Office furniture market has witnessed continuous growth since past few years. Due to COVID-19, demand for office furniture products have declined as business sentiment and commercial construction have declined. Many companies have pulled up their expansion in new workspaces and laid off their employees. These sudden changes has decreased the demand for new office furniture products. In 2020, the office furniture market declined to the value of USD 48.1 Billion. With a CAGR of 2.7% during 2021-2025, the global office furniture market is projected to reach USD 54.9 Billion by 2026. Demand for products is projected to increase over the next years due to improvement in economic conditions and growth in industrial & services sector across all regions. In 2020, office furniture accounted for around 13.4% of global furniture market.
Commercial real estate sector is one of most globally recognized sector. The growth of this sector is well complemented by rising demand for office spaces coupled with growth of commercial sector. Sectors such as IT and ITeS, consulting, retail and e-commerce are witnessing high demand for office spaces and this growing office space absorption bodes well for the growth of global office furniture market. Apart from this, expansion of multi-national companies in various other nations is giving rise to the demand for new office products.
Various government initiatives to build and nature startups is empowering the economic growth and employment in nations. Further, surge in number of startups is creating an expanding opportunity for the growth of the global office furniture market.
Developed market such as U.S., Germany, U.K., Switzerland, Japan and Italy are also offering significant growth opportunities. Rising office interior improvement activities such as refurbishment is expected to continue to drive gains for the office furniture industry in developed nations. Moreover, the market is witnessing increased demand for customized aesthetics office furniture and fresh office design themes in various developed countries such as. This is leading to the development of aesthetic & innovative office furniture products.
The research report provides market analysis and forecasts for North America, Latin America, Europe, Asia Pacific and Middle East & Africa. In 2020, 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. Further, it is anticipated that India, Malaysia, Vietnam, Philippines and other developing countries in the region will drive the demand for office furniture products. Developing countries are witnessing rapid urbanization and rising commercial construction activities are paving the way for the growth of Asia Pacific office furniture market in near future.
Europe office furniture market is projected to grow at a significant pace during the forecast period. In 2020, Eastern and Western European countries such as Germany, Poland, France, Spain and United Kingdom captured largest percentage of market share in Europe office furniture market. Rising adoption of ergonomic office furniture coupled with increasing office refurbishment activities is driving gains in Europe office furniture market.
The report also identifies country market outlook for office furniture, covering country wise market size, growth rate, market share, current trends and opportunities.
Some of the major trends and developments in office furniture industry are as follows:
For the purpose of this study, the report is categorized into three segments i.e. product type, retailing channel and price range.
The global office furniture market is segmented into product type by seating, workstation, tables, storage units and accessories. Seating and workstation segment acquired major portion of market share in 2020. Further, seating and workstation segment is slated to account for major market share during the forecast period.
Retailing channel segment is categorized into offline stores and online stores. Online office furniture retailing segment is anticipated to proliferate over the forecast period owing to rapid growth of e-commerce across the globe. In addition, rapid growth in home offices coupled with growing inclination of people towards online sales channel is supplement to drive the growth of office furniture online retailing.
The report is further segmented by price range into high priced, medium priced and low priced, out of which, medium priced office furniture market accounted for largest market in 2020 and is expected to expand at significant CAGR during the forecast period.
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 various major and niche office furniture manufactures with their detailed company information, product portfolio, SWOT analysis, financial performance, company business strategy, controlled companies and subsidiaries, manufacturing plants and office locations, recent developments and strategic moves (i.e. 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.
By Product Type
By Retailing Channel
By Price Range
Middle East & Africa
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