Press release
Contract Furniture Market 2024: Industry Analysis, Segments, Drivers And Trends To 2033
Contract Furniture Market
The Business Research Company offers in-depth market insights through Contract Furniture Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The contract furniture market size has grown strongly in recent years. It will grow from $59.81 billion in 2023 to $63.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to corporate office expansion, trends in office design, hospitality and tourism growth, sustainable and eco-friendly practices, globalization of business.
The contract furniture market size is expected to see strong growth in the next few years. It will grow to $78.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to rise of remote work culture, wellness and ergonomic design, flexible and modular furniture solutions, customization and personalization, rapid growth of co-living spaces. Major trends in the forecast period include technology integration, biophilic design elements, smart furniture and iot integration, virtual and augmented reality in design, innovations in sustainable materials.
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Market Segmentation:
The contract furniture market covered in this report is segmented -
1) By Product Type: Chairs And Stools, Tables And Desks, Storage Furniture, Sofa And Couch, Other Product Types
2) By Materials: Upholstered, Non-Upholstered
3) By Distribution Channel: Offline, Online
4) By End-User: Government, Corporate Offices, Institutional, Healthcare Or Medical Facilities, Hospitality, Other End-Users
Major Driver - Global Surge In Commercial Spaces Expands The Contract Furniture Market Growth
The rise in commercial spaces globally is expected to propel the growth of the contract furniture market going forward. Commercial space is a broad real estate term for any area utilized for business or professional activities. Contract furniture is designed and manufactured for public and high-use commercial locations such as lobbies, waiting rooms, and offices in the business sector that can accommodate hundreds of highly durable individuals. For instance, in June 2023, according to the report published by Commercial Edge, a Canada-based commercial real estate software company, the average office listing rate in the United States is $38.36 per square foot in 2023, an increase of 2.1% yearly. The national vacancy rate increased by 30 basis points annually to 17% in 2023. Further, the under-construction office space in the United States is 116.2 million square feet in 2023, accounting for 1.8% of total stock. Therefore, the rise in commercial spaces globally is driving the growth of the contract furniture market.
Competitive Landscape:
Major companies operating in the contract furniture market report are Inter IKEA Systems BV,Herman Miller Inc., Steelcase Inc., Haworth Inc., LA-Z-Boy Inc., HNI Corporation, Okamura Corporation, Global Furniture Group, Arhaus Inc., Knoll Inc., Kimball International, Hooker Furniture, Kinnarps AB, OFS Brands Holdings Inc., Cabot Wrenn, Teknion Corporation, Pioneer Contract Furniture Ltd., Keilhauer Industries Ltd., Allseating Corporation, Allermuir Inc., Hauser Industries Inc., Jack Cartwright Inc., Carlick Contract Furniture Limited, Casala Limited, Modern Line Furniture, Aceray LLC.
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Top Trend - Product Innovations Redefine The Contract Furniture Market Landscape
Product innovation has emerged as a key trend gaining popularity in the contract furniture market. Major companies operating in the contract furniture market are concentrating on developing innovative furniture to strengthen their position in the market. For instance, in February 2022, Godrej Interior, an India-based furniture company, introduced Move Up, an ergonomic desk innovation that encourages alternating postures. Move Up features an inclusive design with easy adjustment. Through the use of its software, it identifies the individuality of each individual and promotes smooth transitions between working postures. The program detects how much time the user spends sitting or standing and takes appropriate action while allowing the desk to move.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Contract Furniture Market Characteristics
3. Contract Furniture Market Trends And Strategies
4. Contract Furniture Market - Macro Economic Scenario
5. Contract Furniture Market Size And Growth
…..
27. Contract Furniture Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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