The global office furniture market is forecasted to expand at a CAGR of 7% from 2023 to 2033. The market is valued at US$ 50 billion in 2023 and is thus anticipated to reach a valuation of US$ 98 billion by 2033-end.
Market expansion is mostly being driven by client priorities shifting in order to change office structures and make them more integrated and adaptable in order to utilize every square foot of space. To provide employees or workers with a pleasant, effective, and comfortable atmosphere, major corporations are investing much in the furnishings and surroundings of office spaces. As a result, producers are creating office furniture that reduces stress and provides greater comfort. Furthermore, during the course of the projection period, smart furniture is anticipated to increase significantly.
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Key Trends:
- Furniture offering features such as easy-to-install, multifunctional, and quick are witnessing high adoption in the office furniture market. This trend is driven by a high consumer preference for affordable furniture.
- Smart furniture is witnessing a surge in adoption as it offers consumers posture-changing applications. For instance, office desks are equipped with controllers and sensors, where the employee can control various parameters such as temperature.
- Major office furniture players are improving ergonomics as well as involving value-added and designs.
Competitive landscape:
Leading office furniture companies are focused on enhancing product standards with changing preferences of customers. Major office furniture producers are following safety regulations to maintain quality control of innovative office interior products.
Furthermore, RTA (Ready to Assemble) furniture is also gaining popularity among consumers for better usage and convenience. The need for eco-friendly furniture is driving top office furniture providers to use green materials that reduce waste disposal, pollution, and environmental impact.
For instance :
- In April 2021, PPG Industries Ohio Inc. (PPG), a company that makes metallic office furniture, introduced PPG ERGOLUXE powder coatings. The company provides a distinctive polyester-hybrid technology, and the layers added to the finishing give chairs, benches, workstations, and tables design and sustainability advantages.
Key Companies Profiled:
- Knoll
- ANEW
- Steelcase
- ITOKI
- Haworth Inc.
- Herman Miller Inc.
- Global Furniture Group
- Okamura Corporation
- HNI Corporation
- Kimball International
Drivers:
The office furniture market is expected to witness moderate growth during the forecast period and is expected to reach a valuation of US $ 98 Billion by 2033. Market growth is driven by the following factors:
- Co-working spaces are the places where working professionals assemble together in neutral spaces on different projects. Co-working spaces have witnessed a massive trend in the last few years. This has also significantly improved the landscape of the office furniture market.
- Rapid growth in ICT has led to the growth of the office furniture market. The ICT market requires better infrastructure and it includes two important components, IT application and engineering. Governments have been making significant investments
- Also, rise in growth of MSMEs (Micro, Small, and Medium Enterprises) leads to better infrastructure.
Segmentation of Office Furniture Industry Research:
- By Product :
- Office Chairs
- Office Tables
- Storage Furniture
- Office System Furniture
- Reception Furniture
- Others
- By Sales Channel :
- Retail Stores
- Specialty Stores
- Online Stores
- Rental Stores
- Others
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Questionnaire answered in the Market Outlook Report of Office Furniture include:
- What is the key strategy deployed by large players to maximize Office Furniture Market growth?
- What are the main challenges faced by players in the Office Furniture Market Demand?
- With the advent of technological advancement, how will the Office Furniture market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Office Furniture market size?
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