hospitals.
Before the outbreak of the pandemic, the corporate offices have been leading the market and have been touted to continue doing so. Market reports stated that pieces of seating furniture for corporate office spaces are responsible for 33.9% of the market as of 2016, and the total share of the corporate office spaces was projected to increase to a total of 77.4% by 2024.
However, there is an indication that this position may change during and after the outbreak of the virus pandemic. This is due to the change in the style of office setting and arrangement that is bound to occur. This new arrangement may involve more people working from home.
However, this may not translate into lower sales for corporate office furniture because some of these offices will still be open and functional. Also, the workers that will be working from home will need pieces of comfortable furniture to ensure efficiency and improved productivity while working. Hence these two factors are likely indications standing desks and other pieces of office furniture for corporate enterprise will retain its leading market share.
Trends Based on Regional Use
The regions noted for an effective use of office furniture over the years have been North America, South American, Europe, Middle East, Asia, and Africa. These continents have shared the total market share before the outbreak of the pandemic, with the Asia-Pacific region leading the pack with a projected 44.5% of the market share until 2024. Closely behind is North America, whose office furniture market peaked a total of 10.4 billion dollars in 2016 and projected to increase in the coming years.
The possibility of the aftermath of the virus pandemic usurping this market stance is improbable. This is because most of the countries in the Asia-Pacific region are already opening their economy after witnessing a reduction in the virus cases. This puts them in a better position to revive the economy and start production after the pandemic. Hence it is very much likely that the market stance will remain the same.
Trends Based on Product Types
The office furniture market churns out a number of product which includes seating, workstations, tables, and storage units. Due to their different features and peculiarities, these pieces of furniture have found varying use in an office setting. However, the demand for these products varies despite their different importance.
In recent times, the seating and workstations of furniture have led the demand for the office furniture market. As of 2016, pieces of seating furniture is responsible for as much as 34% of the market. This means pieces of furniture like standing desk, and automated workstations using lifting columns have always been in high demand.
There is a huge indication that this market stance will not change for the coming years, despite the pandemic outbreak. This is because the need for seating furniture will not dwindle as expected. As office might change their operational arrangement requiring some workers to work from home, these home workers will need pieces of seating furniture like standing desks to work efficiently from home.
Trend Based on Distribution Channels
There are two major means of distributing office furniture; online and offline channels. Before the outbreak of the pandemic, the offline channel of distribution was already witnessing reduced frequency due to the proliferation of online stores and distribution channels. A total of 12.4 billion dollars of the sales of office furniture was done online between 2014 and 2019.
This trend is expected to continue, especially after the outbreak of the virus pandemic. Apart from the ease and convenience that online distribution channels afford to customers and clients, the health requirement due to the outbreak of the pandemic calls reduces body contact, which is made possible through online distribution channels.
The office furniture market is constantly changing, and this change is even more imminent because of the outbreak of the pandemic. However, there is always a constant fact in the office furniture market; users will always demand quality and comfortable pieces of office furniture.
Contact us now to see how you can provide quality standing desks and automated office furniture using lifting columns so that you can satisfy your clients.