Office Furniture Market Poised for Growth as Home office Workspace Adoption Increases
Author : naufan cmi | Published On : 17 Jan 2024
The global office furniture market consists of a wide variety of functional and aesthetic products such as desks, chairs, tables, storage cabinets that are used to equip office spaces. Office furniture includes products designed for different purposes such as task seating which includes office chairs used by employees working on computers, visitor seating for guests, storage furniture including file cabinets, shelving, and other organizational hardware. The popularity of standing desks and adjustable desks that can be converted between sitting and standing positions has also increased in recent years owing to rising focus on wellness in the workplace.
The global office furniture market is estimated to be valued at US$ 87842.79 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increase in home office workspace adoption throughout the Covid-19 pandemic has been a key driver behind recent growth in the office furniture market. Government mandated lockdowns and the transition to remote and hybrid working models resulted in many employees setting up home offices for the first time. This created additional demand for basic yet functional office supplies like chairs, desks, file storage, and lighting solutions. Meanwhile, the shift towards standing desks and ergonomic seating with adjustable features has also gathered momentum as employees seek to optimize their work from home setups. Manufacturers have responded to these trends by expanding their portfolio of affordable yet high quality home office furniture. Along with ongoing pandemic recovery, further demand growth is expected as many companies make hybrid working a permanent policy.
SWOT Analysis
Strength: Office furniture serves to create ergonomic and productive workspaces for employees. High quality furniture can last for many years and withstand heavy usage. Furniture manufacturers are innovating new materials and designs to improve functionality and aesthetics.
Weakness: The market faces higher production and transportation costs due to raw material price volatility and supply chain disruptions. Budget restraints of small businesses limit their spending on expensive bespoke furniture solutions.
Opportunity: Rapid urbanization and growth of co-working spaces in developing economies is opening new markets. Demand for eco-friendly and sustainable furniture made from recycled or renewable materials is on the rise due to growing environmental consciousness.
Threats: Economic downturns and recessions can sharply reduce commercial real estate development and remodeling activity affecting furniture procurement. Rising labor and compliance costs pose threats of foreign competition offering cheaper alternatives.
Key Takeaways
The Global Office Furniture Market Size Is expected to witness high growth over the forecast period of 2023 to 2030. The global office furniture market is estimated to be valued at US$ 87842.79 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market owing to rapid infrastructure development and growing foreign investments in countries such as China, India and Vietnam. China, Japan and India are the largest office furniture producers in the region.
Key players operating in the office furniture market are China International Marine Containers (Group) Ltd., Global Furniture Group, Herman Miller Inc., HNI Corporation, Knoll Inc., Kokuyo Co Ltd., Meridian Office Group, Okamura Corporation, Steelcase Inc., and Teknion Corporation. These companies have large manufacturing footprints and offer versatile product portfolios including office seating, storage units, desks and tables catering to diverse business needs.
Check below trending articles on this topic:
https://www.dailyprbulletin.com/office-furniture-market-analysis/
Explore more trending article on this topic:
https://www.marketwebjournal.com/office-furniture-market-share/
