Office furniture is the type of furniture that does not require installation with parts and is standing free. Office furniture covers tables, file cabinets, chairs, lounge seating, and computer desks. Office furniture is used in the offices for indoor activities. Office furniture provides superior benefits at the premises, such as increased work efficiency, maintaining prestige; reducing fatigue; proper storage of files providing a better working environment; and protecting documents from fire, dust & insects.
- The global office furniture market is expected to grow at a CAGR of around 8.2% to reach approximately USD 98,216.1 Million by the end of 2027, per KD Market Insights’s report.
- Office furniture is a mature sector that accounts for around 10-12% of the global furniture market.
- Expanding working populace has resulted in an increased number of office establishments, thus driving the demand for office furniture. Around 3.32 billion people were employed in 2022 across the globe.
Office Furniture Market Insights
A significant increase in commercial zones and IT parks across geographies is bolstering the market growth. A growing number of startups is driving the need for more workplace space, especially in the developing economies of Asia-Pacific. Good furniture at the workplace provides comfortable seating space for the employees.
The shift in preference for modern and multi-functional furniture and fixture in commercial office spaces is estimated to propel the market growth at a significant rate. The rising demand for innovative and luxurious furnishing is another important factor contributing to the growth of the office furniture market.
The market players emphasize manufacturing modular furniture with advanced features such as integrated charging ports and ventilated conference pods. In addition, rising health concerns due to long sitting hours at offices have led to an increasing need for furniture with better movement and posture support features. Home-based office furniture is one of the trending factors in the global office furniture market. The rising use of recyclable materials in manufacturing office furniture is another prominent trend among the market players. in November 2021, according to a survey conducted by the Centre for Industrial Studies(CSIL) on office furniture manufacturers, totally recyclable products accounted for around 32% of office total furniture supply; partially recyclable products accounted for 45%; and non-recyclable products covered 23% of the total. The outbreak of covid-19 further boosted the demand for home-based office furniture.
Furthermore, the demand for flexible workspaces has increased with the continuous evolvement of jobs and technology. This is fueling the demand for office furniture with novel designs. Shared workstations and mobile elements are also gaining popularity in offices.
Office furniture includes computer tables, desks, chairs, and others. The chair held the largest share among all other types of furniture used in the offices. The adoption of chairs is increasing inexplicably across offices due to the workforce increase. It provides the employees a comfortable seating space and other benefits such as a revolving base, adjustable seat, and lumbar support. The need for computer desks will also increase substantially in the coming years.
The market players are emphasizing introducing innovative products in the market. For instance, in July 2022, Herman Miller introduced a high-performance, slim profile, and easy-to-adjust chair inspired by Eames branded as the Zeph Chair.
Office furniture production is mainly concentrated in the US, China, Japan, India, Italy, Germany, Canada, and Poland. These countries accounted for around 78% of the total output. The outbreak of covid-19 caused supply chain disruptions, resulting in a decline in office furniture production in 2020. However, the market showed signs of recovery in 2021 across the globe. The market in Asia-Pacific and Europe witnessed average market growth in 2021.
Geographically, Asia-Pacific accounted for the largest market share in 2021. Asia-Pacific is renowned as the manufacturing hub of office furniture. An increasing number of startups, expanding working populace, a rising number of commercial zones, and a rise in the online sale of furniture from e-commerce giants such as Amazon are the key factors driving the regional market growth. Additionally, significant demand for office furniture in developing countries such as India and China has increased the number of domestic manufacturers in the region.
The market in North America region is expected to register considerable growth in the coming years on account of the high demand for modular and innovative office furniture. Increased spending on renovating and remodeling commercial zones is another important factor supporting the regional market growth. According to the US furniture industry statistics, the market in America generated around USD 261.5 billion in revenue in the furniture industry in 2020.
Some key manufacturers operating in the global office furniture include Steelcase Inc., HNI Corporation, Herman Miller Inc., GM Seating, Knoll, Inc., and Haworth Inc., among others.
What is the global market size of the Office Furniture Market?
The global office furniture market is expected to grow at a CAGR of around 8.2% to reach approximately USD 98,216.1 Million by the end of 2027, per KD Market Insights’s report.