June 12, 2024
Office Furniture Market

Office Furniture Market is Expected to be Flourished by Increasing Demand for Ergonomic Furniture Designs

Office furniture such as desks, chairs, storage cabinets, and other units provide furnishings to workplaces and enhance the productivity of staff working in organizations. Ergonomic designs of office furniture reduce fatigue and improve posture by providing comfort during long working hours. Height adjustable desks and chairs, lumbar supportive backs, adjustable armrests, and breathable meshes are some of the ergonomic features adopted in modern furniture. The increasing number of startups, growing shared working spaces, and expansion of corporate offices is also driving the demand for office furniture.

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 increasing demand for ergonomic furniture from growing coworking spaces and remote working trends are major growth drivers of the office furniture market. According to Global Coworking Spaces 2020 Report, emerging economies witnessed a 230% growth of coworking spaces from 2015 to 2020 as the concept gained popularity. Additionally, remote working became mainstream during the pandemic with various organizations adopting work from home practices, increasing the furnish office spaces at employee’s homes. However, ongoing labor strikes and raw material shortage are hampering the furniture manufacturing and expected to restrain market growth over the forecast period. Suppliers are focusing on expanding their product portfolios to cater to diverse requirements in different industry verticals.

Segment Analysis
The office furniture market can be segmented into four major categories: seating, storage units and files, workstation and tables. Seating is the dominating segment, accounting for over 35% of the market share. Different types of office chairs like managerial chairs, conference chairs, guest chairs and task chairs are included in this segment. Seating is dominating as comfort and ergonomics play a major role in employee productivity and health in office environments.

PEST Analysis
Political: Governments in different countries have different rules and regulations regarding office health and safety standards. This affects the types of office furniture used.
Economic: During economic slowdowns, companies cut costs by reducing office spaces and workfromhome trends impact furniture demand. However, during growth periods upgrades in infrastructure drive market growth.
Social: Changes in workforce demographics and preferences influence demand. Younger employees prefer more ergonomic and aesthetically appealing furniture. Increased focus on wellness drives demand for standing desks and other activitypromoting furniture.
Technological: Advancements in materials and manufacturing processes help produce stronger, lighter and more sustainable furniture. Digitization allows procurements and customizations online. Artificial intelligence enhances ergonomic features.

Key Takeaways
The Global Office Furniture Market Size is expected to witness high growth over the forecast period. 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.

Regional analysis: North America is expected to continue dominating during the forecast period due to increasing investments in commercial real estate. Asia Pacific is expected to witness the fastest growth due to rising income levels, rapid urbanization and growth in foreign investments in countries like China, India and Indonesia.

Key players: Key players operating in the office furniture market are China Internationa, IKEA, Steelcase, Knoll, Okamura, HNI, Fujitsu, Kimball International, Herman Miller and Haworth. Steelcase is a market leader in highend ergonomic office seating solutions. Herman Miller is a renowned brand offering innovative designs in seating as well as desks and storage solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it