Office furniture and its global market size have a vast scope of furniture, which include office sofa, office chair, office table, cupboards, files, patricians, and everything related to official industry and market.
Regarding the rapid expansion of official offices, the desire and demand for furnishing and updating these places expand gradually and as a result of this growth, the office furniture market develops and improves alongside, so the capacity and size of office furniture are flexible and adaptable according to its global measurements and demands.
Statistics show that the office chair is the most favorable and exportable office furniture in the world, especially since 2015 that third of furniture export belongs to an office chair and North America seize the universal market of office furniture about 38% under the name of Herman Miller, which as a result of online store and 24-hour service to customers can gain 98 million dollars pure benefit.
The ergonomic armchair is one of the most popular pieces of furniture that has a high potential for export and the market capacity is too much for this product.
China, Germany, Italy, Canada, America, and Sweden are among the most active exporters countries in a way that 54% of office furniture export belong to these above-mentioned countries.
Office furniture market size
The market size of office furniture depends not only on its location but also on its capacity and demand.
To discuss generally, the office furniture market is categorized into Material (wood, metal, plastic), Product (chairs, desks, tables, and other furniture), and Distribution channel (super and hypermarket or online stores).
The significant growth of employment and usage of official spaces have a great impact on office furniture market size, some special events, such as Expo 2020 in UAE is as the same as a big opportunity for growth of the market.
The top 8 countries with the highest percentage in the market include UAE, Egypt, Lebanon, Saudi Arabia, Tunisia, Bahrain, Jordan, and Kuwait in all of them, we have both international and local customers: some international companies such as Herman Miller and Steel Case and some other local companies such as Bafco, Almana Maples and Star Office.
The office furniture industry is developing and improving rapidly due to its high demand and desire among ordinary or academic customers, furthermore, the market size capacity is very flexible and ready in a way that both the customers and the suppliers have a high power of bargaining and buying furniture so you can have it efficiently and properly.
Home office furniture market
Home office furniture is for keeping files, seating, and setting up the computers and is used by students, clerks, experts, and entrepreneurs with the goal of writing studying presenting and attending online classes and webinars.
As a result of the universal growth of the economy and the chance and demand for remote working, home office furniture has explosive rapid growth and demand however with the emergence of the Covid-19 pandemic and its emphasis on staying at home, the office furniture industry has witnessed 200% growth during this period because all of the universities, schools, and colleges started their online classes and lectures so the bankruptcy in this market was meaningless and impossible.
For making an updated version of home office furniture the table and seating area of the greatest demand and desire, so the forecasts show that based on this product type 82% of the market share devote to these two items.
Consequently, the home office furniture market is a profitable and reliable market for financial investment and trading.
Office furniture market segmentation
The universal office furniture segmentation is based on several factors such as product type, material type, price range, distribution channel, and region, each factor consists of two or three components for an instance, product type is subcategorized to tables, cabinets, and seating, the material type has been segmented to wood, metal, and plastic, the other factor which is price range classified to low, medium and high, the next one is the distribution channel, consist of online stores, super and hypermarkets and at last, we have a region which is segmented into North America, Europe, Asia Pacific, and LAMEA.
In product type, we have tables and seating as the most prominent factors in the market since they are basic and essential for setting up the office furniture.
In material type, wood has shared 48% of the market size.
so it shows that we have an increasing trend toward this market segmentation, as a result, the market segmentation of this industry has a large tendency and indication for growth and development.
Global office furniture market
The global office furniture industry is expected to be valued at 58.4 billion dollars in 2021.
According to IMARC Group, the market would increase at a CAGR of 4.1 percent between 2022 and 2027, reaching US$ 74.7 billion.
We're regularly monitoring and assessing COVID-19's direct and indirect effects on numerous end-use businesses, bearing in mind the pandemic's utmost importance .
Office furniture is utilized in a variety of commercial and corporate settings, including conference rooms, private workstations, coffee shops, and salons.
Filing cabinets, seating furniture, and tables are just a few of the important furniture pieces that contribute to the overall aesthetics of these spaces.
Wood, steel, glass, and plastic are the most used raw materials in the production of these items.
The way he works and the type of work that he produces.
The study investigated and forecast the markets in North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
The Asia Pacific had a 43.8 percent market share in 2020 and is predicted to maintain its market share in the future.
In the Asia Pacific area, countries such as Japan, Hong Kong, Australia, Japan, and Singapore have a high amount of market maturity.
In addition, demand for office furniture is projected to drive by India, Malaysia, Vietnam, the Philippines, and other developing countries in the region.
Rapid urbanization and expanding commercial planning process in developing countries are paving the way for the Asia Pacific office furniture industry to thrive soon.
