Smart Office Furniture is fastest growing segment fueling the growth of Office Furniture Market

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 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Office furniture includes products like desks, chairs, storage cabinets, tables and partitions that are used in commercial offices. These furniture improve workplace ergonomics and provide a convenient and organized layout for increasing productivity.

Market key trends:

 Many companies are integrating new technologies like sensors, connectivity and artificial intelligence into office furniture to enhance the work experience of employees. For example, smart tables and desks are being developed that can detect presence, adjust height, remember settings and integrate with other devices. This is becoming popular among tech companies to foster creativity and collaboration in modern workspaces.

Segment Analysis

The Global Office Furniture Market Size is segmented into product, end use, and region. Based on product, the office furniture market is segmented into seating, storage units and files, workstation, tables, and accessories. Here, the seating segment accounts for the largest market share owing to the increasing demand for modern and ergonomic chairs and sofas from various corporate offices and call centres. Based on end-use, the market is bifurcated into government sector, BFSI, education, healthcare, manufacturing, retail sector, and others. The corporate offices segment holds a major share of the market due to the rising corporate culture and increasing number of start-ups.

Key Takeaways

The global office furniture market size is expected to reach US$ 87842.79 Mn by 2030 from US$ 61,857.60 Mn in 2023, growing at a CAGR of 4.3% during the forecast period. The growing establishment of new office spaces and rising demand for ergonomic and sustainable furniture are projected to drive the market. Regionally, North America dominates the global market owing to heavy investment in commercial infrastructure development projects in the region. Key players operating in the office furniture market are Knoll Inc., LLC., HNI Corporation, Herman Miller, Inc., Teknion Corporation, Kimball International Inc., Berco Designs, Kokuyo Co., Ltd., Haworth Inc., Okamura Corporation, and Steelcase Inc.

The Asia Pacific region is estimated to grow at the fastest rate during the forecast period due to the rapid industrialization and urbanization in countries such as China and India. The increasing number of multinational companies establishing their offices in these emerging countries are propelling the demand for modern furniture.

Key players in the global market are focusing on new product launches catering to sustainable and ergonomic needs. For instance, in 2021, Herman Miller launched new furniture made from recycled and bio-based materials. Similarly, Steelcase introduced new acoustic panels and partitions made from recycled materials to reduce noise pollution in offices. Major players are also investing in R&D to develop furniture using advanced technologies such as 3D printing and VR/AR for better experience and interior designing.

For More Insights, Read- https://www.newsstatix.com/office-furniture-market-size-share-analysis-2023-2030/