June 13, 2024

The Growing Office Furniture Market Is Driven By Demand For Ergonomic Workspace Solutions

The office furniture market comprises a wide range of product offerings including seating solutions, storage units, desks & tables and complementary accessories that enhance functionality at the workplace. Factors such as growing prevalence of open plan offices, increased importance of employee health & wellness and emphasis on eco-friendly sustainable furniture have strengthened demand for ergonomic, multifunctional and eco-friendly furniture solutions in recent years.

The Global Office Furniture Market is estimated to be valued at US$ 101194.9 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the office furniture are China International Marine Containers Co., Ltd., Sea Box, Inc., Singamas Container Holdings Limited, China Cosco Shipping Co. Ltd., TLS Offshore Containers International, CXIC Group Containers Company Limited, W&K Container Inc., Maersk Container Industry, YMC Container Solutions (a division of Thurston Group Limited), and Dong Fang International Container (Hong Kong) Co., Ltd. Growing demand for ergonomic furniture: Rapid rise of sedentary jobs and awareness about workplace health have strengthened demand for ergonomic desks, seating solutions and accessories that promote activity and well-being.

Global expansion of market: Leading furniture brands are expanding their geographical footprint by establishing manufacturing and distribution facilities across Asia Pacific, Europe, Latin America and Middle East & Africa to capture the growing commercial furniture demand from emerging economies.

Market key trends

Sustainability is a key trend influencing furniture purchases. There is growing emphasis on using eco-friendly, renewable and responsibly sourced materials in furniture production. Manufacturers are focusing on circular economy business models involving eco-friendly packaging,extended product lifespan through repairs/refurbishment and material recoverability at end-of-life. Offerings incorporating modular, reconfigurable designs optimized for space utilization are also gaining traction in view of flexible workplace trends.

Porter’s Analysis
Threat of new entrants: Office Furniture Market Growth requires large capital investments and established distribution channels, posing significant barriers for new companies.

Bargaining power of buyers: Large volume buyers like corporations have higher negotiating power to bargain for better prices and customized products.

Bargaining power of suppliers: Presence of numerous raw material suppliers limits their influence over prices in the supply chain.

Threat of new substitutes: Requirement of office workspaces drives consistent demand, restricting impact of alternative workplace solutions.

Competitive rivalry: Intense competition exists among leading brands to gain market share through product innovations and expansion into new geographic territories.

Geographical Regions
North America currently dominates the global office furniture market in terms of value share, attributed to high commercial real estate growth and renovations.

The Asia Pacific region is poised to witness the fastest growth during the forecast period, supported by rising foreign investments and establishment of international companies in developing nations. Rapid urbanization and growth of small & medium enterprises will further spur demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it