The global office furniture market is set to witness significant growth, with projections indicating it will reach $110.7 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031, according to a new report by Meticulous Research®. The primary drivers behind this growth are corporate expansion, the increasing number of startups, and the rising demand for ergonomic and aesthetically pleasing workspaces. However, the rise in work-from-home trends presents a notable challenge to the growth of this market. On the other hand, the growing adoption of ergonomic office chairs is likely to provide growth opportunities for companies in this sector. Yet, competition from local manufacturers continues to pose a significant hurdle.

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Product Segmentation

The office furniture market is segmented by product, including chairs, desks & tables, storage, lounge, and other furniture. Among these, the chairs segment is expected to dominate the market in 2024, accounting for over 53% of the total market share. This can be attributed to the increasing emphasis on reducing health risks associated with poor seating, such as back and neck pain. Furthermore, organizations are investing in high-quality chairs that are durable and contribute to a professional office environment.

Conversely, the lounge segment is anticipated to grow at the fastest pace during the forecast period. The increasing preference for creating relaxed workspaces, incorporating areas where employees can unwind, conduct informal meetings, or engage in social interactions, is driving the demand for lounge furniture.

Material Segmentation

In terms of materials, the market is divided into wooden, metallic, glass, plastic & fiber, and resin furniture. In 2024, plastic and fiber furniture is expected to hold the largest market share, exceeding 30%. These materials are popular due to their affordability, lightweight properties, and eco-friendly alternatives such as furniture made from recycled materials. Moreover, plastic and fiber furniture allow for flexible office layouts, making it easier to rearrange spaces as needed.

On the other hand, resin furniture is projected to have the highest CAGR. The durability and resistance of resin furniture to wear and tear make it ideal for high-traffic office spaces. Additionally, the broad range of available designs, colors, and styles allows organizations to customize their office furniture to suit various aesthetic preferences.

Distribution Channels

The office furniture market is segmented by distribution channel into online and offline sales. In 2024, offline sales are expected to account for 58% of the market share. This is largely due to customers’ preference for physically inspecting and testing furniture in stores, as well as personalized assistance from sales representatives. Additionally, businesses often prefer offline purchases for bulk discounts and special pricing options.

However, online sales are predicted to grow at the fastest rate. The convenience of browsing and purchasing furniture from the comfort of the office, along with the ability to compare prices and product features across various sellers, is driving this growth. The e-commerce sector’s continued expansion will further fuel online sales in the office furniture market.

Geographical Segmentation

Geographically, the Asia-Pacific region is expected to lead the office furniture market in 2024, accounting for over 45% of the market share. The region’s dominance is driven by a growing working population, rapid corporate expansion, and the rise of business zones and IT parks. Additionally, the large number of office furniture manufacturers and exporters in the region contributes to its significant market share.

Asia-Pacific is also expected to register the highest CAGR, exceeding 8%, during the forecast period. The region’s economic growth and increasing focus on modernizing office spaces will further boost demand for office furniture in the coming years.

Key Market Players

Some of the prominent companies operating in the office furniture market include 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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