Office Furniture Industry Size, Share of Key Players, SWOT Analysis, and Report

Global Office Furniture Market:

The global office furniture market size reached US$ 63.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 87.4 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032. The increasing number of public and private corporate offices, the rising demand for comfortable furniture to prevent posture problems, and the growing popularity of coworking spaces are some of the major factors propelling the market.

Office Furniture Market Analysis:

• Major Market Drivers: The rising shift in consumer preferences towards stylish, functional, and customizable furniture drives innovation and product development in the market. Additionally, the growing inclination toward sustainable and eco-friendly furniture is also gaining traction. Besides this, the rising e-commerce platforms, which provide consumers with greater access to a wide range of furniture options, convenience in purchasing, and home delivery services, are also boosting market growth. 
• Key Market Trends: The rising trends in interior design and home décor influence furniture choices, with consumers seeking furniture that complements contemporary design aesthetics and fits their lifestyle preferences. Additionally, the expanding aging population in many countries drives demand for specialized furniture designed for elderly individuals, such as ergonomic and mobility-assistive furniture, contributing to market growth.
• Competitive Landscape: Some of the major market players in the office furniture industry includes Steelcase Inc., OKAMURA CORPORATION, HNI Corporation, Herman Miller Inc., Haworth Inc., Knoll Inc., KOKUYO Co., Ltd., Meridian Office Furniture Limited, 9to5 Seating, BERCO DESIGNS, Hooker Furniture Corporation, among others.
• Geographical Trends: Asia Pacific held the greatest market share due to the growing number of business zones and IT parks, which drives the demand for office furniture. Furthermore, the increasing number of fashion companies and their online presence are helping to boost the industry in the region. Apart from this, the growing focus on aesthetics and environmentally friendly office furniture is positively influencing the market in the region.
• Challenges and Opportunities: Global supply chain disruptions, including raw material shortages, transportation delays, and geopolitical tensions, can impact production schedules, increase costs, and affect product availability, posing challenges for top manufacturers and retailers. However, the expansion into new international markets, particularly in emerging economies with rising disposable incomes and urbanization rates, offers opportunities for growth and market diversification for furniture companies looking to expand their global footprint.
   

Office Furniture Market Trends:

Increase in Corporate Expansion and Entrepreneurship

Global business expansion and entrepreneurship are driving the demand for office furniture. Furthermore, rising organizations and developing enterprises are driving up the need for well-equipped office premises. Furnishing these areas with comfortable and functional furniture fosters a favorable work atmosphere, which improves creativity and productivity. In accordance with this, there is an increasing need for a variety of office furniture, such as ergonomic seats and collaborative workstations. For instance, Herman Miller, an American furniture brand, introduced the Passport Worktable, which is a compact and mobile height-adjustable desk to suit home and hybrid work environments. It is a laptop desk with a pneumatic lifting mechanism, allowing the user to raise or lower the work surface using an under-desk lever without needing to be plugged into power.

Rising Emphasis on Employee Well-being and Ergonomics

Modern organizations are emphasizing on employee well-being and realizing the value of ergonomic design in office furnishings. Ergonomic furniture reduces pain and other health risks associated with extended sedentary labor. Companies attempt to increase employee happiness and productivity by incorporating adjustable seats, sit-stand workstations, and other ergonomic features, resulting in market demand for specialized furniture. Moreover, the increasing popularity of remote and hybrid work arrangements, in the wake of the COVID-19 pandemic had a significant impact on the office furniture industry. For instance, the furniture industry in Germany has been one of the leaders in sustainable office furniture for the past five years with its high-quality ergonomic swivel chairs, which encourage health-promoting seating and furniture for communication zones.

Growing Environmental Awareness and Sustainability

The growing emphasis on environmental responsibility and sustainability is impacting market demand for office furniture. Organizations are becoming more sensitive to their environmental impact, resulting in a desire for furniture manufactured from recyclable or sustainably derived materials. Manufacturers are reacting to this trend by providing environmentally friendly solutions, such as furniture made from salvaged wood or repurposed metal. This trend toward sustainable practices not only corresponds with global environmental aims, but also targets a consumer group that values ethical consumption. For instance, according to IBM’s 2020 report, 80% of North American respondents said that they would want to know the origin of the products, and over 69% of them were ready to pay a premium for recycled products. Moreover, consumers are becoming increasingly environmentally aware, which may affect their buying decisions when it comes to residential furniture.

Digital Transformation in Sales and Distribution

The digital transformation is impacting the way office furniture is promoted, sold, and distributed. In addition to this, online platforms and e-commerce channels are becoming increasingly important for reaching customers, facilitating transactions, and providing personalized shopping experiences. Furthermore, mobile app development offers features such as product browsing, ordering, order tracking, and customer support. These apps provide customers with a convenient way to interact with the brand and make purchases on-the-go. For instance, Durham Furniture Inc., a Canadian furniture company, partnered with Intiaro, a 3D tech company, with an emphasis on 3D strategy and visualization tools to improve the new online and shop experience.

Office Furniture Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on product type, material type, distribution channel, and price range.

