The global office furniture market size was valued at USD 54.09 billion in 2023 and is projected to grow from USD 57.51 billion in 2024 to USD 99.57 billion by 2032, exhibiting a CAGR of 7.10% during the forecast period. Asia Pacific dominated the office furniture market with a market share of 40.62% in 2023.
This information is provided by Fortune Business Insights in its report titled, “Office Furniture Market, 2024-2032.”
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Market Segments:
Ergonomic and Modular Office Chairs Driving Market Growth
Based on product type, the market is segmented into office chairs, tables, storage furniture, and others. Among these, the office chair segment holds the largest market share, driven by the growing dependence on comfortable seating solutions.
Durability and Aesthetic Appeal of Wood Boost Market Demand
Wood remains a preferred material for furniture manufacturing due to its high durability, strength, and elegant design. These attributes make wooden office furniture a popular choice for enhancing office aesthetics.
Offline Sales Channels Support Market Expansion
By distribution channel, the market is divided into online and offline segments. The offline segment dominates, offering advantages such as the ability to verify product quality and suitability before purchase.
Geographically, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
List of Key Players Mentioned in the Report:
- Steelcase Inc. (U.S.)
- MillerKnoll, Inc. (U.S.)
- Nilkamal Ltd. (India)
- Kimball International Inc. (U.S.)
- Haworth Inc. (U.S.)
- HNI Corporation (U.S.)
- Krueger International, Inc. (U.S.)
- Humanscale (U.S.)
- Global Furniture Group (U.S.)
- Vitra International AG (Switzerland)
Report Coverage:
The report provides a comprehensive analysis of the market, highlighting current trends and future forecasts to guide investment decisions. It includes detailed insights into emerging opportunities, challenges, competitive dynamics, and driving factors. A thorough regional analysis is also presented, alongside an evaluation of COVID-19 impacts to help stakeholders identify potential risks. Additionally, the strategies of top players in the market are analyzed to provide insights into their contributions to market growth.
Drivers and Restraints:
Growth in ICT Industry Accelerates Market Expansion
The ICT sector significantly contributes to the global economy. As a critical industry, it requires advanced infrastructure for optimal performance and service delivery. With governments investing in infrastructure and attracting MNCs and startups, the ICT sector’s growth supports increased demand for office furniture.
Regional Insights:
North America Leads Due to Rising Workplace Establishments
North America dominates the office furniture market, with the U.S. holding the largest market share in the region, which also includes Canada and Mexico.
Rapid urbanization in Canada and a growing commercial real estate sector in Mexico are driving regional demand. Additionally, the establishment of new corporate offices by international companies and startups in Canada contributes to market growth.
Competitive Landscape:
Product Innovations and Strategic Acquisitions Fuel Growth
Leading players in the office furniture market implement various strategies to strengthen their market position. Key strategies include company acquisitions to enhance brand value and the periodic launch of innovative products based on market research and consumer preferences.
Recent Industry Development:
- February 2022: Godrej and Boyce, through its Godrej Interior division, introduced a new ergonomic office table, “Move Up,” designed for individuals working from home.
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