Global Office Furniture Market Research Report: Forecast (2023-28)
Market Definition
With numerous MNCs & start-ups being established globally, the need for comfortable & aesthetic furniture is also stimulating at a rapid pace to boost employee productivity. In addition, the growing focus of governments of different countries worldwide on infrastructural developments is leading to massive construction & renovation projects and burgeoning demand for office furniture across the corporate sector. As a result, manufacturers are actively working on increasing their production capacities & developing modern & multifunctional furniture, i.e., available & affordable for consumers across different sales channels.
The Global Office Furniture Market size is projected to grow at a CAGR of around 5% during the forecast period, i.e., 2023-28. The growth of the market is driven primarily by the swift expansion of the corporate sector owing to massive investments by governments of different countries worldwide in economic diversification, coupled with their favorable policies attracting substantial Foreign Direct Investments (FDIs) & establishment of multinational companies & start-ups.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR(2022-27) | 5% |
| Regions Covered | North America: USA, Canada |
| Europe: Germany, France, Italy, UK, Russia | |
| Asia-Pacific: China, India, Japan, South Korea, Australia | |
| South America: Brazil | |
| Middle East & Africa: Saudi Arabia, Israel, Turkey | |
| Key Companies Profiled | Aurora Corporation, Fursys Inc., Global Furniture Group, HNI Corporation, Haworth, Herman Miller,, Haworth, Inc. Inaba Seisakusho Co. Ltd., Itoki Corp., Inter IKEA Systems B.V., Knoll Inc., Kimball International, Kokuyo Co. Ltd., Okamura Corporation, Steelcase Inc., Uchida Yoko Global Ltd., UE Furniture Co.,9to5 Seating |
| Unit Denominations | USD Million/Billion |
In addition, the advent of home-based office furniture owing to a paradigm shift toward working from home amidst the Covid-19 pandemic is another prominent aspect soaring the demand for office furniture and driving the global market.
Besides, the accelerating number of domestic furniture manufacturers, easy availability of furniture, and cost-effectiveness owing to the immense government support for small businesses are also stimulating the overall market growth. Moreover, the mounting inclination of companies toward comfortable office furniture to enhance the efficiency of employees & eliminate their stress & fatigue is another crucial aspect projected to boost the demand for office furniture and contribute to the overall market expansion through 2027.
Global Office Furniture Market Trend:
Escalating Transformation of Furniture Manufacturers toward Digital Platforms:Since the prevalence of the Internet & digitalization is gaining momentum among industries of all sizes, online platforms are becoming a prominent forum for shopping. It, in turn, is instigating the leading furniture manufacturers to transform & expand their reachability across different regions and offer greater convenience for customers by eliminating the need for multiple store visits.
Besides, benefits like easy product comparison, affordable prices, and extensive availability of designs are also propelling the demand for furniture through e-commerce platforms and becoming an emerging trend in the Global Online Furniture Market.
Global Office Furniture Market Possible Restraint:
Possible Restraint: Fluctuating Prices of Raw Materials due to Various Environmental Concerns: Since furniture manufacturing requires wood, chipboard, foam, plastics, chemicals, & color paints, among others, it is raising concerns over environmental degradation. Raw materials like timber are resulting in drastic deforestation, owing to which governments of different countries worldwide are imposing stringent regulations on the use of wood. It, in turn, is also leading to the fluctuations in the prices of raw materials and increasing the overall production cost of office furniture, which might restrain the growth of the Global Office Furniture Market during the forecast period.
Global Office Furniture Market Driver & Opportunity:
Growing Inclination toward Modern & Aesthetic Furniture:Since design & innovation in furniture are gaining swift momentum, organizations are seeking modern furniture with aesthetic looks and better space management & affordability. It, in turn, is generating growth opportunities for the leading players in the Global Office Furniture Market to introduce new designs & features in their product offerings. Besides, escalating demand for furniture that is easy to set up, install, and multifunctional is gaining rapid momentum worldwide and playing a crucial role in contributing to the overall market growth during the forecast period.
Impact of Covid-19 on the Global Office Furniture Market
The Covid-19 pandemic in 2020 had a decelerating effect on most industries worldwide, yet the Office Furniture Market was moderately affected. While the governments of different countries imposed stringent restrictions & lockdowns to curb the spread of this dreadful disease, the leading players witnessed several unprecedented challenges associated with the production & distribution of office furniture.
