office furniture market The Pearl Dream Inc

Office Furniture Market Accelerates at 17% CAGR to Hit US$ 98 Billion by 2033

Office Furniture Market

Online Stores Offering a Wide Range of Discounted Furniture Are Expected To Boost the Adoption of Office Furniture

ROCKVILLE, MARYLAND, UNITED STATES, October 13, 2023 / — In the United States, the demand for innovative office furniture is on the rise, driven by the trend toward more spacious and renovated office spaces that cater to consumers’ needs for functionality.

Globally, the office furniture market share is expected to experience a robust Compound Annual Growth Rate (CAGR) of 7% from 2023 to 2033. With a 2023 valuation of USD 50 billion, it is projected to reach a value of USD 98 billion by the end of 2033. Notably, the sales of office chairs are increasing as they offer comfort solutions to corporate offices. Leading office furniture manufacturers are providing high-density foam chairs with a wide range of fabric options to meet diverse consumer preferences.

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Key Trends:

Furniture offering features such as easy-to-install, multifunctional, and quick are witnessing high adoption in the office furniture market. This trend is driven by a high consumer preference for affordable furniture.

Smart furniture is witnessing a surge in adoption as it offers consumers posture-changing applications. For instance, office desks are equipped with controllers and sensors, where the employee can control various parameters such as temperature.

Major office furniture players are improving ergonomics as well as involving value-added and designs.

Market Drivers:

Co-Working Spaces: The surge in co-working spaces, where professionals collaborate in neutral environments on various projects, has become a significant trend in recent years. This trend has notably impacted and enhanced the office furniture market, as these spaces require well-designed furnishings.

ICT Growth: The rapid expansion of the Information and Communication Technology (ICT) sector has played a pivotal role in driving the demand for office furniture. The ICT industry relies on robust infrastructure, encompassing both IT applications and engineering. This, in turn, has prompted substantial government investments.

MSME Growth: The increasing growth of Micro, Small, and Medium Enterprises (MSMEs) has led to a demand for improved infrastructure. As these enterprises expand, there is a need for suitable office furniture, further bolstering the market.

Competitive Landscape:

Leading office furniture companies are focused on enhancing product standards with changing preferences of customers. Major office furniture producers are following safety regulations to maintain quality control of innovative office interior products.

Furthermore, RTA (Ready to Assemble) furniture is also gaining popularity among consumers for better usage and convenience. The need for eco-friendly furniture is driving top office furniture providers to use green materials that reduce waste disposal, pollution, and environmental impact.

For instance :

In April 2021, PPG Industries Ohio Inc. (PPG), a company that makes metallic office furniture, introduced PPG ERGOLUXE powder coatings. The company provides a distinctive polyester-hybrid technology, and the layers added to the finishing give chairs, benches, workstations, and tables design and sustainability advantages.

Key Companies Profiled:

-Haworth Inc.
-Herman Miller Inc.
-Global Furniture Group
-Okamura Corporation
-HNI Corporation
-Kimball International

Regional Overview:

North America: North America holds a substantial market share, driven by factors such as robust commercial real estate, increased Information and Communication Technology (ICT) spending, and a burgeoning number of startups. The region’s growing network of co-working spaces is poised to significantly influence the office furniture market. Furthermore, the rise in commercial real estate and rapid urbanization in Canada presents promising opportunities for the forecast period.

Asia Pacific: The Asia Pacific region is anticipated to experience impressive growth, marked by a notable Compound Annual Growth Rate (CAGR). This growth is attributed to the rising urbanization rate and ongoing infrastructural development. Corporate businesses are channeling significant investments into infrastructure improvements, enhancing the overall office environment. In Japan, the office furniture market is rapidly advancing due to the expansion of business and IT spaces, coupled with a growing preference for contemporary furniture solutions.

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Key Questions Covered in the Office furniture market Report

•  Which are the key trends propelling the sales of a office furniture market in the market?
•  Which region will be the most lucrative in the office furniture market from 2023 to 2033?
•  What is the projected market valuation of the office furniture market in 2033?
•  What are the challenges office furniture market providers might face over the upcoming decade?
•  Which will be the leading end users in the office furniture market?

Check out more related studies published by Fact.MR Research:

Furniture on Rent Market: Expanding at a high-value CAGR of 7%, the global furniture on rent market is predicted to increase from a valuation of US$ 6.1 billion in 2023 to US$ 12 billion by 2033-end.

Home Furniture Market: Home Furniture market reached a valuation of US$ 162.0 Billion, and is likely to register a Y-o-Y growth rate of 5.0% in 2022, closing at US$ 171.72 Billion. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 6.0% CAGR, reaching US$ 307.52 Billion

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