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  • Published On : Nov 2022
  • Code : CMI4501
  • Industry : Consumer Goods
  • Pages : 110
  • Formats :

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).

Drivers

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

Office Furniture  | Coherent Market Insights

Market Restraints

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.

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Office Furniture Market Report Coverage

Report Coverage Details
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
Geographies covered:
  • Region: North America, Latin America, Europe, Asia Pacific, Middle East & Africa
Segments covered:
  • By Material Type: Metal, Wood, Plastic, Others
  • By Product Type: Storage Units, Seating, Desks & Tables, Workstation, Accessories
  • By Price Range: Premium, Economic, Medium
  • By End User: Corporate Offices, Government Offices, Others
  • By Distribution Channel: Online, Offline
Companies covered:

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.

Growth Drivers:
  • Increasing adoption of ergonomic chairs
  • Infrastructural transformation and developments in the private sector
Restraints & Challenges:
  • Intense competition from local players and fluctuating raw material prices

Market Trends

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

Office Furniture  | Coherent Market Insights

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.

Recent Developments                  

  • In February 2020, Wayfair Professional, a designer of office furniture and décor launches a commercial collection of office furniture to meet various seating needs for both commercial and residential sectors.
  • In April 2021, PPG Industries Ohio Inc, (PPG) announced the introduction of PPG ERGOLUXE powder coatings for metal office furniture. Offering a unique polyester-hybrid technology, the new coatings provide styling and sustainability benefits over traditional liquid or solvent-based coatings for seating solutions, desks, and cabinets.
  • In February 2022, Teknion Corporation launches Libelle, a collection of innovative and luxurious lounge chair options. Libelle has collection of seating options, including a pouf, a low-back lounge chair, and a lounge chair with high-back privacy.

Competitive Section

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.

Increasing employment rate and rise in demand of office spaces are some of the key factors impelling the growth of the market. Companies and corporates are making significant investments in office space interior designing in order to promote work-friendly and productive environment. Corresponding to the same, smart furniture is also being increasingly used in office spaces to improve the well-being of the employees.

Market Dynamics

The office furniture manufacturers are focusing on developing eco-friendly furniture products by procuring the wood from plantations that have a long-term conservation policy and who grow sustainable plants. Moreover, factors such as increased corporate enterprise and office spaces across the globe also supports the market growth. The rising use of recyclable materials in manufacturing office furniture is another prominent trend among the market players. In November 2021, according to a survey conducted by the Centre for Industrial Studies (CSIL) on office furniture manufacturers, totally recyclable products accounted for around 32% of office total furniture supply; partially recyclable products accounted for 45%; and non-recyclable products covered 23% of the total. 

In order to keep up with demand for office furniture by employees (adopting work from home), vendors are adopting online retail strategies for reducing warehousing and transportation cost, thereby increasing their profit margins. The retailers are also adopting online furniture stores, which has helped them in reducing the cost of rental space and enhance the efficiency of inventory management. Amazon, Wayfair, and Ikea are some of the leading online retailers for office furniture.

Key features of the study:

  • This report provides an in-depth analysis of global office furniture market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year.
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global office furniture market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study 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.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future products launches, technology up gradation, market expansion, and marketing tactics
  • The global office furniture market report caters to various stakeholders in this industry including investors, suppliers, office furniture manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global office furniture market

Detailed Segmentation:

  • Global Office Furniture Market, By Material Type:
    • Metal
    • Wood
    • Plastic
    • Others
  • Global Office Furniture Market, By Function Type:
    • Storage Units
    • Seating
    • Desks & Tables
    • Workstation
    • Accessories
  • Global Office Furniture Market, By Price Range:
    • Premium
    • Medium
    • Economy
  • Global Office Furniture Market, By End User:
    • Corporate Offices
    • Government Offices
    • Others
  • Global Office Furniture Market, By Distribution Channel:
    • Online
    • Offline   
  •  Global Vaccine Storage and Packaging Market, By Region:
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Italy
      • France
      • Germany
      • Spain
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • ASEAN
      • Australia
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • Middle East
      • Africa
  • Company Profiles
    • Knoll *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • HNI Corporation
    • Herman Miller, Inc.
    • Teknion Corporation
    • Kimball International Inc.
    • Berco Designs
    • Kokuyo Co., Ltd.
    • Haworth Inc.
    • Okamura Corporation
    • Steelcase Inc.

 “*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

Global office furniture market was valued at around US$ 80671.7 Million in 2021.
Increasing adoption of ergonomic chairs is expected to drive the market during the forecast period.
Leading market players are launching innovative furniture solutions, which is expected to offer lucrative opportunities for players in the near future.                  
Intense competition from local players and fluctuating raw material prices acts a restraining factor for the market.
Major players operating in the 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.
The market is estimated to grow at around 4.35% CAGR in the forecast period (2022-2030).

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