Besides, as the corporate sector had suspended their work operations from offices, most organizations had to make a paradigm shift toward working from home. It, in turn, displayed a decline in the demand for office furniture amidst the crisis. In addition, the disruptions in the supply chain of raw materials, unavailability of labor, shutdown of manufacturing units, delays in production & deliveries, etc., were the typical challenges faced by the leading players in the global market.
However, with work-from-home policies in place, the market witnessed an upswing in its growth, which, in turn, enabled the players to sustain during the pandemic and recover from revenue losses. Nonetheless, the gradually declining Covid-19 cases urged governments to uplift the restrictions and allow the recommencement of business operations.
While some organizations are back in their offices, many are still working from home or partially from offices. Hence, the demand for office furniture shall remain prevalent in the coming years, instigate manufacturers to expand their production capacities to meet the burgeoning end-user demand, and lead the Global Office Furniture Market to witness significant growth opportunities.
Global Office Furniture Market (2023-28): Segmentation Analysis
The Global office furniture study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:
Based on the Product:
Here, the Seating furniture is anticipated to prevail its dominance with the largest share in the Office Furniture Market during 2023-28. It owes principally to the increasing need of employees for greater comfort to ease their fatigue & lethargies and bring greater productivity throughout their working hours. It, in turn, is instigating organizations to invest substantially in the procurement of comfortable seating furniture like chairs, sofas, couches, etc., in offices and boost the global market through 2028. Besides, the escalating adoption of ergonomic chairs is also contributing to the market growth for seating furniture since they ensure that the body is in an upright position, which reduces stress on the spine, neck, & hips by supporting the natural spine curve.
Moreover, growing cases of obesity, especially across countries like the US, are also positively impacting the global market and instigating the leading manufacturers to offer seating furniture with taller backs & broader seats that support more than the standard weight.
Based on the Distribution Channel:
Here, E-commerce platforms are likely to observe the fastest growth in the Office Furniture Market during 2023-28. It attributes principally to the growing digital transformation of sellers, coupled with the increasing number of online shoppers worldwide, i.e., driving the sales of office furniture via e-commerce platforms.
Besides, benefits like an extensive product range, lower prices, easy payment options, and quick deliveries are also playing a crucial role in augmenting the demand for office furniture through e-commerce platforms & driving the global market through 2028.
Global Office Furniture Market Regional Projection:
Geographically, the Global Office Furniture Market expands across:
Here, Asia-Pacific is anticipated to demonstrate the fastest market growth during the forecast period. It owes to the rapidly expanding corporate sector, owing to massive investments by governments of different countries & their favorable policies, i.e., leading to the increasing establishment of several multinational companies & start-ups across the region and, in turn, propelling the demand for office furniture to offer comfort to employees & enhance their productivity.
Moreover, with the rapid development & construction of IT parks & commercial zones across Asia-Pacific, the need for office furniture is projected to further boost through 2028. In addition, the escalating requirement for informal office furniture for a healthy & collaborative environment & the social connection is another aspect playing a crucial role in driving the regional market.
Across Asia-Pacific, the Office Furniture Market expands across:
Of them all, China is among the leading office furniture markets in the region, principally due to the rapid economic development in the country with the establishment of prominent companies. It, in turn, is instigating local manufacturers to offer first-class products with high quality, durability, reliability, & cost-effectiveness.
Besides, since the country has an extensive trade business, the export of office furniture is no exception, i.e., demonstrating a robust supply across countries like the US, Germany, France, the UK, Japan, etc., thereby fueling the overall market growth.
Global Office Furniture Industry Recent Developments:
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Frequently Asked Questions
A. The Global Office Furniture Market is projected to grow at a CAGR of around 5% during 2023-28.
A. Growing demand for multifunctional office furniture with better space management, affordability, and aesthetic looks are the prominent factors driving the Global Office Furniture Market through 2027. On the other hand, fluctuating prices of raw materials due to growing environmental concerns might restrain the market growth during the forecast period.
A. The growing inclination of the furniture manufacturers toward digital platforms to expand their reach is an emerging trend in the Global Office Furniture Market.
A. Seating furniture is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Office Furniture Market over the forecast years.
