Enjoy complimentary customisation on priority with our Enterprise License!
The office furniture market size is estimated to grow at a CAGR of 5.56% between 2022 and 2027. The market size is forecast to increase by USD 24.21 billion. The growth of the market depends on several factors such as the increase in the number of office spaces worldwide, increasing online retailing of office furniture and rising demand for luxury office furniture.
This office furniture market report extensively covers 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). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 - 2021.
To learn more about this report, View Report Sample
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing online retailing of office furniture is notably driving the market growth. Online retailing is a mode of conducting retail business by leveraging the Internet. It includes the sales of goods and services via different retailing models, such as business-to-business (B2B), business-to-consumer (B2C), and consumer-to-consumer (C2C), and enables shopping from remote locations using smartphones, tablets, laptops, and computers. Thus, the increasing penetration of smartphones and other technologically advanced gadgets is one of the primary factors spurring the sales of office furniture products. At present, most office furniture manufacturers, retailers, and exclusive retailers advertise and sell their products online to enhance their product visibility and strengthen their online presence.
However, almost all smart furniture brands, including Steelcase and others, actively sell their products online through their own websites and popular retail websites such as Amazon.com Inc. (Amazon) and eBay. Rising awareness about the convenience of online shopping and other associated benefits is leading to the presence of numerous online retailers that offer a wide variety of products in the global office furniture market. Thus, such factors will drive the market during the forecast period.
The growing popularity of smart multipurpose office furniture is an emerging trend shaping the market growth. Shrinking office spaces due to the rise in real estate prices and the high cost of commercial office leasing have boosted the demand for multifunctional smart office furniture worldwide. The demand for multipurpose smart furniture is increasing. Rapidly evolving consumer demands have influenced manufacturers to introduce multifunctional and customized products. These products are standardized and sold through online and offline channels. The demand for such smart furniture is expected to increase significantly during the forecast period owing to the rise in the number of startups across the world. The demand for portable and compact smart furniture products is also very high. Office spaces are designed according to the preferences of employers. The demand for different types of smart multipurpose office furniture is increasing as these types of furniture leave a positive impact on employees and increase their efficiency and productivity. This type of furniture is also associated with enhanced functionality and comfort.
For instance, they are wireless and adaptable in terms of positioning and movement, which relieves workers of issues that they frequently associate with conventional furniture. Moreover, ergonomic chairs cater to the varying needs of different workers. Standing desks also promote physical activity. The high availability of smart office furniture is expected to attract customers and augment sales in the global office furniture market during the forecast period.
Fluctuating prices of raw materials is a significant challenge hindering the market growth. One of the major challenges faced by companies operating in the market is the fluctuation in raw materials prices. The costs of raw materials such as wood, steel, textiles, plastics, and cartons have increased considerably in recent times. In addition, prices of raw materials such as chipboard, timber, foam, polish chemical materials, colour paints, and hardware used in making office furniture have increased. 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.
In addition, the transportation costs incurred by companies include fuel costs, taxes, and duties. Fuel expense accounts for a major portion of the transportation cost incurred by a vendor, and it fluctuates frequently. An increase in transportation costs drives the end-product price. Therefore, these factors will hinder the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Office Furniture Market Customer Landscape
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 office furniture such as sofas, benches, stools, and spatial solutions.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segment is estimated to witness significant growth during the forecast period. The offline distribution channel is the largest channel of distribution in the global office furniture market. Offline sale refers to the sale of products in brick-and-mortar stores where buyers can check products before purchasing them.
Get a glance at the market contribution of various segments View the PDF Sample
The offline segment was the largest and was valued at USD 56.12 billion in 2017. Direct-to-consumer, speciality stores, and non-speciality stores are the three types of offline stores discussed in this distribution channel of the global office furniture market. The benefits of offline distribution channels obtained by end-users are convenience in terms of contacting the vendor and briefing on the functionality of the furniture, enormous stock-keeping units (SKUs) leveraging end-users to choose from a wide variety of products and availability of a wide variety of brands at multistore retail units and dealers. The advantages associated with this retail format are better customer relationships, operating cost control, and low product price. Owing to such advantages, the segment is expected to grow during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Consumers in APAC have witnessed an increase in their disposable income due to the steady improvement in the economic conditions of various countries in the region. China, Japan, India, Australia, Singapore, Vietnam, and Indonesia are some of the major countries contributing to the growth of the office furniture market in APAC. Vietnam, Indonesia, China, and India are some of the fastest-growing economies in the world. With developments in several emerging economies in APAC, as well as the growing number of economic corridors and special economic zones (SEZs), the demand for office furniture is estimated to rise.
Moreover, the growing number of startups in sectors such as Information Technology (IT) or Information Technology Enabled Services (ITES), banking, financial services, and insurance (BFSI), and e-commerce, particularly in countries such as India, is increasing the adoption of office furniture products. The growth of the commercial property market and strong economic development are the other major factors driving the adoption of smart office furniture products. The presence of major global companies of smart office furniture in APAC, such as KOKUYO and Herman Miller, may positively impact the growth of the market during the forecast period.
In 2020, the regional office furniture market witnessed a slowdown due to the outbreak of COVID-19. However, the market started recovering in the second half of 2021 as industrial activities resumed in the region due to the decline in the number of COVID-19 cases following the implementation of mass COVID-19 vaccination drives. The office furniture market started recovering by the end of 2021 owing to the gradual lifting of restrictions and the increased vaccination rate. Such factors, as well as the increase in spending across industries, will boost the market growth in the region during the forecast period.
The office furniture market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Office Furniture Market Scope |
|
Report Coverage |
Details |
Page number |
187 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.56% |
Market growth 2023-2027 |
USD 24.21 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.5 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 47% |
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 the forecast period |
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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.