The U.S. Office Furniture market is expected to reach USD 14.31 billion by 2025, according to a new report by Grand View Research, Inc. Vigorous growth in commercial and office building construction and remodeling activity is anticipated to buoy demand as companies furnish new office spaces. Following a trough in 2010, office furniture manufacturers and suppliers benefited from rising employment levels as layoffs ebbed and businesses hired new workers.
Demand for desks and tables is forecast to advance with a CAGR of 4.3% from 2017 to 2025, the fastest rate of any office furniture segment, reaching $3.32 billion in 2025. Ongoing advances in office construction activity and an uptick in business improvement expenditures will drive gains. In addition, ongoing trends toward more open, collaborative, and customizable workspaces will boost sales of desks and tables, largely at the expense of more compartmentalized modular office systems. Likewise, the continued proliferation of electronic devices to support office activities will buoy demand for desks and tables featuring built-in outlets, cord management systems, and other compatible features. Even so, competition from modular systems and used furniture dealers will stymie faster gains.
Desks and tables offer open-air workspaces for individual use or group meetings. Product innovations accompany developments in office tools and work styles. In particular, developments in the electronic industry affected product designs over the historical period. For example, the widespread digitization of work processes and reduction in computer size has promoted the use of desks with smaller work surfaces and less storage.
Further key findings from the report suggest:
• The U.S. Office Furniture market was valued at 10.74 billion in 2016 and is expected to grow at a CAGR of 3.2% from 2017 to 2025
• Modular systems emerged as the largest solution segment in 2016 and is estimated to generate revenue over USD 3.88 billion by 2025
• The demand for desks & tables in the U.S. Office Furniture market was USD 2.16 billion in 2016 and is anticipated to witness staggered growth over the next eight years
• Key players including Herman Miller, HNI Corporation, Steelcase, Haworth, and Teknion Corporation dominated the U.S. office furniture market in 2016
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