Office Furniture Market Size, Trends and Forecast to 2023

The global office furniture market size was valued at USD 44,279.8 million in 2022 and is poised to grow at a significant CAGR of 7.4% during the forecast period 2023-29. The primary drivers of the expansion of the global office furniture market include the growth of private sector resulting increasing office infrastructures for enterprises. The rapid growth of IT parks and commercial zones has resulted in development of corporate offices which in sense increases the growth of office furniture market.

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The Office Furniture market is segmented based on product type, material, distribution channel, end-user, and geography.

Based on the product type, the market is segmented into the following:
• Seatings
• Tables
• Storage
• Desks
• Others

Based on the material, the market is segmented into the following:
• Wood
• Steel
• Others

Based on the end user, the market is segmented into the following:
• Corporate office
• Government office
• Others

Based on the distribution channel, the market is segmented into the following:
• Home Centers
• Flagship stores
• Specialty stores
• Online stores
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Based on the distribution channel, the global Office Furniture market is segmented into Home Centers, Flagship stores, Specialty stores, e-commerce, and Others. The E-commerce segment is expected to account for a larger revenue share in the global office furniture market. The customers gradually started to adopt the e-commerce platform rather than to visit the physical showroom to compare and select their desired products. Many manufacturers are switching to online retail sales in order to reduce the inventory costs and other costs and increase their profit margin. Furthermore, the online furniture store minimized the rental cost, space, inventory space to the manufacturer. Thus, the e-commerce segment is expected to dominate the office furniture market.

North America Office Furniture Market
The North America office furniture market is expected to contribute highest in the market growth and increase over the forecast period due to the presence of several IT parks, ICT industries and corporate offices in the region. Growing commercial real estates, increasing number of startups and starting new corporate branches in this region is expected to contribute significant growth of office furniture market in the forecasted years. The rapid urbanization of Canada and increasing commercial business in USA also expected to increase the demand for office chairs, tables in the North America region. Thus, North America region is expected to dominate the office furniture market in the forecasted years.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Office Furniture market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,

In April 2022, Ashley Furniture Homestore launched Home office Furniture in essence to provide charming vintage vibe.

In February 2022, Godrej and Boyce launched their latest innovation 'Move-up' an ergonomic office desk enabled with the technology which promoted alternating postures to ease the stress associated with sedentary working styles.

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Key players profiles in the Office Furniture market report are Herman Miller Inc., HNI Corporation, Steelcase, Haworth, Knoll, Godrej, Ashley Furniture Industries Inc., Global Furniture Group, Kimball International Inc., Okamura Corp., Boyce, Interior Systems, Inc

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