Office Furniture Market Size & Share, by Product (Office Chairs & Tables, Office System, Storage, Reception); Material Type (Glass, Wood, Metal, Plastic & Fiber); Sales Channel (Retail, E-Commerce, Rental Stores) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

Global Office Furniture Market Definition

Office furniture is a concept that refers to functional products that are utilized in commercial and corporate settings to enhance the overall aesthetic value of the space while also meeting the needs of the workers. It is made with long-lasting raw materials such as wood, polymers, glass, iron, and marble. Desks, tables, seats, sofas, storage cabinets, cubicle separators, and shelving and filing cabinets are forms of furniture that is used in conference rooms, individual workstations, cafeterias, and lounges.

Global Office Furniture Market: Key Insights

Global Office Furniture Market Size, Forecast, and Trend Highlights Over 2023 - 2035

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.

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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.

Global Office Furniture Market: Growth Drivers and Challenges

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.

Challenges

• 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.

Global Office Furniture Market Regional Synopsis

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.

Market Segmentation

Our in-depth analysis of the global office furniture market includes the following segments:

Top Featured Companies Dominating the Global Office Furniture Market

• OKAMURA CORPORATION

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Hooker Furniture Company
• Steelcase Inc.
• Berco Designs
• MillerKnoll, Inc.
• HNI Corporation
• 9to5 Seating LLC
• IKEA Systems B.V.
• Haworth Inc.
• Knoll, Inc.