Authored By: Sarah
17 Oct 2024

Latest News: Office Furniture Market is expected to grow by a CAGR of 6.15% during 2024-2028; Trends and Forecasts to 2018

The Office Furniture Market is expected to grow at a CAGR of 6.15% to reach USD 28602.9 million by 2028. In today's business landscape, the escalating real estate prices and commercial office leasing costs have led to a shrinking office space trend. This situation has significantly increased the demand for multifunctional, smart office furniture worldwide. Consumers' rapidly evolving demands have influenced manufacturers to introduce innovative, customized, and standardized multifunctional products. These smart furniture solutions cater to both online and offline markets. The demand for such furniture is projected to surge substantially during the forecast period, driven by the proliferation of startups globally. Additionally, the preference for portable and compact smart furniture products is on the rise.

APAC dominates the regional market because of In the dynamic business landscape of Asia Pacific (APAC), the office furniture market is experiencing significant growth. Major contributors to this expansion include China, Japan, India, Australia, Singapore, Vietnam, and Indonesia, which are experiencing economic growth and increasing disposable income. Rapidly developing economies such as Vietnam, Indonesia, China, and India, along with the emergence of economic corridors and special economic zones (SEZs), are fueling the demand for modernized office furniture. The burgeoning IT, ITES, banking, financial services, and insurance (BFSI), and e-commerce sectors in countries like India are driving the adoption of office furniture products, particularly in the form of ergonomic office chairs.

There are various factors that drive the Office Furniture Market market which are as following: The global office furniture market has experienced significant growth due to the increasing establishment of multinational companies and technological parks worldwide. This trend has resulted in an increase in employment opportunities and the need for office spaces, subsequently boosting the demand for office furniture. Favorable government policies in the US have attracted foreign players into the market, while the expansion of the commercial leasing industry, including retail, office, and industrial buildings, has further fueled growth. Over the next five years, the global office furniture market is projected to continue its upward trajectory.

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Office Furniture Market Segmentation

  • Distribution Channel
    • Offline
    • Online
  • End-user
    • Commercial office furniture
    • Home office furniture
  • Product
    • Seating
    • Systems
    • Tables
    • Storage units and files
    • Overhead bins
  • Geography
    • APAC
    • North America
    • Europe
    • South America
    • Middle East and Africa

The market witnesses several challenges, which are as follows In the dynamic office furniture market, vendors encounter significant challenges with the unpredictable fluctuations in raw material prices. The costs of essential inputs like wood, steel, textiles, plastics, and cartons have seen substantial increases. Moreover, the prices of specific raw materials, including chipboard, timber, foam, polish chemical materials, color paints, and hardware, have risen significantly. The volatility in input and transportation costs, coupled with the shrinking production capacities of furniture manufacturers, has led to a noticeable increase in the cost of wood particleboard. Consequently, office furniture manufacturers have experienced narrowing profit margins due to the production cost increments exceeding their capacity to raise product prices in the market.

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Some of the key companies that have been profiled in the report include: 

  • 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.
  • Teknion Group

Market Research Overview 

The global office services and supplies market encompasses entities engaged in the provision of office services and the manufacturing of office supplies and equipment. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by companies specializing in commercial printing, environmental and facilities services, office services and supplies, security and alarm services, and diversified support services. Key growth drivers in this sector include the expanding trend towards omnichannel retailing, with companies like Staples Inc. (Staples) and Office Depot Inc. (Office Depot) implementing such strategies to enhance their distribution channels for office supplies. Additionally, advancements in sensor technologies and the creation of interactive environments are expected to significantly influence consumer behavior and market expansion. - The Office Furniture Market is experiencing significant growth, fueled by the Increase in number of office spaces worldwide. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Market Research Analysis

The Office Furniture Market encompasses a range of products including Tables and Chairs, Desks, Filing Cabinets, Lounge Furniture, Computer Desks, and more. New Technologies such as Sensors and Interactive Environments are transforming this market, catering to Consumer Behaviour. Hospitals, Schools, Gymnasiums, and Commercial Spaces, among others, utilize Office Furniture for Remote Working and Business Spaces. Furniture options include elegant designs in glass, plastic, PVC, and polypropylene. Office Furniture includes Office Tables, Chairs for Laptop and Desktop use, and more, suitable for Residences and Offices alike.


Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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