Dublin, May 16, 2023 (GLOBE NEWSWIRE) -- The "Contract Furniture Market Size, Share & Trends Analysis Report By Product Type (Chairs & Stools, Sofa & Couch), By End-user (Corporate Offices, Hospitality), By Region (APAC, North America), And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global contract furniture market size is expected to reach USD 209.47 billion by 2030, registering a CAGR of 5.1% during the forecast period.
Companies Mentioned
- Haworth Inc.
- Herman Miller Inc.
- Kinnarps Ab
- Steelcase Inc.
- HNI Corp.
- Knoll Inc.
- KI
- Global Furniture Group
- Kimball International Inc.
- Teknion Corp.
The growing capital investments in office, institutional, healthcare/medical facilities, and hospitality infrastructure is expected to generate the need for commercial furniture.
The growth of the hospitality and housing & commercial construction industry and the resultant demand for premium and luxury furniture is expected to accelerate the industry growth during the forecast period. Manufacturers focus on developing multifunctional office furniture that provides enhanced comfort during long working hours and facilitates space utilization.
Offices that intend to encourage effective employee collaboration to enhance productivity are boosting the demand for modern office furniture.
In recent years, office infrastructure has been witnessing a change in furniture layouts, which is driven by the demand for cost-effective and comfortable amenities. The pandemic badly affected the global economy and the contract furniture market. To break the chain and spread of coronavirus, lockdown orders were imposed by various countries across the globe.
Moreover, most companies have completely shifted to a work-from-home model, which left a huge surplus of used furniture and very low demand for new products in 2020. In terms of value, the corporate offices' end-user segment dominated the industry and accounted for the largest revenue share in 2022.
The information technology industry continues to be a strong and growing sector around the globe, which is driving the demand for office space expansion. The most important characteristic of technology is its extended impact on the global economy and the job market.
This, in turn, is expected to positively affect the corporate office furniture market. The online distribution channel segment is projected to grow at the fastest CAGR during the forecast period due to factors, such as improved internet connectivity and the advent of online shopping events, like Black Friday and Cyber Monday.
Moreover, consumers have started switching to e-commerce channels to shop for their furniture needs, which helps reduce their need to visit physical retail stores to compare their product features and prices. This may propel the industry growth during the forecast period.
Asia Pacific held the largest market share in 2022 owing to the growth of the real estate sector in developing countries, such as China and India. Moreover, development in the economy and improving work conditions are the major factors that will support product demand in the Asia Pacific region.
Contract Furniture Market Report Highlights
- The chairs & stools segment is expected to witness the fastest CAGR during the forecast period
- The increasing construction activities of new office, hotels, pubs, and cafes across the globe is propelling the demand for chairs & stools
- The corporate offices end-user segment led the industry in 2022 due to the expanding business environment, increased development activities of IT parks, rise in the number of start-ups, and corporate expansion activities
- Asia Pacific was the largest regional market in 2022 and is expected to register the fastest CAGR during the forecast period
- The market growth in the region is majorly attributed to the growing construction of offices and corporate buildings
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 86 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $146.1 Billion |
| Forecasted Market Value (USD) by 2030 | $209.47 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Contract Furniture Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
3.3.2. Profit Margin Analysis
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4.3. Industry Challenges
3.4.4. Industry Opportunities
3.5. Business Environment Analysis
3.6. Roadmap of Contract Furniture Market
3.7. Market Entry Strategies
3.8. Impact of COVID-19 on Contract Furniture Market
Chapter 4. Consumer Behavior Analysis
4.1. Demographic Analysis
4.2. Consumer Trends and Preferences
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Type Adoption
4.5. Observations & Recommendations
Chapter 5. Contract Furniture Market: Product Type Estimates & Trend Analysis
Chapter 6. Contract Furniture Market: End-user Estimates & Trend Analysis
Chapter 7. Contract Furniture Market: Distribution Channel Estimates & Trend Analysis
Chapter 8. Contract Furniture Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Analysis
9.1. Key global players, recent developments & their impact on the industry
9.2. Key Company/Competition Categorization (Key innovators, Market leaders, Emerging players)
9.3. Vendor Landscape
9.3.1. Key company market share analysis, 2022
Chapter 10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/if3t92
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
