Office furniture market is anticipated to grow at a considerable CAGR of 4.9% during the forecast period. The major factor driving the demand for office furniture is attributed to factors such as the increasing demand for office furniture to create a supportive workplace. This is owing to the rapidly rising global working population and the construction of information technology (IT) parks and commercial zones. For instance, in December 2021, Tata group firm Tata Realty and Infrastructure Ltd. started to work on a project of $676 million to develop a premium IT park project in Navi Mumbai as it expects demand for office and data center spaces to rise in the coming years.

Segmental Outlook 

The global office furniture market is segmented based on its product type and distribution channel. Based on its product type, the market is sub-segmented into seating, modular systems, desks & tables, and others. Based on the distribution channel, the market is categorized into offline and online. Among the product type, modular systems are anticipated to hold a prominent market share of the global office furniture market, due to the rising construction of tech parks and commercial zones across the globe. 

Among the distribution channel, the online sub-segment is anticipated to register significant growth over the forecast period. The segmental growth is attributed to factors including the growing digital infrastructure, a proliferation of e-commerce services, and a rise in the adoption of e-commerce platforms by the key players in the market is estimated to drive the global furniture market. For instance, in April 2021, Office furniture manufacturer Herman Miller Inc. unveiled a new e-commerce platform this week that caters to the company’s commercial clients. The online store was created for small and mid-size businesses looking to purchase office furnishings online. Designed to make the ordering and shipping processes quick and convenient,  the company has curated a set of 450 different products to be offered on its website.

Regional Outlooks

The global office furniture market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the Asia-Pacific market is anticipated to cater to prominent growth over the forecast period. However, the European regional market is projected to experience considerable growth in the office furniture market. The regional growth is attributed to the rising demand for sustainable furniture variants with additional features to minimize occupying space and uplift workforce engagement.

Global Office Furniture Market Growth, by Region 2022-2028

North America is Anticipated to Hold a Prominent Market Share in the Global Office Furniture Market

Among all regions, North America is anticipated to account for a prominent market share during the forecast period. The regional market growth is primarily driven by factors including the growing business activities and the expansion of commercial workplaces in North America. Also, the presence of key market players and the expansion of their portfolio and services in North America is anticipated to drive the demand for office furniture. For instance, in May 2022, Steelcase acquired Halcon, a Minnesota-based designer, and manufacturer of tailored wood furniture for the workplace, for $127.5 million. With the acquisition deal, Steelcase expects to drive strong growth by making the Halcon portfolio more accessible to its customers, professionals, and dealers.

Market Players Outlook

The major companies serving the global Office Furniture market include Okamura Corp., HNI Corp., Herman Miller Inc., Haworth Inc., Global Furniture Group, Steelcase Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2021, Herman Miller manufacturers of modern furnishings and accessories for both the office and home, acquired Knoll, Inc. The acquisition supported the company to expand its product portfolio and geographical reach to cover untapped markets. The combined company comprises 19 leading brands, a presence across over 100 countries, 64 showrooms globally, more than 50 physical retail locations, and global multi-channel eCommerce capabilities.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global office furniture market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.