Contract Furniture Market Size By Material (Upholstered Furniture [Plastic, Wood, Metal, Fabric, Foam, Leather], Non-Upholstered Furniture [Plastic, Wood, Metal]), By End-user (Government [Federal Government, State Government, Local Government], Corporate/Office, Educational, Healthcare, Hospitality), By Product Type (Chairs & Stools [Computer Chairs, Conference Chairs, Executive Chairs, Drafting Chairs & Stools, Folding Chairs, Wheel Chairs, Waiting Chairs, Stools, Armchairs, Ottoman Chairs], Tables & Desks [Conference Table, Executive Table, Foldable Desk, Writing/Benches Desk, Dining Table], Storage Cabinets, Sofa), By Distribution Channel (Online, Offline), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022-2030
The global contract furniture market is poised to depict substantial gains by 2030 as a result of growing urbanization across developing nations. Additionally, high government emphasis on enhancing infrastructural development, along with an upsurge in commercial spaces, is likely to boost market growth over the forecast period.
The COVID-19 pandemic positively impacted product use. Notably, due to the shift of working space for many working-class people, the penetration in home office settings increased massively. Furthermore, major players in the contract furniture industry have been focusing on broadening their product portfolio, implementing strategic collaborations, and undertaking geographical expansion to sustain their business foothold, enhancing market dynamics.
For instance, in June 2022, Herman Miller, Inc., an American office furniture company, together with its partner Studio 7.5, a furniture designing firm, unveiled the new Eames Shell-inspired office chair called the Zeph Chair. The companies introduced the new range of contemporary chairs as being highly suitable for both home and office working requirements. The chair range is a combination of comfortable, colorful, and customizable high-performance seating.
The global contract furniture market has been bifurcated in terms of material, end-user, distribution channel, and region.
Based on end-user, the industry has been divided into government (federal government, state government, local government), corporate/office, educational, healthcare, and hospitality. The educational segment is anticipated to progress at a CAGR of approximately 5.1% through the analysis timeframe due to soaring utilization of ergonomic contract furniture that prevents health problems and provides a comfortable learning environment to students in educational institutions.
With respect to material, the market has been categorized into upholstered (plastic, wood, metal, fabric, foam, leather) and non-upholstered (plastic, wood, metal). The global contract furniture market share from the non-upholstered furniture segment is primed to experience substantial growth at around 5.2% CAGR over 2022-2030. The segmental growth is attributed to a rise in construction activities to support infrastructural development in various countries.
From the distribution channel perspective, the global contract furniture industry has been segregated into offline and online. The online distribution segment accounted for around $10 billion in 2021 and is set to garner around $20 billion in revenue by 2030. The burgeoning online shopping trend has increased the use of e-commerce to purchase furniture, thereby fueling the online distribution channel segment progress in the coming years.
In the regional landscape, the Latin America contract furniture market is foreseen to generate significant revenue of around $4 billion by the end of the review timespan on account of rising commercialization in the sector. In addition, growing purchasing power of the population is primed to augment LATAM industry growth. Meanwhile, the Middle East & Africa contract furniture sector is expected to expand at more than 4.7% CAGR between 2022 and 2030 backed by the flourishing MEA construction sector.
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