Home office furniture market size
Globally, demands for home office furniture are increasing.
In today's family and work context, home offices play a significant role.
People mainly use these furniture goods in business and household settings.
In the home office setting, furniture is quite important.
Children working on school projects, families working on household budgets or researching the internet, and professionals working at home on office days all use them.
Most of the products in the home office furniture category are non-decorated kitchenware, sofas, tables, chairs, drawers, and couches.
Because home businesses have limited funds, home office furniture should be both economical and elegant.
In addition, end-users prefer branded furniture to non-branded furniture.
During the forecast period, the European office furniture market is expected to grow at a significant rate.
Eastern and Western European countries such as Germany, Poland, France, Spain, and the United Kingdom accounted for the largest share of the European office furniture market in 2020.
Gains in the European office furniture market are now being driven by the rising adoption of ergonomic office furniture and expanded office remodeling operations.
The research also examines the prognosis for each country's office furniture industry, including market size, growth rate, market share, current trends, and potential.
For $499, you may get a single country-specific study; simply request customization and our specialist will help you choose the correct research.
Global office furniture market size
The rapid development of IT parks and commercial zones has increased the number of corporate offices, resulting in a need for contemporary global office furniture market size all over the world.
Organizations are also creating informal office ways of improving colleague communications, collaborative environments, and social interactions.
As a result of this trend, office furniture manufacturers have begun to produce elegantly designed furniture Aside from that, due to technological advancements and a rise in the number of cases of health issues caused by employees' sedentary lifestyles, there has been an increase in demand for smart workplace furniture that provides internet connectivity while also enhancing social posture and movement support.
During the projection period, this factor is expected to have a significant impact on the demand for office furniture.
The global office furniture industry is fragmented into chairs, overhead bins, storage units and files, tables, accessories, and workstations based on product type.
In 2016, the seating category accounted for 33.9 percent of the overall market value, making it the world's largest market for office furniture.
The worldwide office furniture market has been divided by material, end-user, price range, and distribution channel in addition to product type.
The end-user category is further divided into the enterprise, hospitals, schools, and others, with the enterprise segment anticipated to have the largest market value share by the end of 2024, with 77.4%.
Office furniture industry news
This part provides a comprehensive picture of the global office furniture industry, providing basic data on production, consumption, imports, and exports for the years 2011 through 2021.
The report covers international trade and major trading partners, world tables and economic indicators, market prospects via 2023, summary tables for the 60 most important countries for office furniture production, consumption, and trade, profiles of the world's leading office furniture manufacturers, and a new focus on the Top 20 office furniture countries in this year's edition.
On February 18th, 2020, the killing on Wall Street began as imminent coronavirus lockdown orders made the news.
After closing plants, slashing salaries, and laying off thousands of workers, the traditional commercial office furniture manufacturing sector was among the most impacted but is still recovering.
One distinct trend is whether sales of office furniture through traditional "contract dealers" channels, which were already on the decrease before the pandemic, have switched even faster to direct-to-consumer (DTC) channels—a.k.a.e-commerce.
Some of these furniture behemoths are dealing with the problem by obtaining eCommerce companies, such as when Cathay Capital-backed Innovative Office Products purchased Kickstarter success story StandDesk.co in August and Kimball International (owner of National Furniture brands) did buy Poppin.com for $million annually or more in November 2020.
Future of the office furniture industry
The future of the office furniture industry and Covid-19's noble pandemic has sent reverberations around the world, affecting almost every sector, affecting economies, and impacting negatively on the global market.
The office furniture manufacturing industry will be no exception, the business of the industry's participants gradually declined since the shutdown.
Before the pandemic, the furniture industry was expected to grow steadily since it could create revenue from a variety of sources, like traditional channels, the public and private sectors, and commercial workspaces, to name a few.
Many middle-market businesses without the capacity to purchase offsetting businesses or the capacity to transition fast to e-commerce on their own are debating whether to fire sell or liquidate their businesses since new orders are down 35 to 50 percent and cash flow is negative.
Even publicly traded manufacturers, like Inscape Corporation (INQ: TO), have been struck hard by COVID-19, with their stock now trading well below $1 during years of decline.
Let's face it: Few companies are exploring large office expansion or remodeling projects right now; instead, their immediate challenge is to ensure all their home-based employees are as productive as possible, as fast and affordably as possible.
Despite the excellent news on the emergency vaccination clearances that arrived last week, most OEM manufacturers we contacted within late Q4, 2020 reported that they have no significant "project" orders in the market for large enterprise growth or refurbishment projects in 2021; all have been pushed out to 2022.
The predictions and forecasts are reminiscent of the high performance and quality of the future market of this industry so it is trustworthy and reliable to trade and invest in this business.