DUBLIN, Sept. 18, 2023 /PRNewswire/ — The “Office Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global office furniture market has shown significant growth, with a market size of US$ 60.8 Billion in 2022. Looking ahead, the market is poised for further expansion and is expected to reach a valuation of US$ 77.4 Billion by 2028, showcasing a steady Compound Annual Growth Rate (CAGR) of 4.11% during the period from 2022 to 2028.
Office furniture encompasses a wide range of ergonomic furnishings utilized in commercial and corporate settings to enhance aesthetics and cater to the needs of employees.
Crafted from durable materials such as wood, plastics, glass, iron, and marble, these pieces include desks, tables, chairs, sofas, storage cabinets, cubicle dividers, shelving, and filing cabinets, strategically placed in meeting rooms, individual workstations, cafeterias, and lounges.
These furnishings not only create a comfortable office environment but also contribute to heightened work efficiency and safeguard important documents and electronics from dust, theft, fire, and pests. Modern manufacturers are responding to evolving needs by offering multifunctional furniture in various sizes, colors, and designs, often with enhanced storage capabilities.
The surge in the global workforce, accompanied by the construction of information technology (IT) parks and commercial zones, is driving the demand for office furniture, as it plays a crucial role in establishing supportive workplaces. Renovation, remodeling, and office space modification activities are further fueling the market’s growth.
The proliferation of start-up enterprises, driven by increased employment needs, is reinforcing this trend. Additionally, public and private organizations are creating informal office spaces to encourage social interaction among colleagues and foster a collaborative atmosphere.
This evolving work culture has prompted office furniture manufacturers to introduce intricately designed products. Furthermore, there is a growing demand for sustainable furniture options with added features to optimize space utilization and enhance workforce engagement. Rising health concerns related to prolonged incorrect postures are driving the demand for smart furniture solutions that provide better support.
Increased investments in research and development (R&D) are spurring the development of portable and advanced furniture variants, further contributing to the market’s growth. As the office landscape continues to evolve, the office furniture market is well-positioned for continued expansion and innovation.
Key Questions Answered in This Report
- What was the size of the global office furniture market in 2022?
- What is the expected growth rate of the global office furniture market during 2023-2028?
- What are the key factors driving the global office furniture market?
- What has been the impact of COVID-19 on the global office furniture market?
- What is the breakup of the global office furniture market based on the product type?
- What is the breakup of the global office furniture market based on the material type?
- What is the breakup of the global office furniture market based on the distribution channel?
- What is the breakup of the global office furniture market based on the price range?
- What are the key regions in the global office furniture market?
- Who are the key players/companies in the global office furniture market?
The report has also analysed the competitive landscape of the market with some of the key players being
- Steelcase Inc.
- OKAMURA CORPORATION.
- HNI Corporation
- Herman Miller Inc.
- Haworth Inc.
- Knoll Inc.
- KOKUYO Co. Ltd
- Meridian Office Furniture Limited
- Kimball International
- 9to5 Seating
- BERCO DESIGNS
- Hooker Furniture Corporation.
Key Market Segmentation:
Breakup by Product Type:
Seating furniture currently represents the largest market segment as it is the most essential and basic furniture to set up an office.
- Storage Units and File Cabinets
- Overhead Bins
Breakup by Material Type:
Wood furniture holds the majority of the total market share as it is strong, resilient, durable, recyclable, and requires very less maintenance.
- Plastic and Fiber
Breakup by Distribution Channel:
Direct sales account for the largest market share as it offers lower pricing to the customers.
- Direct Sales
- Specialist Store
- Non-Specialist Stores
Breakup by Price Range:
Low-priced furniture dominates the market as it helps companies save money and invest in other items.
Breakup by Region:
The Asia Pacific holds the leading position in the market due to rapid urbanization and the expansion of start-ups and small and medium-sized enterprises (SMEs) in the region.
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
For more information about this report visit https://www.researchandmarkets.com/r/ke6pz4
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SOURCE Research and Markets