The demand for ergonomic furniture that provides comfort along with flexibility is increasing in modern offices across industries. With the rise of startups and workforce focusing on well-being, manufacturers are innovating products made from recycled, sustainable materials with adjustable, customizable features.
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:
One of the major trends in the office furniture market is the growing demand for adjustable, sit-stand desks and mobile desks. Long working hours spent sitting is detrimental to health and productivity. Electric adjustable desks that allow alternate between sitting and standing positions are becoming popular among young employees. With increased adoption of hybrid working models, offices are outfitting shared workstations suitable for temporary, mobile use with movable storage cabinets and lightweight chairs on casters. Manufacturers are enhancing desk connectivity with integrated power, data and lighting solutions to support multiple devices. Sustainable and recycled materials are also gaining prominence to reduce environmental footprint of commercial interiors. Key players are launching ergonomic collections made of bio-based, reused components to meet corporate sustainability goals.
Porter’s Analysis
Threat of new entrants: Low threat as significant capital investment is required for manufacturing and economies of scale drive down production costs.
Bargaining power of buyers: Moderate bargaining power of buyers as office furniture has many substitutes.
Bargaining power of suppliers: Moderate bargaining power as raw materials are standardized and suppliers have switching costs.
Threat of new substitutes: Moderate threat from substitutes like movable partitions, soft surfaces etc.
Competitive rivalry: High competitive rivalry among industry players to gain market share through product innovation, branding and competitive pricing.
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 is the fastest growing market for office furniture. China, India and other developing economies are witnessing rapid urbanization and growth in commercial construction which is driving the demand for office furniture in the region.
Key players related content comprises Key players operating in the office furniture market are China International Furniture, HNI, IKEA, Kinnarps, Knoll, Okamura, Steelcase, Teknion and Haworth. China International Furniture holds the largest market share in Asia while Steelcase and Herman Miller dominate the North American markets. These leading players are focusing on expanding their product portfolios and strengthening their distribution networks globally.