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The office furniture market size is forecast to increase by USD 28.60 billion at a CAGR of 6.15% between 2023 and 2028. The market's expansion relies on several factors, including the global proliferation of office spaces, the growing trend of online retail for office furniture, and the increasing demand for high-end office furnishings. These factors are driving manufacturers to innovate and offer a wider range of products to meet diverse consumer needs. Additionally, the rise of remote work and flexible office arrangements is creating new opportunities for the office furniture market, as companies seek adaptable and ergonomic solutions for their employees. The market's growth is further fueled by the increasing focus on ergonomic designs and environmentally friendly materials, reflecting a broader shift toward sustainable practices in the office furniture industry. Moreover, the integration of smart technology and connectivity features in office furniture is driving demand among modern workplaces looking to enhance productivity and employee well-being.
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The Office Furniture Market encompasses a wide range of products, including Tables and Chairs, Desks, Filing Cabinets, Lounge Furniture, Computer Desks, and various types of furniture for Commercial Spaces such as Hospitals, Schools, Gymnasiums, and Remote Working environments. Advanced Technologies and Interactive Environments are increasingly integrated into Office Furniture, with the use of Sensors to enhance functionality and consumer experience. Office Tables come in various materials like glass, plastic, PVC, and polypropylene, catering to Elegant Designs for Residences and Offices. The market for Office Furniture is vast and diverse, serving the needs of businesses and workplaces worldwide. Consumers seek ergonomic and efficient solutions for their Computer Desks and Laptop or Desktop workstations. Overall, the Office Furniture Market continues to evolve, offering innovative and practical solutions for modern workspaces.
Key Driver
The global office furniture market is experiencing significant growth due to the expansion of multinational companies and the development of commercial complexes, IT parks, and corporate offices in various countries. This trend is particularly noticeable in the US, where favorable government policies have attracted foreign players, including Steelcase, into the market.
Moreover, the demand for modernized office furniture, such as office chairs, tables, and storage solutions made from materials like polypropylene, is increasing in residences and offices alike. The growth of the commercial leasing industry further fuels this market, as tenants seek to furnish their new spaces. Such factors will increase the market growth during the forecast period.
The market for modernized office furniture, including chairs, tables, and storage solutions, is experiencing growth due to the shrinking size of offices in commercial complexes, IT parks, and corporate offices worldwide. This trend is driven by rising real estate prices and the high cost of commercial leasing. In response, manufacturers are introducing multifunctional and customized products made from materials like polypropylene.
Furthermore, these items are suitable for both residences and offices and are sold through online and offline channels. The demand for portable and compact smart furniture is particularly high. Notable companies in this sector include Steelcase, which offers innovative solutions for contemporary workspaces. Such factors will increase the market growth during the forecast period.
In the office furniture market, vendors face significant challenges due to the volatile prices of raw materials. Raw materials such as wood, steel, textiles, plastics, and cartons, as well as specific materials like polypropylene, have experienced substantial price increases. This trend affects the production of modernized office furniture, including office chairs, tables, and storage solutions for residences, offices in commercial complexes, IT parks, and corporate offices.
However, companies like Steelcase are impacted by the rising costs of chipboard, timber, foam, polish chemical materials, color paints, and hardware. The increasing production costs have narrowed the gap between manufacturers' expenses and their ability to raise product prices, negatively impacting profit margins. Such factors will hinder the market growth during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period. The market encompasses various product categories, including Tables and Chairs, Desks, Filing Cabinets, and Lounge Furniture. In the offline distribution channel, consumers can explore office furniture offerings in brick-and-mortar stores, such as direct sales outlets, specialty stores, and non-specialty stores
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The offline segment was the largest and was valued at USD 58.90 billion in 2018. These channels provide benefits like convenience, extensive product selection, and access to multiple brands. The direct sales sub-segment holds a significant market share. Office Furniture caters to diverse sectors like Hospitals, Schools, Gymnasiums, and commercial spaces, including offices, business spaces, co-working spaces, and corporate spaces. Employees in these workplaces seek an ambiance that fosters productivity and comfort. These include chairs and tables made of materials like wood, steel, plastics, foam, and aluminum, offering elegant designs in wood, glass, plastic, and PVC. Advancements in Sensors and Technologies have transformed the Interactive Environment of office furniture, catering to the evolving Consumer Behaviour. Remote Working and flexible workspaces have further expanded the market. Computer Desks and laptop tables are essential for employees working in offices and commercial spaces. Owing to such advantages, the segment is expected to grow during the forecast period.
