Office furniture includes furniture pieces designed for office use such as office chairs, office tables, storage areas and cabinets. There has been a rise in the number of startups, small businesses and freelance workforce globally which is fueling the demand for office furniture. Changing work culture and flexible work environments are leading companies to invest more in ergonomic and aesthetically appealing office furniture to attract young talent. Office furniture improves employee comfort, productivity and well-being while at work. The work from home culture during pandemic has also expanded the market as people setup home offices.
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.
Rapid urbanization leading to growth of commercial real estate is a key driver for the office furniture market. Developing economies are witnessing construction of new commercial buildings for corporate offices which will augment the demand.
Market key trends:
Ergonomic and eco-friendly products are gaining popularity among office buyers as employees are more focused on health, wellness and sustainability at workplace. Manufacturers are developing furniture made from recyclable or renewable materials like bamboo, recycled wood, recycled plastic and steel to attract these environment conscious customers. Adjustable desks that allow standing and sitting are in high demand to support active working styles. Furniture designed for mobility and flexibility are trending as offices are adapting open workstation models. Companies are offering modular furniture systems that can be rearranged as per changing office layout needs. Smart furniture integrated with IoT technology that track utilization and automate space allocation is an emerging trend.
Porter’s Analysis
Threat of new entrants: Limited due to large capital investments required for manufacturing and distribution infrastructure.
Bargaining power of buyers: Moderate as there are many suppliers. However, buyers can negotiate on pricing and quality.
Bargaining power of suppliers: Low-moderate as there are many product substitutes available.
Threat of new substitutes: Moderate threat from virtual offices and work-from-home adoption.
Competitive rivalry: High with many national and international brands competing on pricing, innovation and delivery.
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 related content comprises The Asia Pacific region dominates the global office furniture market owing to rapid urbanization and growth of corporate culture. Countries like China, Japan and India are major contributors to the regional market growth.
Key players related content comprises Key players operating in the office furniture market are China International Furniture Beijing Corp., HNI Corp., Kinnarps and Herman Miller.
The key players focus on expanding their product portfolio by incorporating innovative and environment-friendly materials. They also rely on mergers, acquisitions and partnerships for business expansion into newer markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it