Office Furniture Market – Growth, Trends, Forecasts
The Canadian office furniture market is projected to grow at the rate of 4.2% during the forecast period between 2016 and 2026. After a gradual decline in revenue, the Office Furniture Manufacturing industry in Canada grew from 2014 to 2019. Export revenue has supported the industry over the past five years. Over the five years to 2024, export growth is projected to diminish as the continued depreciation of the Canadian dollar declines at a slower pace. Although imports will likely continue to pressure domestic operators, exports’ revenue share is projected to continue expanding.
This industry produces a wide range of office furniture, including bookcases, cabinets, chairs, desks and filing cabinets. It also manufactures office and store fixtures, such as cafeteria countertops (except kitchen and bathroom), furniture parts and partitions. Furniture may be ordered predesigned or customized and may be sold assembled or unassembled.
Rising consumption of office spaces and an increase in the employment rate are a few key factors propelling the market growth. Various companies and corporates are investing significantly in office space interior design to promote a productive environment. Multiple companies and corporates are investing considerably in office interior design to promote a productive environment. In line with the same, leading office furniture companies are manufacturing, offering better comfort and improving productivity. Furthermore, increasing demand for home office furniture coupled with rising investment in home office spaces is anticipated to positively impact the growth of the Canada office furniture market during the forecast period.
Companies must purchase office furniture to accommodate new employees as they move into larger office spaces and hire more workers. Ordering office furniture online makes it easier for businesses to view a wide selection of products, compare prices and arrange a convenient delivery. The online stores are attracting customers in huge numbers as it saves money and time for the customer in travelling to the store and catering to the demand for variety. Online retail strategies also enable sellers to reduce costs and increase their profit margins. Thus, the rising popularity of online furniture stores will boost market growth during the forecast period.