Office Furniture Market Builds on New Horizons as Looming Recession Threatens Traditional Selling Space
NEW YORK, April 18 /PRNewswire/ -- Personal computers entering the office workspace in the 1980s led to a boom in office furniture sales, but events in the 1990s, such as the Dot Com fallout and September 11 left the industry with a lull in revenue, according to SBI's Office Furniture Market in the U.S. Since then, office furniture makers have introduced new products and distribution channels and pursued M&A strategies, sustainability measures and overseas markets. These efforts proved fruitful as the market has experienced a period of growth and relative stability since 2003, registering a compound annual growth rate of 7% through 2007 for an estimated market value of $15.1 billion.
Despite the strength of the market in recent years, uncertainty regarding the economy, new office construction, and office absorption and vacancy rates present challenges for the market in the near future. Trends in the cost of raw materials and energy, sustainability and "green" measures, efficiency in the workplace driven by new technological advances and employment growth in the service sector are expected to impact the industry as well. "Healthcare and education markets provide opportunities to diversify and extend more product offerings beyond traditional office furniture," comments Cathy Minkler, Editor of SBI. "The market opportunities are immense, but the industry is competitive. Companies competing on price, product, performance and differentiation, design, delivery time and customer service, should consider alternative lines of business to gain market share, such as health clubs, spas and fitness facilities."
Office Furniture Market in the U.S. provides an analysis of domestic production by category (wood vs. non-wood) and segment (seating; desks & desk extensions; files, storage units & tables; and other furniture such as office systems), the market's position in the broader context of the overall furniture industry and the size of the U.S. market in terms of shipments, imports and exports. SBI examines historical (2003-2007) and projected growth (2008-2012) of the U.S. market for office furniture. The report is available from SBI by visiting: http://www.sbireports.com/Office-Furniture-1609941/
About SBI SBI publishes research reports in the industrial, construction, materials and consumer goods markets. SBI also offers a full range of custom research services. For more information visit http://www.sbireports.com/, or contact Jenn Tekin at 240-747-3015 or jtekin@marketresearch.com. First Call Analyst:
CONTACT: Jenn Tekin of MarketResearch.com for SBI, +1-240-747-3015, Web site: http://www.sbireports.com/
2008-04-18 17:34:49 0339907 PRNEWSWIRE
HOME || Press Release Archive || © Leigh Media Corporation || Terms of Use || Privacy Policy || Publish Your Press Release Here |