WILMINGTON, Del., Sept. 19, 2024 /PRNewswire/ -- The global office furniture market is experiencing growth primarily owing to the rise of flexible and hybrid work models, which increase demand for adaptable and ergonomic office solutions suitable for both home and office environments. In addition, the expansion of corporate offices and commercial spaces, especially in emerging economies, drives the need for modern, functional furniture. The market is also supported by growing awareness of workplace wellness, leading to increased investment in ergonomic and health-focused furniture designs.
Allied Market Research published a report, titled, "Office Furniture Market by Material (Wood, Plastic & Fiber, Glass, Metal and Others), Type (Tables, Overhead Bins, Seating, Storage Units & File Cabinets, Systems and Others), Distribution Channel (Direct Sales, Retailers, Un-organized contractors, Online and Others), and Industrial Vertical (Automotive, Educational Institution, Offices, Healthcare and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, The global office furniture market was valued at $60.0 billion in 2023, and is projected to reach $117.4 billion by 2033, growing at a CAGR of 7.1% from 2024 to 2033.
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Prime Determinants of Growth
The prime determinants of growth in the office furniture market include increase in corporate expansions and the need for modern office spaces, which drive the demand for new and upgraded furniture. The shift towards remote and hybrid work models has also increased the need for adaptable and ergonomic home office solutions, thus boosting market growth. Technological advancements, such as smart furniture with integrated tech features, cater to the evolving needs of modern workplaces, further fueling demand. In addition, a growing focus on sustainability and environmental responsibility encourages the adoption of eco-friendly materials and practices in furniture production. Economic factors, including rising disposable incomes and urbanization, also play a significant role in market expansion, as more businesses and individuals invest in quality office furniture. These factors, combined with increasing awareness of workplace wellness and productivity, highlight the sustained growth and innovation within the office furniture industry.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size in 2023 | $60.0 billion |
Market Size in 2033 | $117.4 billion |
CAGR | 7.1 % |
No. of Pages in Report | 150 |
Segments Covered | Material, Type, Distribution Channel, Industrial Vertical, and Region. |
Drivers | • Hybrid Workplaces and Collaborative Design • Sustainability and Biophilic Design |
Opportunities | • Integration of advanced materials for improved durability and functionality • Growing market for refurbished and rental office furniture |
Restraint | • Inflation's impact on the cost of office furniture • Volatility in Cost Incurred by Manufacturers |
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Segment Highlights:
By material the wood segment experiences high demand in the office furniture market owing to its durability, aesthetic appeal, and versatility. It is widely used for tables, desks, and storage units, offering a blend of traditional and modern styles that appeal to a broad range of consumers. The natural look and feel of wood, along with its sustainability when sourced responsibly, make it a preferred choice in both corporate and home office settings.
By type, the tables segment experiences high demand in the office furniture market because they are essential in virtually every workspace, serving as central elements for work, meetings, and collaboration. The increasing focus on ergonomic design has also boosted the demand for adjustable and multifunctional tables, catering to the needs of modern, flexible work environments.
By distribution channel, the online segment experiences high demand in the office furniture market owing to the convenience of browsing, comparing, and purchasing products from home or office. The rise of e-commerce platforms has made it easier for consumers to access a wide range of products, often with detailed reviews and competitive pricing, thus driving sales through this channel.
By industrial vertical, the offices segment experiences high demand in the office furniture market owing to continuous demand for workplace setups that enhance productivity and employee comfort. This demand is fueled by the growth of the corporate sector, hybrid work models, and the constant need for upgrading office spaces to meet modern standards of functionality and aesthetics.
Regional Outlook
The Asia-Pacific region holds the major market share in the office furniture market owing to several factors. Firstly, the region has a strong manufacturing base, particularly in countries like China and India, which are known for their large-scale production capabilities and cost-effective labor. This makes the region a global hub for furniture manufacturing, including office furniture. In addition, the rapid economic growth and urbanization in Asia-Pacific have led to an increase in commercial construction activities, increasing demand for office spaces and, consequently, office furniture. Moreover, the region has a growing middle class with rising disposable incomes, which supports increased spending on quality and aesthetically pleasing office furniture.
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Players
- Haworth Inc.
- Herman Miller Inc.
- Omega HNI Corp.
- Kimball International Inc.
- Inter IKEA Holding BV
- KOKUYO Co. Ltd.
- OKAMURA Corp.
- Hooker Furniture
- Knoll Inc.
- Steelcase Inc.
The report provides a detailed analysis of these key players in the global office furniture market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In September 2022, Steelcase Inc. announced the launch of its new ergonomic chair called Steelcase Karman, which is designed to respond to the body's movement and provide comfort naturally and is manufactured with new proprietary mesh textile and ultra-light flexible frame.
- In May 2022, Steelcase Inc. signed a definitive agreement to acquire Halcon. Halcon is a Minnesota-based designer and manufacturer of wood furniture for the workplace. The acquisition is to leverage the current Steelcase wood products portfolio.
- In April 2024, Herman Miller and Studio 7.5 introduce Zeph Side Chair to enliven and add comfort to shared workspaces.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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