Office Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Office Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global office furniture market size reached US$ 60.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 77.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.05% during 2023-2028.

Office furniture refers to ergonomic objects used in commercial and corporate places to improve the overall aesthetic appearance of the place and meet the requirements of the employees. It is manufactured using durable raw materials, including wood, plastics, glass, iron, and marble. It includes desks, tables, chairs, sofas, storage cabinets, cubicle dividers, and shelving and filing cabinets installed in meeting rooms, individual workstations, cafeterias, and lounges. It makes the office environment comfortable and helps increase the work efficiency of employees. It also aids in protecting documents and electronics from dust, theft, fire, and pests. Nowadays, manufacturers are offering multi-functional furniture in various sizes, colors, and designs with enhanced storage capacities.

Office Furniture Market Trends:
The growing global working population and consequently rising construction of information technology (IT) parks and commercial zones are increasing the need for office furniture to create a supportive workplace. The increasing activities of renovation, remodeling, and modification of office spaces are also catalyzing the demand for office furniture. In addition, the expansion of start-ups due to the increasing requirement for employment is strengthening the market growth. In line with this, various public and private organizations are focusing on creating informal office spaces to promote colleague social interaction and provide a collaborative environment. This emerging work culture is propelling office furniture manufacturers to introduce intricately designed furniture products. Apart from this, the rising demand for sustainable furniture variants with additional features to minimize occupying space and uplift workforce engagement. Additionally, rising cases of health diseases due to incorrect postures for a long time are catalyzing the demand for smart furniture that facilitates better support. Moreover, increasing investment in research and development (R&D) is encouraging manufacturers to develop portable and advanced furniture variants, which is expected to drive the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global office furniture market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type, material type, distribution channel, and price range.

Breakup by Product Type:

Seating
Systems
Tables
Storage Units and File Cabinets
Overhead Bins
Others
Seating furniture currently represents the largest market segment as it is the most essential and basic furniture to set up an office.

Breakup by Material Type:

Wood
Metal
Plastic and Fiber
Glass
Others
Wood furniture holds the majority of the total market share as it is strong, resilient, durable, recyclable, and requires very less maintenance.

Breakup by Distribution Channel:

Direct Sales
Specialist Store
Non-Specialist Stores
Online
Others
Direct sales account for the largest market share as it offers lower pricing to the customers.

Breakup by Price Range:

Low
Medium
High
Low-priced furniture dominates the market as it helps companies save money and invest in other items.

Breakup by Region:

Asia Pacific
North America
Europe
Middle East and Africa
Latin America
The Asia Pacific holds the leading position in the market due to rapid urbanization and the expansion of start-ups and small and medium-sized enterprises (SMEs) in the region.

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Steelcase Inc., OKAMURA CORPORATION., HNI Corporation, Herman Miller Inc., Haworth Inc., Knoll Inc., KOKUYO Co. Ltd, Meridian Office Furniture Limited, Kimball International, 9to5 Seating, BERCO DESIGNS, Hooker Furniture Corporation., etc.

Key Questions Answered in This Report

1. What was the size of the global office furniture market in 2022?
2. What is the expected growth rate of the global office furniture market during 2023-2028?
3. What are the key factors driving the global office furniture market?
4. What has been the impact of COVID-19 on the global office furniture market?
5. What is the breakup of the global office furniture market based on the product type?
6. What is the breakup of the global office furniture market based on the material type?
7. What is the breakup of the global office furniture market based on the distribution channel?
8. What is the breakup of the global office furniture market based on the price range?
9. What are the key regions in the global office furniture market?
10. Who are the key players/companies in the global office furniture market?