The global office furniture market is estimated to garner a revenue of ~USD 80 billion by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 59 billion in the year 2023. 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.
Get more information on this report: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 office furniture 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.
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 |
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Growth Drivers
Constant Growth in the Number of Companies Across the Globe - For Instance, the presence of more than 300 million companies was noticed in 2021. A significant rise has been observed in the number of companies worldwide. A company requires a particular space to keep all the necessary equipment and records to keep in order for undisrupted functionality. Every workspaces facility needs furniture of good quality for the employees, customers, products, and others.
Increasing Number of Start-Ups - In the year 2018, more than 45000 startups were born solely in India while at least 2 start-ups are born per day in the same region.
Growing Sales of Chairs & Tables - It is observed that the sales of occasional table reached approximately USD 6 billion in 2020.
Spiking Establishments of Small and Medium Sized Enterprises - As of 2021, about 325 million small and medium sized enterprises (SMEs) were operating across the globe.
Booming IT Sector – For instance, Global IT expenditure is expected to reach nearly 4.7 trillion in 2023, a 5% increase from 2022 expenditure.
Higher Costs Associated with the Furniture – A good quality feature and more durability is always adding more expenses on the pocket. Moreover, currently numerous ergonomic features along with premium grade finishing and customizations are also available which is hiking the price of office furniture. This major factor is hindering the growth of the market over the projected forecast period.
Requirement for Higher Initial Investment
Disrupted Supply-Chain Due to Covid-19
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.
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.
Our in-depth analysis of the global office furniture market includes the following segments:
By Product |
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By Sales Channel |
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OKAMURA CORPORATION
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The rising number of commercial properties and an increasing number of start-ups are estimated to majorly boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
Ans: Higher costs associated with the furniture and the requirement for higher initial investment are estimated to challenge the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are Hooker Furniture Company, Steelcase Inc., Berco Designs, MillerKnoll, Inc., HNI Corporation, 9to5 Seating LLC, IKEA Systems B.V., Haworth Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, sales channels, and by region.
Ans: The rental stores segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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