Office Furniture Market Is Anticipated To Reach A Valuation
Rockville, Jan. 31, 2023 (GLOBE NEWSWIRE) — The worldwide office furniture market is projected to grow at a CAGR of 7% from 2023 to 2033. The market is esteemed at US$ 50 billion out of 2023 and is in this way expected to arrive at a valuation of US$ 98 billion by 2033-end.
- Key office furniture players in the market are focusing on innovations and product developments to address customer requirements. Moreover, manufacturers are collaborating with other players to launch new products and stores to address consumers’ demands. For instance:
- In June 2022, Miller Knoll Inc had collaborated with Studio 7.5 to introduce its new office chair collection. The design was introduced to reduce the gap.
- In February 2022, Godrej and Boyce launched Move Up, an ergonomic office table through its business Godrej interior for individuals with a home office.
- Another example is Steelcase signed which had signed a definitive agreement to acquire Halcon. This acquisition will help boost the portfolio of Steelcase wood products.
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|Historical Data||2023 – 2032|
|Value Projection (2032)||US$ 98 Billion|
|Growth Rate (2022-2032)||7 % CAGR|
|No. of Pages||170 pages|
|No. of Tables||80 Tables|
|No. of Figures||72 Figures|
- Furniture offering features such as easy-to-install, multifunctional, and quick are witnessing high adoption in the office furniture market. This trend is driven by a high consumer preference for affordable furniture.
- Smart furniture is witnessing a surge in adoption as it offers consumers posture-changing applications. For instance, office desks are equipped with controllers and sensors, where the employee can control various parameters such as temperature.
- Major office furniture players are improving ergonomics as well as involving value-added and designs.
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The office furniture market is expected to witness moderate growth during the forecast period and is expected to reach a valuation of US $ 98 Billion by 2033. Market growth is driven by the following factors:
- Co-working spaces are the places where working professionals assemble together in neutral spaces on different projects. Co-working spaces have witnessed a massive trend in the last few years. This has also significantly improved the landscape of the office furniture market.
- Rapid growth in ICT has led to the growth of the office furniture market. The ICT market requires better infrastructure and it includes two important components, IT application and engineering. Governments have been making significant investments
- Also, rise in growth of MSMEs (Micro, Small, and Medium Enterprises) leads to better infrastructure.
Leading office furniture companies are focused on enhancing product standards with changing preferences of customers. Major office furniture producers are following safety regulations to maintain quality control of innovative office interior products.
Furthermore, RTA (Ready to Assemble) furniture is also gaining popularity among consumers for better usage and convenience. The need for eco-friendly furniture is driving top office furniture providers to use green materials that reduce waste disposal, pollution, and environmental impact.
In April 2021, PPG Industries Ohio Inc. (PPG), a company that makes metallic office furniture, introduced PPG ERGOLUXE powder coatings. The company provides a distinctive polyester-hybrid technology, and the layers added to the finishing give chairs, benches, workstations, and tables design and sustainability advantages.
Key Companies Profiled
- Haworth Inc.
- Herman Miller Inc.
- Global Furniture Group
- Okamura Corporation
- HNI Corporation
- Kimball International
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- By Product :
- Office Chairs
- Office Tables
- Storage Furniture
- Office System Furniture
- Reception Furniture
- By Sales Channel :
- Retail Stores
- Specialty Stores
- Online Stores
- Rental Stores
- By Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- North America holds a substantial share of the market and various factors such as commercial real estate, ICT spending, and the rising number of start-ups are expected to boost the adoption of office furniture in the region. Moreover, the rise in the number of coworking spaces in the region is expected to significantly impact the growth of the office furniture market. Besides this, rising commercial real estate and rapid urbanization in Canada are expected to offer lucrative opportunities during the forecast period.
- Asia Pacific is expected to witness an impressive CAGR due to a rise in urbanization rate and infrastructural development. Corporate business owners are investing significant money in infrastructure and improving the office environment.
- Moreover, the office furniture market in Japan is progressing at a rapid pace due to the expansion of business and IT spaces and a growing inclination towards modern furniture.
Key Questions Covered in the Office furniture market Report
• How will the demand for office furniture market surge during the forecast period?
• Which are the key trends propelling the sales of a office furniture market in the market?
• Which region will be the most lucrative in the office furniture market from 2023 to 2033?
• What is the projected market valuation of the office furniture market in 2033?
• What are the challenges office furniture market providers might face over the upcoming decade?
• Which will be the leading end users in the office furniture market?
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