South Korea office furniture market is anticipated to grow in the forecast period owing to driving factors such as a rise in the number of start-ups and home offices, coupled with increasing per capita income of individuals. Office Furniture includes furniture pieces such as desks, office chairs, storage cabinets and other items typically found in a workplace environment. Shifting consumer’s priorities to change the office structure to make it more modular and integrated, for using every square feet of office space is mainly driving the office furniture market growth. Further, new employment opportunities are believed to escalate the growth of the market. With increasing number of employed people across the country, the demand for new offices is also increasing.
Key Market Trends
Increase in New Offices in the Seoul City
Rise in number of offices and high spending on office interiors are some of the major factors which are expected to drive the demand for office furniture in upcoming years. With the increasing number of employed people across the country, the demand for new offices is also increasing. Further, with the increase in number of corporate offices across the country, the market of office furniture is likely to grow at remarkable pace over the forecast period.
Rise in Online Sales Driving the Market
Increasing online spending of consumers is also expected to positively impact the growth of South Korea office furniture market. Factors such as increasing internet penetration among population and rising number of vendors offering their product through online stores is anticipated to drive the growth of market. Many local and prominent manufacturers are adopting online retail strategies to decrease the product display cost and increase the overall profit margin. Moreover, the number of online furniture stores has increased considerably.
The report covers major international players operating in the South Korea Office Furniture Market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1.4 Other Materials
5.2.1 Meeting Chairs
5.2.2 Lounge Chairs
5.2.3 Swivel Chairs
5.2.4 Office Tables
5.2.5 Storage Cabinets
5.3 Distribution Channel
6 COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.2 Livart Neoce
6.2.3 Sangdo Furniture Co., Ltd.
6.2.4 Kaos Co., Ltd.
6.2.5 Patra Co., Ltd.
6.2.6 Yhahoung Office Furniture Co., Ltd.
6.2.7 Dawon Chair
6.2.8 Fomers Furniture
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.