by The global Office Furniture Market is estimated to be valued at US$ 87842.79 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 items and accessories used to equip a workspace in an office. This includes seating solutions(desk chairs), seating arrangements(sofas, tables), storage units(filing cabinets, bookshelves), desk solutions(desks, computer stands) and other miscellaneous items like wastebaskets, whiteboards etc. Office furniture enhances productivity, comfort and provides uncluttered organization of office workstations. It promotes employee wellbeing and satisfaction by catering to ergonomic needs of individuals through adjustable seating and standing desk options. Proper office furniture layouts maximize available floor space and minimizes movement within office areas.
Market key trends:
One of the key trends driving growth in the office furniture market is rapid urbanization and increasing global workforce. Rise in population, urban migration and growth of industries is augmenting demand for office spaces worldwide. According to United Nations statistics, 68% of the world population is projected to live in urban areas by 2050. This widespread urbanization is necessitating development of commercial infrastructures like corporate offices, coworking spaces, business incubators and offices for small and medium enterprises worldwide. Growth in number of workspaces will correspondingly boost demand for office furniture in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as office furniture industry requires high initial investment and established distribution channels. However, low brand loyalty increases the threat.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of plenty of substitutes. However, established office furniture brands enjoy loyalty.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required in production process are standardized globally. However, innovative suppliers gain leverage.
Threat of new substitutes: The threat of new substitutes is moderate as innovations in fabrics and ergonomic designs improve functionality of other office furniture.
Competitive rivalry: The competition in the industry is high between established brands and regional players due to standardized products and availability of substitutes.
Key Takeaways
The Global Office Furniture Market Size is expected to reach US$ 142238.51 million by 2030, exhibiting a CAGR of 4.3% over the forecast period. Increasing demand for ergonomic and adjustable furniture solutions from corporate organizations is driving the market.
The North American region dominated the global market in 2023 and is projected to maintain its leading position throughout the forecast period. Rise in number of start-ups and expansion of corporate culture has augmented the demand. The Asia Pacific region is expected to witness the fastest growth during the analysis period on account of rapid urbanization and economic development in various countries.
Key players operating in the office furniture market are 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. Major companies are implementing various organic and inorganic strategies such as mergers & acquisitions, new product launches and partnerships to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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