Product Type Insights:

• Seating 
• Systems
• Tables
• Storage Units and File Cabinets
• Overhead Bins
• Others
   

Seating dominates the market

The report has provided a detailed breakup and analysis of the market based on the product type. This includes Seating, Systems, Tables, Storage Units and File Cabinets, Overhead Bins, and others. According to the report, seating represented the largest segment. Seating systems include chairs, stools, and sofas used in an office setting. These are designed to provide comfort and support for extended periods of work and can range from basic task chairs to ergonomically designed seating that adjusts to individual needs. For instance, in November 2020 MiEN Company, which serves the education industry with innovative furniture products introduced its DIY backless chair. The product is designed for active learning environments that encourage students to strengthen their core in a ready-to-learn position. Its backless design allows the chair to be easily stored away under tables when students prefer to stand.

Material Type Insights:

• Wood
• Metal
• Plastic and Fiber
• Glass
• Others
   

Wood holds the largest share in the market

The report has provided a detailed breakup and analysis of the market based on the material type. This comprises wood, metal, plastic and fiber, glass, and other materials. According to the survey, wood has the biggest market share. Wood is a traditional material used in office furniture, valued for its natural look and pleasant aesthetic. It has a rich appearance and feel and is available in a variety of wood kinds, including hardwood and softwood. Wooden furniture is long-lasting, but it takes adequate maintenance to keep it looking good. For instance, in France, the increasing use of wood-based panels for manufacturing interiors of residential and commercial buildings is gaining traction. Moreover, the rising investments in the construction application for wood-based panels are likely to fuel the demand.

Distribution Channel Insights:

• Direct Sales
• Specialist Store
• Non-Specialist Stores
• Online
• Others
   

Direct sales dominate the market

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes direct sales, specialist store, non-specialist stores, online, and others. According to the report, direct sales represented the largest segment. It involves manufacturers selling directly to customers, without any intermediaries. It often allows for more customization and may provide cost benefits, as there are no middlemen involved. Direct sales can occur through on-site showrooms or sales representatives who engage with customers.

Price Range Insights:

• Low
• Medium
• High
   

Low holds the largest share in the market

The report has provided a detailed breakup and analysis of the market based on the price range. This includes low, medium, and high. According to the report, low accounted for the largest market share. Low-range office furniture is often designed with basic functionality and materials in mind. It can include products made from plastic or budget-friendly wood composites. It is suitable for those on a tight budget or in need of temporary solutions.

Region Insights:

• Asia Pacific
• North America
• Europe
• Middle East and Africa
• Latin America
   

Asia Pacific exhibits a clear dominance, accounting for the largest office furniture market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. According to the report, Asia Pacific accounted for the largest market share. The increasing construction of commercial zones and IT parks represents one of the primary factors catalyzing the demand for office furniture in the Asia Pacific region. Moreover, the rising number of fashion brands and their online presence is favoring the growth of the market in the region. Apart from this, the growing focus on aesthetics and the increasing focus on environmentally friendly office furniture is influencing the market positively in the region. For instance, e-commerce marketplaces, such as Alibaba (China) and Lazada (Southeast Asia), have expanded their offerings to include a wide range of furniture products. These marketplaces attract both established furniture brands and smaller retailers, providing consumers with a vast selection of furniture options in one place.

Competitive Landscape:

The leading companies are launching smart desks that are offered with features like height adjustability controlled through a mobile app, built-in charging stations, and health monitoring to remind users to stand or take breaks. They are also developing chairs equipped with sensors to monitor posture and provide feedback and alert users if they are sitting in an unhealthy position and can even adjust automatically to encourage proper posture. They are focusing on developing tables and workstations with built-in screens, video conferencing tools, and collaborative software to enable seamless communication and collaboration between team members, regardless of location. Besides this, product manufacturers are introducing multi-purpose furniture in various styles, colors, and designs. They are launching environment-friendly variants made using recyclable and sustainable materials like salvaged wood, bamboo, and seagrasses. These materials are used to reduce carbon footprint, save production costs, conserve energy, and manage waste. Furthermore, market players are adopting three-dimensional (3D) printing and augmented reality (AR) technologies to offer customized office furniture with an aesthetic appearance. For instance, Steelcase, Inc. acquired HALCON, a Minnesota-based designer and manufacturer of precision-tailored wood furniture for the workplace. This acquisition is anticipated to complement the current portfolio of Steelcase wood products, offering uncompromising design and master craftsmanship to professionals and customers.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Steelcase Inc.
• OKAMURA CORPORATION
• HNI Corporation
• Herman Miller Inc.
• Haworth Inc.
• Knoll Inc.
• KOKUYO Co., Ltd.
• Meridian Office Furniture Limited
• 9to5 Seating
• BERCO DESIGNS
• Hooker Furniture Corporation
   

Office Furniture Market News:

• March 2023: Kave Home, a distinguished Spanish furniture company, unveiled its flagship store spanning 8,000 square feet in Singapore's Raffles City. This strategic move marks a significant expansion for Kave Home, solidifying its presence in the dynamic Southeast Asian market. 
• November 2023: Godrej Interio, India’s foremost furniture and interior solutions brand, inaugurated a new outlet in Bhubaneswar. Situated in Pahala, this store is poised to enhance Godrej Interio’s retail footprint in Odisha and the broader eastern market of India.

Office Furniture Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Office furniture market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and business opportunities in the global Office furniture market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Office furniture industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.