The global Office Furniture market reached a value of about USD 75.92 billion in 2021. The industry is projected to grow at a CAGR of around 5.3% in the forecast period of 2022-2027 to reach a value of about USD 103.51 billion by 2027.
The global Office Furniture industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is being driven by the rising number of households, offices, and commercial complexes. In the industry report, the critical demand indicator is the highest category spender by region—Asia Pacific.
Office furniture is a crucial component of office administration; it is mainly utilised for indoor activities. Any free-standing furnishing that does not require parts installation is considered office furniture. Chairs, tables, cabinets, cupboards, couches, racks, and other types of office furniture are the most common and widely used. The Office Furniture industry report comprises segments by region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).
With the growing business climate in emerging and impoverished countries worldwide, office furniture is becoming more critical. In nations like the United States, China, and India, remodelling and modification projects are on the rise, supporting the market's expansion. The region's expansion is expected to be aided by increased demand for office space and employment. In addition, the development of multinational corporations in the Asia Pacific area is likely to drive the growth of the office furniture market in the region. Furthermore, favourable bilateral trade relations and government policies in Asia and the Middle East, such as foreign direct investment and trade liberalisation, increased the number of multinational and global companies and technology and business parks, allowing the market to record more revenue transactions.
The industry is mainly being propelled by the rise in offices and commercial complexes. The fast creation of IT parks and commercial zones has increased the number of corporate offices worldwide, creating a need for contemporary office furniture. The global office furniture industry is being pushed by implementing many initiatives by governments throughout the world to encourage the formation of new businesses by enacting favourable regulations. Technical improvements in office furnishings are boosting the industry's growth. The idea of a home office and working from home is causing an increase in demand for office equipment. High spending on office interiors is one of the primary reasons to increase office furniture demand in the future years.
The global Office Furniture industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Office Furniture regions, such as engagement models, contract provisions, and purchaser and seller mediation controls, among others.
Office furniture is created with commercial and corporate needs in mind. Wood, steel, glass, and plastic are popular raw materials utilised to produce these items. Office furniture is a crucial component of office administration; it is mainly utilised for indoor activities. Cabinets, tables, chairs, couches, racks, cupboards, and other types of office furniture are the most common and widely used. In any office, one can find office furniture. Office furniture should be well-designed for the office to appear appealing and pleasant. Employees are more comfortable and motivated to work in a well-furnished workplace.
The market is set to witness further growth due to the adoption of casual workplace areas to improve colleague contact and foster collaboration through social interactions. As a result of this trend, producers in the market examined have begun to develop intelligently designed furniture. The increased demand for ecologically friendly and sustainable furniture is prompting producers to produce green goods that assist in reducing waste, pollution, and deforestation, boosting the worldwide office furniture industry. A variety of dynamic variables, such as increased office leasing operations throughout the world and favourable global GDP growth, are projected to drive the global office furniture industry forward. The growing trend of using modern and innovative design furniture in offices instead of traditional furniture increases the organisation's productivity. Manufacturers are now producing modern and new furniture designs that are healthier, more comfortable, and more technologically advanced. This factor is boosting the global furniture market's growth in all regions. Aside from that, due to technological advancements and an increase in the number of health issues caused by employees' sedentary lifestyles, there has been an increase in demand for smart workplace furniture that provides internet connectivity while also promoting better posture and movement support.
The regional markets for the industry can be divided into Europe, North America, the Asia Pacific, South America, and the Middle East and Africa.
Some of the biggest competitors now lead the industry in market share. On the other hand, mid-size and smaller businesses are expanding their market presence by gaining new contracts and entering new markets as a result of technology improvement and product innovation. To extend their product portfolio, key businesses are focused on new product releases. The efficiency of merchandising and marketing tactics is critical to the success of this sector. Smaller enterprises strive to create high-quality speciality furniture to market their items at a premium price. Because various expenditures are primarily constant, the revenue generated by certain businesses is based on volume.
1. Executive Summary
2. Global Office Furniture Market Snapshot
2.1. Office Furniture Market Outlook
2.2. Regional Overview
2.2.1. North America
2.2.3. Asia Pacific
2.2.4. Latin America
3. Impact of Recent Events
4. Office Furniture Value Chain Analysis
5. Office Furniture Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Office Furniture Cost Structure
9. Office Furniture Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Office Furniture Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Feedstock Market Analysis
13.1. Market Overview
13.2. Price Analysis
14. Industry Best Practices
14.1. Sourcing strategy
14.2. Procurement Model
14.3. Contract Structure
14.4. Negotiation Levers
14.5. Pricing Model
14.6. Key Factors Influencing the Quotation
15. Key Supplier Analysis
15.1. Herman Miller, Inc.
15.2. Steelcase Inc.
15.3. HNI Corporation
15.4. Knoll, Inc.
15.5. Haworth Inc.
15.6. Sedus Stoll AG
The global Office Furniture market size was valued at USD 75.92 billion in 2021.
As per the material, the wood segment is anticipated to lead the market between the period 2022– 2027.
The significant demand for office furniture in the corporate sector is one of the essential drivers of the Office Furniture market growth.
Herman Miller, Inc., Steelcase Inc., Bene GmbH, Knoll, Inc., Haworth Inc., Sedus Stoll AG, Kimball International, Inc., and KOKUYO Co., Ltd. are some of the primary companies in the industry.
The Asia Pacific region of the Office Furniture industry holds a significant share in the market.
The global Office Furniture market attained a value of USD 75.92 billion in 2021, driven by the rising demand for office furniture in the corporate sector. Due to rapid urbanisation and development in infrastructures, the market is witnessing further growth. Aided by manufacturers' product innovations that include comfortable, eco-friendly designs, the market is expected to see a further increase in the forecast period of 2022-2027, growing at a CAGR of 5.3%. The market is projected to reach USD 103.51 billion by 2027.
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