Office Furniture Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
Consumer Goods & Retail
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- Published on: May 2022
- Report ID: KDMI-43
- Available Format: PDF/Excel/DOC
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Request PDF SamplePositive GDP growth figures of developed and developing regions across the globe is believed to positively impact the growth of the market. Further, new employment opportunities in developing nations is believed to escalate the growth of the market. With increasing number of employed people across the globe, the demand for new offices is also increasing.
Launch of Innovative Office Furniture
Rapid introduction of innovative and advanced office furniture will intensify the growth of the market in the upcoming years. Key vendors are offering advanced & innovative designed furniture which are healthier and more comfortable. This factor is bolstering the growth of global furniture market across all regions. Consumers such as enterprises and others are preferring modern and modular office furniture’s to improve the productivity which bodes well for the growth of the market.
Barriers in Market
The cost of raw materials used in manufacturing of furniture remains highly volatile and fluctuating with time. This fluctuation in raw material prices may obstruct the growth of office furniture market in future. The cost of raw materials used in manufacturing of furniture remains highly volatile and fluctuating with time. This fluctuation in raw material prices may obstruct the growth of office furniture market in future.
Consumers with low spending budget are looking forward to adopting every possible cost-effective furnishing solution such as online rental and second-hand furniture. Further, this rising trend of furniture rental and adoption of old furniture are reducing the demand for new furniture. Further, decline in demand for new furniture is likely to hinder the growth of market over the forecast period.
Advanced office furniture such as tech-charging furniture and multi-touch tables are equipped with extreme high cost. Further, high cost of advanced office furniture is anticipated to limit the growth of market over the forecast period. Further, economic challenges such as high cost of transportation, raw material price fluctuation and recession are some of the key challenges which are obstructing the growth of global office furniture market over the forecast period.
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World office furniture market is expected to expand at a CAGR of 8.2% in the terms of value during the time i.e., 2022-2027. Increase in the employment rate and rising consumption of office spaces are few of the key factors impelling the growth of office furniture market. Moreover, increasing office construction spending across the globe is expected to behold the growth of the market. Further, launch of innovative and advanced office furniture are expected to intensify the demand for office furniture in near future.
The world office furniture is segmented by product into five: seating, storage unit and files, workstation, tables, and accessories. With a market share of 35.4%, global office seating market captured the major portion of the market. In the type of segment, office seating segment is expected to be the most attractive market in global office furniture market over the forecast period. Further, this segment is projected to open new avenues for the market players and to be the most lucrative market over the forecast period. Apart from this, when compared with other segments, accessories segment is anticipated to attain the highest CAGR over the upcoming years i.e., 2022-2027.
With respect to the distribution channel, the market is segmented into online stores and offline stores, out of which, online stores segment is predicted to witness fastest growth. According to BPS analysis, office furniture online retailing market is likely to witness an increase of +90 BPS during the forecast period. Further, the online market is anticipated to grow at a CAGR of 15.9% during the forecast period.
In terms of geography, the office furniture market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America office furniture market was held at USD 14,946.2 million in 2021 and is anticipated to reach USD 24,106.3 million by the end of 2027. North America office furniture market accounted for a market share of 27.3% in 2021 and further, is expected to stand at a market share of 25.3% by the end of 2027.
The key players profiled in the report include Herman Miller Inc., Inter IKEA Group, Okamura Corporation, HNI Corporation, Knoll, Inc., Steelcase Inc., Haworth Inc., Kokuyo Co Ltd., Kimball International Inc., and Hooker Furniture. These market players have adopted different business strategies, such as acquisition, product launch, merger, and partnership to stay competitive in the global market. For instance, Steelcase Inc. announced a new collaboration with Office bricks which offers an innovative sound insulating cabin system for professional use in offices. These cabins provide exceptional acoustic performance ensuring that employees have private and secluded spaces to get things done.
Market Segmentation:
By Product
- Seating
- - - Office Chairs
- - - Guest Chairs
- - - Stools
- - - Sofa
- - - Others
- Storage Unit and Files
- - - Bins & Shelves
- - - Cabinets
- - - Others
- Workstation
- - - Individual Workstation
- - - Collaborative Workstation
- - - Others
- Tables
- - - Conference Tables
- - - Dining Tables
- - - Occasional Tables
- Others
By Price Range
- Premium
- Medium
- Economy
By Distribution Channel
- Online Stores
- Offline Stores
Regional Markets
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- The Middle East & Africa (GCC, North Africa, South Africa and Rest of the Middle East & Africa
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