Office Furniture Market size is estimated to cross USD 80 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023-2035. In the year 2023, the industry size of office furniture was over USD 59 Billion. The growth of the market is primarily attributed to the rising number of commercial properties. For instance, in 2018, nearly 6 billion commercial buildings emerged having around 95 billion square feet of floor space. Moreover, the rapidly increasing development of information technology (IT) parks and commercial zones are some more factors which are boosting the market growth over the forecast period.
Office furniture improves employee productivity by making the workplace more comfortable. It also helps to keep documents and devices safe from dust, theft, fire, and bugs. Manufacturers now offer multi-functional furniture in a variety of sizes, colors, and designs with increased storage capacity. Global market trends such as, skyrocketing number of SMEs and increasing disposable income and GDP are projected to influence the growth of the market positively over the forecast period. Based on the figures provided by the World Bank, the GDP of the OECD countries hit USD 96.1 trillion in 2021 which was an increase from USD 86.41 trillion in 2018. Hence, such factors are projected to hike the growth of the market over the forecast period.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
6% |
|
Base Year Market Size (2023) |
USD 59 Billion |
|
Forecast Year Market Size (2035) |
USD 80 Billion |
|
Regional Scope |
|
Sales Channel (Retail, E-Commerce, Rental Stores)
The global office furniture market is segmented and analyzed for demand and supply by sales channels into retail, e-commerce, rental stores, and others, out of which, the rental stores segment is projected to witness noteworthy growth over the forecast period. The growth of the segment is accounted to the rising consumer pool in the rental stores as these rental stores provide a wide range of furniture in a pocket friendly amount which is payable on every month or on a quarter time frame basis. For instance, the U.S. furniture & homeware e-commerce generated nearly USD 100 billion in 2021.
Our in-depth analysis of the global market includes the following segments:
|
By Product |
|
|
By Sales Channel |
|
North America Market Forecast
The North America office furniture market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033 backed by the spiking furniture retail sales in the region. As of 2021, the sales of furniture in the United States were estimated to be around USD 12 billion per month up from the previous year. Furthermore, people being more inclined to buy furniture from online methods is also projected to hike the market growth in the region over the forecast period. The revenue generated by furniture e-retail was estimated to be around USD 100 billion in 2021 and is further expected to reach USD 200 billion by the year 2025.
MillerKnoll, Inc.’s part, Herman Miller launches a new office chair that is inspired by new eames. These office chairs are colorful and customizable and a perfect fit for any sort of space.
IKEA Systems B.V. to announce the repair service action for its customers who own SUNDVIK changing table/chest. This action is executed to provide safety from the folding part by installing locking fittings.
Author Credits: Anil Kumar, Ipsheeta Dash
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?