Technavio analysts forecast the recycled office furniture market in the US to reach USD 2.68 billion by 2020, according to their latest report.
The research study covers the present scenario and growth prospects of the recycled office furniture market in the USfor 2016-2020. To calculate the market size, the report considers revenue generated from the sales of recycled office furniture.
Competitive Market Scenario
Vendors are increasingly developing their operational efficiency to increase production and reduce costs. They are using wood waste for construction purposes and taking advantage of on-site and off-site recycling processes to increase production.
Brijesh Kumar Choubey, one of Technavio’s lead analyst for research on retail goods and services, says, “With the competition in the market becoming more intense over the years, many vendors are using online media to enhance reach and overall value for customers, which include corporate businesses, small business owners, and home office furniture buyers. Manufacturers are also opting for direct marketing through catalogs.”
Technavio consumer and retail analysts highlight the following three factors that are contributing to the growth of the recycled office furniture market in the US:
- Rise in number of offices in the US
- Growing demand for customization of office furniture
- Increased demand for eco-friendly office furniture
Rise in Number of Offices in the U.S.
The rise in the number of office buildings and technology parks in the US has enhanced the sales of office furniture in the past few years. With multinational companies (MNCs) expanding their businesses into new cities and countries, and with the rise in the number of employees, office spaces across the country are also expanding. This is expected to lead to increased demand for recycled office furniture over the next five years.
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