According to a recent report, the global office furniture market is expected to reach $110.7 billion by 2031, with a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031. This growth is fueled by corporate expansions, the rise of startups, and a growing demand for comfortable and aesthetically pleasing workspaces.
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Drivers of Market Growth:
1. Corporate and Startup Growth: The expansion of corporations and the emergence of startups significantly drive the demand for office furniture. These businesses require more furniture to accommodate larger teams and enhance their office environments.
2. Demand for Comfortable Work Environments: Recognizing the link between comfort and productivity, companies are investing in ergonomic furniture and well-designed workspaces. Ergonomic chairs and adjustable workstations are now essential components in modern offices.
3. Increase in Ergonomic Furniture: There is a growing trend toward ergonomic chairs designed to support proper posture and reduce strain. Innovations like Steelcase Inc.’s Steelcase Karman are at the forefront of ergonomic design, driving demand.
Market Segmentation:
1. Product Segmentation: The market includes chairs, desks & tables, storage, lounges, and other products. The chairs segment is expected to dominate, with over 53% of the market share in 2024, driven by the focus on ergonomic seating.
2. Material Segmentation: Office furniture is made from various materials, including wooden, metallic, glass, plastic & fiber, and resin. Plastic & fiber furniture is expected to lead, with over 30% market share in 2024, due to its cost-effectiveness and adaptability.
3. Distribution Channels: The market is segmented into online and offline channels. Offline stores are projected to hold a larger share, surpassing 58% in 2024, while the online segment is set for rapid growth due to the convenience of e-commerce.
4. Geographical Insights: Asia-Pacific is expected to lead the office furniture market in 2024, with over 45% market share. The region’s growth is fueled by a large workforce, increased corporate activities, and a rise in office furniture manufacturers.
Major Market Players: Key players in the office furniture market include Haworth, Inc., Steelcase Inc., Okamura Corporation, MillerKnoll, Inc., KOKUYO Co., Inc., Global Furniture Group, Vitra International AG, and others.
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