Meticulous Research®, a leading global market research company, has released an extensive report titled, “office furniture market by Product (Chairs, Desks & Tables, Storage, Lounge), Material (Wooden Furniture, Plastic & Fiber Furniture, Resin Furniture), Distribution Channel (Online, Offline), and Geography—Global Forecast to 2031.” This report reveals that the office furniture market is projected to reach $110.7 billion by 2031, growing at a CAGR of 6.9% from 2024 to 2031.
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Factors Driving Market Growth
The growth of the office furniture market is fueled by several factors, including corporate expansion, a rise in startups, and an increasing demand for comfortable and well-furnished work environments. However, the shift toward remote work poses challenges to market expansion. Additionally, the growing adoption of ergonomic chairs presents new opportunities for companies in this space. Nevertheless, intense competition from local players remains a significant hurdle.
Market Segmentation by Product
The office furniture market is categorized into several products, including chairs (revolving, boss, and fixed chairs), desks & tables (executive desks, conference tables, coffee tables, and more), storage solutions (cabinets, cupboards, and bookshelves), lounge furniture (sofas, armchairs, and poufs), and other items. The chairs segment is anticipated to dominate the market in 2024, accounting for over 53% of the total share. This dominance is attributed to the increasing need to mitigate issues such as muscle strain and back pain, along with heightened investment in high-quality office chairs.
Emerging Trends in Lounge Furniture
While chairs lead the market, the lounge segment is expected to register the highest CAGR during the forecast period. This growth is linked to the rising trend of creating designated lounge areas in workplaces for relaxation, informal meetings, and social gatherings.
Material Segmentation Insights
The market is also segmented based on material, including wooden, metallic, glass, plastic & fiber, and resin furniture. The plastic & fiber furniture segment is expected to hold the largest share, exceeding 30% in 2024. This is largely due to its affordability, lightweight nature, and eco-friendly options. Conversely, the resin furniture segment is predicted to grow the fastest, thanks to its durability and resistance to wear, making it ideal for high-traffic office environments.
Distribution Channels and Their Impact
The office furniture market is divided into online and offline distribution channels. In 2024, the offline segment is projected to capture over 58% of the market, benefiting from customers’ ability to physically inspect furniture and receive personalized assistance. However, the online segment is expected to exhibit the highest CAGR, driven by the e-commerce boom and the convenience of online shopping.
Regional Analysis of Market Dynamics
Geographically, the office furniture market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is set to dominate with over 45% of the market share in 2024, driven by a growing workforce, corporate office expansions, and an increase in manufacturing and exporting activities within the region. This area is also anticipated to record the highest CAGR of over 8% during the forecast period.
Key Industry Players
Prominent players in the office furniture market include Haworth, Inc. (U.S.), Steelcase Inc. (U.S.), Okamura Corporation (Japan), MillerKnoll, Inc. (U.S.), KOKUYO Co., Inc. (Japan), Global Furniture Group (U.S.), and several others. These companies are pivotal in shaping the market landscape and driving innovations.
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