Office Furniture Market is projected to reach USD 54.9 Billion by 2030

 

The office furniture market has been steadily expanding over the last few years. The demand for office furniture products has decreased as a result of COVID-19, along with a reduction in commercial building and corporate sentiment. Numerous businesses have stopped adding new offices and fired staff members. The market for new office furniture goods has declined as a result of these abrupt shifts. The market for office furniture shrank to a valuation of USD 48.1 billion in 2021. The worldwide office furniture market is anticipated to grow at a compound annual growth rate (CAGR) of 2.7% from 2022 to 2030, or USD 54.9 billion.

 

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The commercial real estate industry is one of the most well-known worldwide. The expansion of the business sector and the growing need for office space are two factors that are ideally suited to this industry's growth. There is a strong need for office space in industries including IT and ITeS, consultancy, retail, and e-commerce. This increasing absorption of office space is encouraging for the expansion of the worldwide office furniture industry. Aside from this, the need for new office supplies is being driven by the growth of multinational corporations in numerous other countries.

Global Office Furniture Market Regional Outlook

For North America, South America, Europe, Asia Pacific, and the Middle East and Africa, the research report offers market analysis and predictions. With a 43.8% market share in 2021, Asia Pacific is predicted to maintain its lead throughout the projection period. In the Asia Pacific region, nations like Singapore, Hong Kong, Australia, Japan, and Hong Kong have highly developed markets. Furthermore, it is predicted that the need for office furniture goods will be driven by the Philippines, Vietnam, Malaysia, India, and other growing nations in the region. Rapid urbanization in developing nations and an increase in commercial development activity are creating the conditions for the Asia Pacific office furniture industry to flourish in the near future.

Office Furniture Market Competitive Landscape

The report on the office furniture market provides a detailed overview of several major and niche manufacturers of office furniture, including their product portfolio, financial performance, SWOT analysis, controlled companies and subsidiaries, manufacturing plants and office locations, recent developments, and strategic moves (such as acquisitions, expansions, mergers and joint ventures, investments, etc.).

The office furniture market research features several prominent businesses, including Kimball International, Hooker Furniture, Steelcase, Herman Miller, Haworth, Knoll, HNI, Kokuyo, Okamura, and IKEA.

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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About Us: -  

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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