Trends and Growth Outlook of the Global Office Furniture Market

 

Office Furniture Market

With the ongoing global growth of the corporate environment in both developing and underdeveloped countries, office furniture is becoming increasingly important. The market is expanding because to the increase in renovation and modification projects in developing nations like Japan, China, and India. The COVID-19 pandemic has had a startling and unprecedented impact on the world, and demand for office furniture has been lower than expected in all areas compared to pre-pandemic levels. Growing economies like India are undergoing industrialization and economic expansion, which is transforming the country's infrastructure. For instance, according to forecasts from the World Bank Group, Asia and the Pacific's per capita income in 2020 was $10,368, an increase of 3.85% from 2019. Office buildings are regarded as real estate investments since they provide opportunities for growth and income. Additionally, as the private sector grows, so does the infrastructure for MSME (micro, small, and medium-sized enterprises) offices. In addition to developing new offices, businesses are concentrating on refurbishing and expanding their current ones. Renovations to offices necessitate the acquisition of new office furniture.

According to Coherent Market Insights, Global office furniture market was valued at US$80671.7 Million in 2021 in terms of revenue, exhibiting a CAGR of  4.35% during the forecast period (2022 to 2030).

Chairs, tables, and other mobile furniture items that facilitate a variety of human activities at the workplace are regarded as the centre pieces of workplaces or commercial areas. For the workplace to be secure, pleasant, and comfortable for all employees, the furniture arrangements in commercial spaces, such as corporate spaces, business establishments, co-working spaces, and others, are crucial. Additionally, furniture has a significant impact on workers' productivity. Various big and little pieces of equipment that enhance the ambience and environment of the organisation may be found in the Office Furniture Market. Office furniture such as seats, tables, and storage units are in great demand. Depending on the design and specifications, they can be produced using wood, steel, and other materials. Depending on the quantity and practicality requirements of the buyer, the items can be distributed through both online and offline sales channels. Based on changing customer demand, office designs have evolved throughout time from traditional cubicle workplaces to more contemporary and engaging ones. The customers are diverse businesses and contemporary start-ups who think that a company's interiors represent its culture, values, and vision. Due to technology improvements among market participants and the customer base over the last few years, the industry has witnessed a paradigm shift in designs, sales channels, and consumer needs.