Office furniture is gaining more importance nowadays with the continuous expansion in business environment in both developing and under-developed nations across the globe. The rise in number of makeover and modification projects in emerging economies such as Japan, China, and India is fueling the growth of the market.
Global office furniture market was valued at US$80671.7 Million in 2021 in terms of revenue, exhibiting a CAGR of 4.35% during the forecast period (2022 to 2030).
The emerging economies such as India is undergoing industrialization and economic development, which is leading to infrastructural transformation. For instance, according to the World Bank Group, per capita income in Asia Pacific was US$ 10,368 in 2020, which increased by 3.85% from 2019. Office buildings are being considered as real estate assets, as they provide income and growth opportunities. Moreover, growth of the private sector is leading to increasing office infrastructures for micro, small & medium enterprises (MSME). Moreover with focus on construction of new offices, enterprises are also focusing on alteration and renovation of existing offices. The refurbishment of offices require investments on new office furniture.
COVID-19 is affecting the global economy in three major ways - by directly affecting production and demand for all necessary commodities, by negatively impacting the supply chain, and by financially impacting the firms. The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown
regulations across several nations resulting in work from home scenario, thereby limiting the overall demand for office furniture item.
Figure 1. Global Office Furniture Market Value Share (%), By Region, 2021
The cost of raw materials such as wood, plastic, metals, and others used in manufacturing of furniture remains highly volatile. Moreover, advanced office furniture such as tech-charging furniture and multi-touch tables are of high cost. These factors are expected to hinder growth of global office furniture market over the forecast period.
Office Furniture Market Report Coverage
|Base Year:||2021||Market Size in 2021:||US$ 80671.7 Mn|
|Historical Data for:||2017-2020||Estimated Year:||2022|
|Forecast Period 2022 to 2030 CAGR:||4.35 %||Forecast Period:||2022-2030|
Knoll Inc., LLC., HNI Corporation, Herman Miller, Inc., Teknion Corporation, Kimball International Inc., Berco Designs, Kokuyo Co., Ltd., Haworth Inc., Okamura Corporation, and Steelcase Inc.
|Restraints & Challenges:||
Countries across the globe are witnessing high growth in the e-commerce industry. This growth in the e-commerce industry is also facilitating the growth of office furniture market. As office furniture manufacturers are getting acquainted with online channels, they are selling their products on a larger platform, thereby increasing their customer base geographically. E-commerce portals boost the sales of furniture manufacturers by providing larger exposure to manufacturers, who were confined to one geography.
To cater to the customer requirements, manufacturers are also focusing on developing new products. The leading market players are launching innovative furniture solutions such as Do It Yourself (DIY) office furniture, which is also beneficial in shifting of offices from one location to another. For instance, IKEA furniture offers dismantled form of furniture, which can be assembled according to the size and structure of the office
Figure 2. Global Office Furniture Market Value Share (%), By Product Type, 2021
On the basis of product type, in 2021, the seating segment accounted for 43.70% of the revenue share, followed by desks & tables and workstation.
Major players operating in the office furniture market include Knoll Inc., LLC., HNI Corporation, Herman Miller, Inc., Teknion Corporation, Kimball International Inc., Berco Designs, Kokuyo Co., Ltd., Haworth Inc., Okamura Corporation, and Steelcase Inc.
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