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The office furniture market share is expected to increase to USD 18.92 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.66%.
This office furniture market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers office furniture market segmentation by distribution channel (offline and online), end-user (commercial office furniture and home office furniture), product (seating, systems, tables, storage units and files, and overhead bins), and geography (APAC, North America, Europe, South America, and Middle East and Africa). The office furniture market report also offers information on several market vendors, including D3 Office Group Ltd., Flokk AS, Global Furniture Group, Godrej and Boyce Manufacturing Co. Ltd., Haworth Inc., Herman Miller Inc., HNI Corp., Hooker Furnishings Corp., Inter IKEA Holding BV, KI, Kimball International Inc., Kinnarps AB, KOKUYO Co. Ltd., Konig Neurath AG, Meridian Office Furniture Ltd., Okamura Corp., Schiavello International, Sedus Stoll AG, Steelcase Inc., and Teknion Group among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing demand for modern and luxury furniture is notably driving the office furniture market growth, although factors such as fluctuating prices of raw materials may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the office furniture industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Office Furniture Market Driver
One of the key factors driving the global office furniture industry growth is the growing demand for modern and luxury furniture. Developing countries such as China and India are estimated to witness major growth due to their growing economies and rising number of technology parks. The increasing number of theme-based food service chains, hotels, and restaurants has fueled the demand for luxury furniture in the food service industry. Leading players in the global office furniture market that provide modern furniture include Herman Miller Inc. and HNI. Some of the major trends followed in workspaces in the past couple of decades are as follows:
Modern, luxury furniture is sold at higher costs than traditional furniture, which will drive the market growth in the forecast years.
Key Office Furniture Market Trend
Increase in mergers and acquisitions is one of the key office furniture market trends that is expected to impact the industry positively in the forecast period. With strategic acquisitions, manufacturers can broaden their product portfolio and improve operational capabilities. Some of the recent strategic partnerships and acquisitions are as follows:
Such activities will further support market growth.
Key Office Furniture Market Challenge
One of the key challenges to the global office furniture industry growth is the fluctuating prices of raw materials. The costs of raw materials such as wood, steel, textiles, plastics, and cartons have increased considerably in recent times. The cost of wood particleboard has also increased because of volatility in input and transportation costs, as well as the continued downsizing of furniture manufacturers' production capacities. The price of average quality furniture registered an increase of 25%-30% due to the high cost of wood and its shortage. The fluctuations in transportation costs around the world are also affecting manufacturers as the transportation of furniture accounts for a major part of the supply chain in this market. Fuel expense accounts for a major portion of the transportation cost incurred by a vendor, and it fluctuates frequently. Such factors may hamper the market growth in the forecast years.
This office furniture market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global office furniture market as a part of the global home furnishings market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the office furniture market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the office furniture market encompasses successful business strategies deployed by the key vendors. The office furniture market is fragmented and the vendors are deploying growth strategies such as product innovation and M&A activities to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The office furniture market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the office furniture market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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48% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for office furniture in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growing urbanization, improving lifestyles of individuals, and the growth in real estate and construction industries will facilitate the office furniture market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the office furniture market slowed down due to the outbreak of COVID-19, and there was a decline in the sales of office furniture in APAC in 2020. However, the market started recovering in the second half of 2021 as industrial activities resumed in the region. To recover from the slump, companies made investments in this region to seize growth opportunities in the key markets. The increase in spending across industries will boost the growth of the market in the region during the forecast period. Hence, the office furniture market started recovering by the end of 2021, with the gradual lifting of restrictions and increased vaccine drives.
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The office furniture market share growth by the offline segment will be significant during the forecast period. The growth is attributed to the multiple advantages of offline stores such as:
This report provides an accurate prediction of the contribution of all the segments to the growth of the office furniture market size and actionable market insights on post COVID-19 impact on each segment.
India Office Furniture market - The market share will grow at a CAGR of above 20% during the forecast period.
Russia Office Furniture market - The market share will grow at a CAGR of 10.08 percent over the period 2013-2018.
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Office Furniture Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.66% |
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Market growth 2022-2026 |
$ 18.92 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.14 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 48% |
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Key consumer countries |
US, China, Japan, Germany, and France |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
D3 Office Group Ltd., Flokk AS, Global Furniture Group, Godrej and Boyce Manufacturing Co. Ltd., Haworth Inc., Herman Miller Inc., HNI Corp., Hooker Furnishings Corp., Inter IKEA Holding BV, KI, Kimball International Inc., Kinnarps AB, KOKUYO Co. Ltd., Konig Neurath AG, Meridian Office Furniture Ltd., Okamura Corp., Schiavello International, Sedus Stoll AG, Steelcase Inc., and Teknion Group |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Distribution Channel
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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