Office Furniture Market is anticipated to reach USD 54.9 billion by 2030

 

The market for office furniture has been expanding steadily over the past few years. Office furniture demand has decreased as a result of COVID-19, along with company confidence and new commercial construction. Many businesses have halted their growth into new workspaces and fired their staff members. The demand for new office furniture products has declined as a result of these abrupt shifts. The market for office furniture shrank to USD 48.1 billion in 2021. The global office furniture industry is anticipated to reach USD 54.9 billion by 2030, with a CAGR of 2.7% from 2022 to 2030.

Product demand is anticipated to rise over the coming years as a result of improving economic conditions and expansion in the industrial and services sectors across all regions. Office furniture made up roughly 13.4% of the global furniture market in 2021.

 

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One of the industries with the greatest global recognition is commercial real estate. Rising office space demand and the expansion of the commercial sector are excellent complements to the growth of this industry. High demand for office space is being seen in industries like IT and ITeS, consultancy, retail, and e-commerce, which is encouraging for the growth of the global office furniture industry. In addition, the growth of multinational corporations in numerous other countries is increasing the demand for new office supplies.

Global Office Furniture Market Regional Outlook

The research report provides market analysis and forecasts for North America, Latin America, Europe, Asia Pacific and Middle East & Africa. In 2021, Asia Pacific captured a market share of 43.8% and is expected to continue its dominance over the forecast period. Countries such as Japan, Hong Kong, Australia, Japan and Singapore have a high market maturity in Asia Pacific region. 

Global Office Furniture Market Trends

The following are some of the biggest trends and advancements in the office furniture sector:

The introduction of new designs and creative office furniture involves significant actors. Because of the consequent heightened rivalry, major vendors are introducing newly designed, high-performing office furniture.

The office furniture sector is seeing a lot of merger and acquisition activity to increase its product offerings and global presence.

 

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Office Furniture Market Competitive Landscape

The top ten office furniture manufacturers account for around one-third of global office furniture business. In developed nations such as U.S. and Japan, office furniture market is majorly captured by top players. However, in Asia Pacific, the market is more fragmented due to the presence of various domestic and regional players.

The office furniture market report profiles a number of significant and specialised office furniture manufacturers with their comprehensive company information, product portfolios, SWOT analyses, financial results, company business strategies, controlled companies and subsidiaries, manufacturing plants and office locations, recent developments, and strategic moves (such as acquisition, expansion, merger & joint venture, investment, etc.).

Some of the major companies included in office furniture market report are Steelcase, Herman Miller, Haworth, Knoll, HNI, Kokuyo, Okamura, IKEA, Kimball International, Hooker Furniture, among others.

Segmentation of Office Furniture market

By Product Type

·        Seating

·        Workstations

·        Tables

·        Storage Units

·        Accessories

By Retailing Channel

·        Offline Stores

·        Online Stores

By Price Range

·        High Priced

·        Medium Priced

·        Low Priced

Regional Analysis

·        North America

·        Latin America

·        Europe

·        Asia Pacific

·        Middle East & Africa

 

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

                                                                             

                                                                             

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