Pune India, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the Office Furniture Market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the Office Furniture Market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the material, product, sales channel, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Office Furniture Market are Haier Inc., Lixil, Cabico Inc, Boffi S.p.A., Golden Home Cabinets, Hanssem Co. Ltd., IKEA, Al Meera, Cabinetworks Group, Godrej Interio, Howdens Joinery Ltd., Interwood, Hacker Kuchen, Bulthaup, Black Red White among others. To achieve a substantial market share in the worldwide Office Furniture Market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A growing business environment in developing and underdeveloped nations around the world has increased the importance of office furniture. As a result, the market is growing in countries like the United States, China, and India due to an increase in renovation and modification projects. There has been a growing demand for sustainable furniture options that maximize workforce engagement and minimize occupying space. Additionally, the growing number of health-related diseases as a result of incorrect postures for a long time is driving the demand for smart furniture, which is creating more growth opportunities for the global office furniture market. As a consequence of the Coronavirus (Covid-19) pandemic, one of the primary factors driving the market growth is the widespread adoption of the work-from-home (WFH) paradigm. Many people continue to work from home as a result of the unexpected spread of the infection and the lockdown, which is resulting in a rise in demand for durable and comfortable office furniture. There are some factors which are hampering the market growth such as high cost and a rising gap between the availability and demand for the product’s raw material. With the rising costs of office space, enterprises and companies are acquiring modular office furniture. In addition, manufacturers are offering innovative multi-functional office furniture to keep up with the competition.
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Scope of Office Furniture Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Million |
| Segments Covered | Material, Product, Application, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Haier Inc., Lixil, Cabico Inc, Boffi S.p.A., Golden Home Cabinets, Hanssem Co. Ltd., IKEA, Al Meera, Cabinetworks Group, Godrej Interio, Howdens Joinery Ltd., Interwood, Hacker Kuchen, Bulthaup, Black Red White among others |
Segmentation Analysis
Plastics are expected to be the fastest-growing segment in 2022.
The material segment includes plastics, wood, metal and others. The plastics segment is expected to witness the highest growth rate during the forecast period. The majority of plastic furniture is lightweight, so it won't get damaged if dropped; however, wooden furniture can easily crack and be prone to damage and defects. Plastic chairs and tables, on the other hand, are not polished to avoid rusting or being affected by weather conditions, propelling the demand for plastic in offices.
Office chairs are expected to be the fastest-growing segment in 2022.
The product segment includes reception furniture, office chairs, storage furniture, office tables, and others. The office chairs segment is expected to witness the highest growth rate during the forecast period. According to the seating segment, revenue in 2021 will be the highest, as employees will spend over 8-10 hours at work per day. A person's optimal posture while working has a significant impact on his or her health, so office chairs need to be designed according to scientific principles to minimize illness and fatigue.
E-Commerce stores are expected to be the fastest-growing segment in 2022.
The application segment includes e-commerce stores, rental stores, discount stores, manufacturer stores, and others. The e-commerce stores segment is expected to witness the highest growth rate during the forecast period. The number of times customers need to visit physical retail stores to compare their desired products and prices has decreased as e-commerce channels have gradually become more popular for customers' business needs. Further, online furniture stores are becoming increasingly popular as a means to minimize inventory and rental costs.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the office furniture market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. One of the factors expected to drive the market's growth in the region will be the increase in start-ups and business expansions, along with the growing demand for office leasing and employment. Furthermore, the expansion of multinational companies in Asia-Pacific is expected to boost the market for office furniture.
Country Analysis
- Germany
Germany's office furniture market size was valued at USD 7.26 billion in 2022 and is expected to reach USD 11.9 billion by 2030, at a CAGR of 6.4% from 2023 to 2030.
Domestic businesses are becoming increasingly interested in office furniture as a result of the creation of new work environments. In addition to ergonomic equipment for home offices, the demand for other workplaces outside the company's location also continues to grow. Digitization is a key factor contributing to the continued strong demand for redesigned office workspaces, according to industry experts.
- China
China’s office furniture market size was valued at USD 9.25 billion in 2022 and is expected to reach USD 15.5 billion by 2030, at a CAGR of 6.7% from 2023 to 2030.
Among the largest producers and exporters of office furniture in the world, China is also achieving constant growth. Office furniture manufacturers in China are driven by the updating of manufacturing technologies, the manufacture of different varieties, and the use of specialized production methods and manufacturing processes.
- India
India's office furniture market size was valued at USD 7.12 billion in 2022 and is expected to reach USD 11.8 billion by 2030, at a CAGR of 6.6% from 2023 to 2030.
A quarter of the world's office furniture imports are from India, making it one of the largest importers. Nearly 20% of the country's furniture sales are accounted for by office furniture, with the growth of the sector attributed to the growth of domestic clerical firms, foreign firms, and technology parks.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand for office furniture in home settings as a result of rising work-from-home culture, propelling the growth of the market across the countries.
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