Office furniture includes products such as seating solutions (chairs, sofas, stools etc.), desks & tables, storage units, partitions and panels. With changing working styles and patterns, office furniture needs to support collaborative working, mobile workstyles and cater to employee wellness. Modern office furniture focuses on ergonomics, multi-functional designs, robust and durable materials.

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:
Increase in construction of commercial buildings including offices has been a major driver for the office furniture market over the past few years. Rapid urbanization and growth in white collar jobs have led to demand for new office spaces. With organizations focusing on employee well-being and productivity, modern office designs emphasize on providing adjustable, ergonomic and durable furniture solutions. Another driver has been growing demand for multi-functional and space-saving furniture owing to limited floor area in commercial buildings. Manufacturers are innovating with flexible furniture designs that cater to dynamic workspaces. However, availability of low quality counterfeit products in some regions remains a challenge.

SWOT Analysis
Strength: Office furniture such as desks, chairs, shelves are necessary for any office space. Demand for ergonomic and adjustable office furniture is increasing as they provide comfort. Manufacturers offer wide variety including wooden, steel and other materials to suit various design needs and budgets.

Weakness: Customized and high quality office furniture demand higher initial investment. Low cost furniture from local manufacturers also increases competition. Environmental certifications are not priority for all manufactures.

Opportunity: Growth of shared office spaces and coworking trend increases replacement demand. Remote working culture rise importance of home office setup. Manufacturers introducing eco-friendly and recycled materials expand market.

Threats: Economic slowdowns affect new commercial construction and renovation plans. Rising raw material costs can increase product prices. Online retailers intensify competition on pricing.

Key Takeaways
The Global Office Furniture Market Size is expected to witness high growth due to rising number of startups, shared office spaces and flexible work trends. 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 dominates the global office furniture market currently due to presence of manufacturing hubs in China and India. Countries like China, India and Vietnam are focusing on development of smart cities which will augment demand for commercial real estate and associated office infrastructure including furniture. North America is the second largest market for office furniture owing to established corporate culture. Majority of multinational companies have headquarters in United States driving replacement demand. Presence of key manufacturers such as Steelcase, Herman Miller and HNI Corporation strengthen supply chain in the region.

Key players operating in the office furniture market are China International Marine Containers (CIMC), Global Furniture Group, HNI Corporation, Herman Miller, IKEA, Kinnarps Holding, Knoll, Kokuyo, Steelcase and Tru Fit Contract Furniture. These companies offer wide portfolio for commercial and residential office spaces across different price points. They are focusing on modular furniture systems and sit-stand desks to target health conscious demographic.

 

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