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Contract Furniture Market Report 2024-2033 | Size, Share, Trends, Growth Analysis
Contract Furniture Market Report
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Contract Furniture Market 2024 Key Insights:
• 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%.
• Global Surge In Commercial Spaces Expands The Contract Furniture Market Growth
• Product Innovations Redefine The Contract Furniture Market Landscape
• North America was the largest region in the contract furniture market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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