Reception Furniture Market Growing at 10.5% CAGR to Touch US$ 5.4 Billion Valuation by 2033: Fact.MR Report
Easy Availability of Reception Furniture on e-Commerce Platforms Contributing to Market Growth
Rockville , Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global *Reception Furniture Market* was valued at US$ 1.8 billion in 2022 and is projected to expand at a CAGR of 10.5% from 2023 to 2033, according to a recently published Fact.MR report.
Growing demand for rental office furniture is becoming a significant driver augmenting market growth. The rental furniture market is estimated to reach US$ 6.1 billion in 2023 and is forecasted to grow at a CAGR of 7% to reach US$ 12 billion by 2033. Businesses are increasingly drawn to the flexibility, cost-effectiveness, convenience, and environmental benefits offered by office furniture rental, especially when it comes to reception areas.
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*Key Segments of Reception Furniture Industry Research Report*
*By Type* *By Material* *By End Use* *By Distribution Channel*
· Seating
· · Chairs
· Sofas
· Stools
· Table
· Storage
· Wood
· Metal
· Plastic
· Offices
· Hotels
· Others
· Furniture Retail Stores
· Brand Outlets
· Online Stores
The ability to adapt to changing needs, allocate resources efficiently, and create a welcoming and functional reception space without the burden of long-term investments makes rental reception furniture an attractive option for a diverse range of businesses. As global workplaces continue to evolve, the reception furniture market is expected to grow significantly, driven by innovation to meet the dynamic demands of businesses seeking adaptable and cost-efficient office solutions.
Easy availability of reception furniture on e-commerce platforms has emerged as a driving force in the reception furniture market. The global e-commerce industry is estimated to reach US$ 41 billion by 2030, expanding at a CAGR of 4.6% from 2022 to 2030. Expansive product selection, convenience, customer reviews, cost comparisons, customization options, and easy delivery make e-commerce platforms the preferred choice for businesses seeking to furnish their reception areas.
As online shopping continues to grow, businesses are increasingly turning to e-Commerce platforms to find the perfect reception furniture that aligns with their unique needs and budgets. This trend is reshaping the market, encouraging manufacturers and retailers to adapt and cater to the demands of digitally savvy consumers, ultimately transforming the way reception areas are designed and furnished in the modern workplace.
*Report Attributes* *Details*
Forecast Period 2023 – 2033
Value Projection (2033) US$ 5.4 Billion
Growth Rate (2023-2033) 10.5% CAGR
No. of Pages 170 pages
No. of Tables 80 Tables
No. of Figures 233 Figures
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*Competitive Analysis*
IKEA, Haworth, Lesro, Steelcase, MillerKnoll, Kimball International, Teknion, Jasper Group, HNI, 9to5 Seating, Allseating, Arcadia, Hickory Business Furniture, and Halcon are leading manufacturers of reception furniture.
· *In August 2023, MillerKnoll* announced its latest furniture manufacturing and distribution center in the United Kingdom, named the PortalMill. This facility operates entirely on solar energy, representing a significant move towards minimizing its carbon footprint.
· *In July 2023, Allseating introduced Attune*, a futuristic task chair that was awarded the Good Design Award by the Chicago Athenaeum Museum. Attune makes use of a cutting-edge polymer that quickly conforms to the user's body while being strong and incredibly resistant to impact and flex fatigue.
· *In September 2021, IKEA* teamed up with Swedish House Mafia, an electronic music supergroup, to create a collection that explores the topic of music and creativity at home. The collection, called OBEGRÄNSAD, includes more than 20 products.
· *In July 2021, The HON Company* announced the release of Workwall, an innovative product designed for the modern workplace. Workwall is a dynamic and customizable tack zone solution that can be easily installed in a variety of office designs
· *In January 2021, Kimball International* was named one of the Most Responsible Companies in the United States by Newsweek and Statista. Of the 500 recognized companies, the company ranked 83^rd overall and 13^th in the Consumer Goods category.
*More Insights Available*
Fact.MR, in its new offering, presents an unbiased analysis of the reception furniture market, presenting historical market data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study reveals essential insights into the global reception furniture market by type (seating, table, storage), material (wood, metal, plastic), distribution channel (furniture retail stores, brand outlets, online stores), and end use (offices, hotels, others), across seven regions (North America, Latin America, Europe, East Asia, South Asia & ASEAN, the MEA, and Oceania).
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