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APAC is estimated to contribute 48% to the growth by 2027. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
The Furniture Market in APAC is experiencing significant growth, driven by increasing disposable income and economic development in countries like China, Japan, India, Australia, Singapore, Vietnam, and Indonesia. The demand for Tables and Chairs, Desks, Filing Cabinets, Lounge Furniture, Computer Desks, and other office furniture products is on the rise. Technologies such as sensors and interactive environments are influencing consumer behavior in the selection of office furniture. Hospitals, Schools, Gymnasiums, and various commercial and corporate spaces, including co-working and remote working environments, are adopting office furniture to enhance the ambiance and productivity of their workplaces. Materials like wood, steel, plastics, foam, and aluminum are commonly used in the production of office furniture, including elegant designs in glass and PVC. The growing number of startups and freelancers in sectors such as IT, ITES, BFSI, and e-commerce is also contributing to the market's expansion.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Flokk AS - The company offers a range of office furniture products, including sofas, benches, stools, and spatial solutions.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Global Furniture Group, Godrej and Boyce Manufacturing Co. Ltd., Haworth Inc., HNI Corp., Hooker Furniture Corp., Inter IKEA Holding B.V., KI, Kimball International Inc., Kinnarps AB, KOKUYO Co. Ltd., Konig Neurath AG, Meridian Office Furniture Ltd., MillerKnoll Inc., Okamura Corp., Reecan, Schiavello International, Sedus Stoll AG, Steelcase Inc., and Teknion Group.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
In the dynamic and ever-evolving business landscape, the importance of creating a productive and inspiring work environment cannot be overstated. One essential aspect of achieving this goal is through the strategic selection and utilization of office furnishings. Markets for tables, Chair, and cabinets, among other furnishings pieces, have become a significant sector, with consumers and businesses alike seeking comfortable, functional, and aesthetically pleasing solutions. Technology plays a crucial role in the market, with consumers demanding comfort and ergonomics for their workspaces. Moreover, office table, office desk, and office chair made from materials like Composites and Technolonics are popular choices due to their durability and modern design. Sensors and smart technology are also integrated into office furnishings to enhance functionality and productivity.
Furthermore, the consumer market for office furniture is driven by factors such as Desks, Comfort, and Style. Long-term Desks and Spaces are becoming increasingly popular as businesses and individuals recognize the importance of creating a sustainable and efficient work environment. The market also caters to various sectors, including Education, Healthcare, and Corporate offices, each with unique requirements. In summary, the market is a thriving sector that caters to the diverse needs of businesses and individuals. With a focus on technology, ergonomics, and style, office furniture continues to play a vital role in creating productive and inspiring workspaces.
Market Scope |
|
Report Coverage |
Details |
Page number |
193 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.15% |
Market growth 2024-2028 |
USD 28.60 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.7 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 48% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Flokk AS, Global Furniture Group, Godrej and Boyce Manufacturing Co. Ltd., Haworth Inc., HNI Corp., Hooker Furniture Corp., Inter IKEA Holding B.V., KI, Kimball International Inc., Kinnarps AB, KOKUYO Co. Ltd., Konig Neurath AG, Meridian Office Furniture Ltd., MillerKnoll Inc., Okamura Corp., Reecan, Schiavello International, Sedus Stoll AG, Steelcase Inc., and Teknion Group |
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 |
Customization purview |
If our market 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 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by End-user
8 Market Segmentation by Product
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
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