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 2021, the office furniture market declined to the value
of USD 48.1 Billion. With a CAGR of 2.7% during 2022-2030, the global office
furniture market is projected to reach USD 54.9 Billion by 2030. 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 2021, office furniture accounted for around 13.4% of global
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.
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. 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 2021, 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.
Furniture Market Trends
Some of the major trends and developments in office
furniture industry are as follows
Major players are involved in launch of new design and
innovative office furniture. This is resulting in increased competition and is
driving key vendors to introduce new designed and high performance office
The office furniture industry is witnessing a lot of
acquisitions and merger activities to expand their product portfolio and
footprint across the world.
Furniture Market Segmentation
For the purpose of this study, the report is
categorized into three segments i.e. product type, retailing channel and price
Furniture Market: Product Type Segment Review
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 2021.
Further, seating and workstation segment is slated to account for major market
share during the forecast period.
Furniture Market: By Retailing Channel Segment Review
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.
Furniture Market: By Price Range Segment Review
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 2021 and is expected to expand
at significant CAGR during the forecast period.
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 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.
furniture research report includes:
Analysis of demand trends
Market size and five-year forecasts of market trend and
Detailed segmentation of global and regional market
Company profiles of major players
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Office Furniture market
By Product Type
By Price Range
Middle East & Africa