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Institutional And Office Furniture Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Institutional And Office Furniture Global Market Report 2024
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According to The Business Research Company's, The institutional and office furniture market size has grown strongly in recent years. It will grow from $245.17 billion in 2023 to $265.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to corporate expansions and office openings, focus on employee comfort and productivity, globalization of businesses, sustainable and green office practices, corporate rebranding and image enhancement.
The institutional and office furniture market size is expected to see strong growth in the next few years. It will grow to $361.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to hybrid work models, wellness-centric office designs, sustainable and circular furniture practices, remote work furniture solutions, innovations in acoustic furniture, focus on workplace diversity and inclusion. Major trends in the forecast period include technology integration in furniture, acoustic solutions for open offices, customization for brand identity, agile furniture for collaborative spaces, inclusive and diverse designs.
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Market Drivers and Trends:
The increasing demand for online shopping is expected to help the institutional and office furniture manufacturing market grow. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically, driving the growth of the furniture manufacturing market. In countries such as India, for instance, e-commerce portals have boosted the sales of furniture manufacturers by giving larger exposure to producers who were confined to one geography.
Furniture manufacturers are adopting sustainable practices in their manufacturing process. This is mainly a result of growing consumer awareness of sustainable living that is resulting in increasing demand for eco-friendly furniture. This includes minimizing fuel consumption and recycling wood by-products. Companies manufacturing eco-friendly furniture products procure wood from plantations that grow sustainable plants and have a long-term conservation policy. For example, Crate and Barrel, a North American home retailer is working directly with the Tropical Forest Trust to ensure that the selected hardwood for manufacturing of their furniture is from sustainable plantations that are managed for their long-term conservation. Similarly, Ashley Furniture Industries, Inc. has adopted a "green" approach wherein it focuses on replenishing, recycling, and reusing of furniture by using recyclable engineered wood and by reducing raw materials wastage.
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Major Key Players of the Market:
HON Company, IKEA, Steelcase Inc., Kokuyo Co. Ltd., Okamura Corporation, Haworth Inc., Herman Miller Inc., HNI Corporation, Godrej & Boyce Mfg. Co. Ltd., Knoll Inc., Itoki Corporation, KI Furniture, Kimball International, National Office Furniture, OFS Brands, Sedus Stoll AG, Vitra, Allsteel Inc, Wilkhahn Wilkening+Hahne GmbH+Co., Teknion, Clarus Glassboards, Groupe Lacasse, Global Furniture Group, Boss Design, Nucraft Furniture, EFG European Furniture Group, Kinnarps Group, Bernhardt Design, Davis Furniture, Artelite, Falcon Products, Fantoni Spa, Friant, Girsberger, Gunlocke Company, Halcon, HBF, HOWE a/s, Humanscale, Jasper Group Brands
Institutional And Office Furniture Market 2024 Key Insights:
• The institutional and office furniture market size is expected to see strong growth in the next few years. It will grow to $361.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Increasing Impact Of Online Shopping On Institutional And Office Furniture Manufacturing
• Growing Trend Of Sustainability In Furniture Manufacturing
• Asia-Pacific was the largest region in the institutional and office furniture market in 2023
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