by Office furniture provides seating, storage and privacy solutions essential for modern workplaces. Ranging from desks and chairs to partitions and storage units, they enhance productivity and efficiency. With growing remote working and emphasis on work-life balance, the demand for home office setups have surged.
The global Office Furniture Market is estimated to be valued at US$ 87842.79 mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Increased Remote Working and Work-Life Balance Trends
The COVID-19 pandemic ushered in widespread remote working arrangements globally. As businesses realized productivity need not suffer from remote work and employees valued better work-life balance, hybrid and flexible working became common. Consequently, demand grew for affordable, versatile home office furniture allowing seamless transition between work and personal spaces. Manufacturers responded with innovatively designed, space-efficient furniture sets facilitating productivity outside traditional offices. This key trend is expected to persistently drive the office furniture market over the forecast period.
SWOT Analysis
Strength: Office furniture such as desks, chairs, benches are eco-friendly and sustainable options. They are durable and have longevity.
Weakness: Setting up of large office spaces require high initial investments. Frequent changing trends also alter customer preferences.
Opportunity: Growth of shared and coworking office spaces present an opportunity to tap new customer segments. Rapid urbanization in developing nations will fuel demand.
Threats: Intense competition from local and international players. Economic slowdowns can impact commercial real estate markets and dampen spending.
Key Takeaways
The Global Office Furniture Market Size is expected to witness high growth. The global Office Furniture Market is estimated to be valued at US$ 87842.79 mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
Regional analysis comprises growing Asia Pacific region comprising the fastest growing and dominating region. Rapid economic development, rising income levels, and expansion of corporate sector have boosted demand. Countries such as China, India, Indonesia, Philippines, and Vietnam are major revenue contributors.
Key players operating in the office furniture market are China Interiors, Steelcase Inc., HNI Corporation, Knoll, and KI. The industry is consolidated with top five players accounting for over 30% share. Manufacturers focus on launching innovative, ergonomic, and aesthetically appealing products made from sustainable materials. They also offer complementary interior design services to boost sales. Customers prefer purchasing from branded outlets to ensure quality, warranty, and after-sales service.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
