Redding, California - May 13, 2024

Office Furniture Market to be Worth $110.7 Billion by 2031

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

Meticulous Research^®—a leading global market research company, published a research 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.’

According to this latest publication from Meticulous Research^®, the office furniture market is projected to reach $110.7 billion by 2031, at a CAGR of 6.9% from 2024–2031.The growth of the office furniture market is driven by corporate expansion, a growing number of startups, and the rising demand for convenient, comfortable, and furnished environments for employees. However, the growing work-from-home culture restrains the growth of this market. Furthermore, the increasing adoption of ergonomic chairs is expected to generate growth opportunities for the players operating in this market. However, the intense competition from local players is a major challenge impacting market growth.

The office furniture market is segmented by product (chairs [revolving chairs, boss chairs, and fixed chairs], desks & tables [executive desks, conference tables, coffee tables, reception desks, work desks, and standing desks], storage [cabinets and cupboards & bookshelves], lounge [sofas, armchairs, and poufs & ottoman], and other products), material (wooden furniture, metallic furniture. glass furniture, plastic & fiber furniture [polyester furniture and nylon furniture], and resin furniture [acrylic furniture and vinyl furniture]), distribution channel (online and offline), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on product, the office furniture market is segmented into chairs, desks & tables, storage, lounge, and other products. In 2024, the chairs segment is expected to account for the largest share of above 53.0% of the office furniture market. The segment's large market share is attributed to the growing need to reduce the risk of muscle strains, back pain, and neck pain; the adoption of high-quality office chairs to withstand frequent use over an extended period; and the increasing investment in quality office chairs to enhance the overall appearance of the workplace.

However, the lounge segment is expected to register the highest CAGR during the forecast period. This segment's growth is attributed to the increasing use of lounges to provide employees with a designated space to relax and for informal meetings, individual work tasks, and social gatherings.

Based on material, the office furniture market is segmented into wooden furniture, metallic furniture, glass furniture, plastic & fiber furniture, and resin furniture. In 2024, the plastic & fiber furniture segment is expected to account for the largest share of above 30.0% of the office furniture market. The segment's large market share is attributed to the fact that plastic & fiber furniture is more affordable than traditional materials like wood or metal; is lightweight and easy to move, allowing for effortless rearrangement and flexibility in office layouts; and the increasing need to use eco-friendly options of furniture made from recycled materials or sustainable sources.

However, the resin furniture segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to resin furniture being highly durable and resistant to wear and tear, making it well-suited for high-traffic areas in offices. There is also an increasing demand for a wide range of designs, colors, and styles to suit different office aesthetics and preferences. Resin furniture is also resistant to corrosion and rust, making it suitable for use in humid or coastal environments.

Based on distribution channel, the office furniture market is segmented into online and offline. In 2024, the offline segment is expected to account for the larger share of above 58.0% of the office furniture market. The segment's large market share is attributed to the offline stores helping customers to physically inspect and test the furniture before making a purchase; the offline stores providing personalized assistance from sales representatives; and the increasing adoption of offline purchases for discounts and special pricing for bulk purchases of office furniture.

However, the online segment is expected to register the highest CAGR during the forecast period. This segment's growth is attributed to the increasing growth of the e-commerce industry and the use of online purchasing of office furniture, allowing customers to browse and purchase from the comfort of their offices. The online sales platforms provide transparent pricing information, allowing customers to compare prices across different sellers.

Based on geography, the office furniture market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of above 45.0% of the office furniture market. Asia-Pacific’s significant market share can be attributed to the increasing number of the working population; the growing expansion of corporate offices in the region; the increasing number of office furniture manufacturers and exporters in the region; and the growing number of business zones and IT parks.

Also, this region is expected to register the highest CAGR of above 8.0% during the forecast period.

Key Players

The key players operating in the office furniture market are Haworth, Inc. (U.S.), Steelcase Inc. (U.S.), Okamura Corporation (Japan), MillerKnoll, Inc. (U.S.), KOKUYO Co., Inc. (Japan), Global Furniture Group (U.S.), Vitra International AG (Germany), Meridian Office Furniture Limited (U.K.), D3, Inc. d.b.a. 9to5 Seating (U.S.), Berco Designs (U.S.), Hooker Furnishings Corporation (U.S.), Kimball International, Inc. (U.S.), and HNI Corporation (U.S.).

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Key Questions Answered in the Report:

• Which are the high-growth market segments in terms of product, material, and distribution channel?
• What is the historical market size for the office furniture market?
• What are the market forecasts and estimates for 2024–2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the office furniture market?
• Who are the major players in the office furniture market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the office furniture market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the local emerging players in the office furniture market, and how do they compete with other players?

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