Production of office furniture in NZ has room for vast expansion and the country can comfortably attained a share of the global market.
The Global Picture on World Furniture Production and Trade
Global Information, Inc., a major outfit which compile market researches and forecasts, among others, said that production of world office furniture industry has currently exceeded US $50 billion. The business is intensely centered in just few players, notably US and Japan.
Specifically, seven leading countries collectively contribute 47% of world total production in terms of furniture output.These are the US, Italy, Germany. Japan, Canada, UK and France.
Overall, the approximately 61% of the total global furniture production has been the combined output of developed countries.
Emerging countries’ current production is at 39%, of the global total. Notably, production of three countries –China, Poland and Vietnam- has rapidly increased. This has been due to current investments in furniture export plants.
World Furniture indicators also show the US, Germany, France, UK and Canada as the leading importers, with China, Italy, US, Poland and Germany as the major exporters.
On the other hand, the report Office Furniture: World Market Outlook(covering 2019 to 2020 period) which was released in Marchthis year has noted that the world market for office furniture constitute about 12% of the overall global furniture demand.
Further, the report stated that the approximately 80% office furniture consumption are by ten countries: Australia, Brazil, Canada, China, France, Germany, India, Japan, UK, and the US.
The Prospects of the Production Business of office furniture in NZ
Production of office furniture in NZ faces a bright future despite competitions among countries engaged in this business.
Furniture & Furnishing Export International, a magazine which carry information on global export and import of furniture,stated in its website that the furniture international trade involving 100 countries reached to US $150 billion in 2018 alone which is about 1% of global trade on manufactures.The website cited predictions that there will be continuing growth in the industry from 2019 to 2020.
World furniture demand is also predicted to grow 3.2% in 2019, with Asia and the Pacific continuing to be the fastest in terms of growth. Forecast for other regions are placed at 1% and 3%.
These figures would serve as cue for intensification of production business of office furniture in NZ.