The global Office Furniture Market is estimated to be valued at US$ 87842.79 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Office furniture consists of chairs, office desks and tables, storage cabinets, office dividers and partitions, and filing cabinets that are used mainly in professional office settings. These furniture products help maintain the functionality, aesthetics and ergonomics of an office environment.
Market key trends:
One of the key trends in the office furniture market is growing popularity of sit-stand desks. Sit-stand desks allow users to easily adjust their work surfaces between sitting and standing positions. They promote movement and activity in office settings by allowing frequent changes in body position. Studies have found that use of sit-stand desks can significantly reduce health issues such as back pain, often associated with prolonged sitting. Hence, companies are providing more ergonomic furniture options such as adjustable height desks and chairs to their employees to improve work productivity and well-being. This trend is expected to gain further momentum in the coming years, thus driving the demand for office furniture.
SWOT Analysis
Strength: The Global Office Furniture Market Size offers a wide variety of products such as seating, storage units, desks, and tables. This variety allows customers to choose products as per their requirements.
Weakness: Changes in work trends such as work from home could reduce demand for office furniture. Further, economic downturns negatively impact organizations’ spending on office furniture.
Opportunity: Growth in the commercial real estate sector is driving the construction of new office spaces, thereby creating demand for office furniture. Also, innovation in material and technology used in furniture manufacturing provides opportunities.
Threats: Intense competition among existing players could lead to pricing pressures. Further, trade barriers and geopolitical tensions pose threats.
Key Takeaways
The global office furniture market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing trend of flexible workspaces. Companies are increasingly adopting hybrid and flexible working models and investing in workplace design, which is fueling demand for modern office furniture.
North America dominates the global office furniture market, accounting for around 35% share in 2023. This is attributed to growth in commercial real estate sector and strong presence of key players in the region. Asia Pacific is expected to be the fastest growing market, expanding at a CAGR of over 6% during the forecast period. Increasing foreign investments in commercial projects and growing workforce in countries such as China and India are driving the office furniture market in Asia Pacific.
Key players operating in the office furniture market are Knoll Inc., HNI Corporation, Herman Miller, Inc., Teknion Corporation, Kimball International Inc., Berco Designs, Kokuyo Co., Ltd., Haworth Inc., Okamura Corporation, and Steelcase Inc. Major players are focusing on new product launches, mergers, and acquisitions to enhance their product portfolio and market share. For instance, in July 2022, Knoll acquired Fully, a leading furniture brand focused on activity-based workspace solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it