Office furniture includes tables, chairs, desks, storage cabinets and other products that support the working environment in commercial offices. As the number of start-ups, small businesses and large corporations grow exponentially due to digitalization and outsourcing, the demand for office furniture products also expands. Ergonomically designed furniture that reduces employee stress and improves workplace comfort are now preferred by most companies.

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 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
As more companies adopt hybrid and flexible work environments that allow employees to work from home as well as office, the demand for adaptable and mobility furniture rises sharply. Office furniture manufacturers now focus on developing modular systems, movable partition panels and lightweight desks and chairs on wheels that provide flexibility. The market opportunity for such innovative reconfigurable furniture lies in commercial offices undergoing remodeling to transition from private cabins to open collaborative spaces. Reconfigurable furniture reduces office renovation costs while improving workspace utilization for varied team sizes and meeting room requirements. Manufacturers offering such cost-effective solutions catering to the changing workspace demands are well positioned to capture significant market share in the coming years.

Porter’s Analysis
Threat of new entrants: Low economies of scale in manufacturing and established brands create barriers for new entrants.

Bargaining power of buyers: Large buyers such as government offices and multinational corporations have significant bargaining power forcing prices to decline.

Bargaining power of suppliers: Established suppliers have bargaining power owing to differentiation in materials and designs.

Threat of new substitutes: New adjustable furniture provide substitutes but high switching costs reduce threat.

Competitive rivalry: Intense competition exists among established brands on parameters of price, quality and innovation.

SWOT Analysis
Strength: Wide product portfolio and customization options provide an edge.

Weakness: Seasonal nature of demand affects capacity utilization.

Opportunity: Growth in corporate offices and co-working spaces to drive demand.

Threats: Rising raw material costs pose inflation risks.

Key Takeaways
The Global Office Furniture Market Size is expected to witness high growth. 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 6.1% over the forecast period 2023 to 2030.

The Asia Pacific region dominates the market holding around 40% share due to presence of key manufacturers in China and growth of commercial real estate sector in countries such as India and Vietnam. The North American region remains the second largest market driven by large footprint of corporate offices and availability of advanced furniture options.

Key players operating in the office furniture market are China International Marine Containers (Group) Ltd., Global Furniture Group, Kimball International, HNI Corporation, Okamura Corporation, IKEA Holding BV, Steelcase Inc., Haworth Inc, Herman Miller Inc.

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