The global office furniture market size was valued at USD 48.64 billion in 2022. The market is projected to grow USD 80.62 billion by 2029, exhibiting a CAGR of 7.48% during the forecast period.
This information is presented by Fortune Business Insights, in its report titled, “Office Furniture Market, 2023-2029.”
Information Source:
https://www.fortunebusinessinsights.com/office-furniture-market-106234
Report Coverage:
The report presents a rounded study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions, or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the office furniture market growth are shared in the report.
List of Key Companies Covered in Office Furniture Market:
- Steelcase Inc. (U.S)
- MillerKnoll, Inc (U. S.)
- Nilkamal Ltd. (India)
- Kimball International Inc. (U.S)
- Haworth Inc. (U.S.)
- HNI Corporation (U.S)
- Krueger International, Inc. (U. S.)
- Humanscale (U.S.)
- Global Furniture Group (U.S.)
- Vitra International AG. (Switzerland)
Drivers and Restraints:
Significant Growth in ICT Industry Drives the Market Growth
The ICT sector has made a substantial contribution to the economies of numerous nations worldwide. The ICT sector needs proper infrastructure development since it is crucial to its operation in order to achieve optimal performance and deliver necessary services. It consists of two parts, IT applications, engineering, and services provided online. As a result, governments have been spending money on building infrastructure and luring MNCs and startups into the nation.
Significant Drop in Product Demand During COVID-19 Pandemic
Governments implemented a number of measures to stop the spread of COVID-19, including lockdowns, border closures, and other suspensions of non-essential corporate operations. The production, supply chain, and other operations were severely disrupted in 2021 as a result of these limits and regulations. Additionally, many organizations, including corporate offices, IT service providers, and others were forced to allow employees to work from home for a longer period of time. This had a huge influence on the demand for office furniture globally and decreased income generation.
Segments:
Ergonomic and Modular Development of Office Chairs will Further Fuel Market Growth
By product type, the market is segmented into office chairs, tables, storage furniture, and others. The office chair segment has the highest market share in the industry owing to the higher dependency of an individual on comfortable seating equipment.
Higher Durability, Easy Maintenance, and Elegant Designs of Wood will Further Boost Market Growth
Wood has traditionally been chosen for furniture manufacturing by the players operating in the market due to its high durability and strength. Wooden furniture further adds a more elegant look to the office.
Convenience Provided by Offline Sales Channel Further Contributes to Market Growth
By distribution channel, the market is divided into online and offline. The offline segment holds a higher market share owing to various factors such as the convenience of verifying the product and its quality.
Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East Africa.
Regional Insights:
North America to Lead Backed by Opening of New Workplaces in Top Nations
The region that contributes most to market growth is North America. The U.S. has the largest office furniture market share in the North American region, which also includes Canada and Mexico.
The demand for office furniture in the North American region is also influenced by the fast urbanization of Canada and the expanding commercial real estate market in Mexico. The need for office furniture in the region is also fueled by the growing number of corporate offices opened by international corporations and start-ups in Canada.
Competitive Landscape:
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
Key Industry Development:
- February 2022: A new ergonomic office table called Move Up was introduced by Godrej and Boyce, a flagship company of Godrej, through the Godrej Interior division for people who work from home.
