PUBLISHER: The Business Research Company | PRODUCT CODE: 1435424
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435424
Institutional and office furniture encompasses standalone furniture pieces that do not require installation, including items such as computer desks, chairs, file cabinets, tables, and lounge seating.
Two primary categories within this furniture sector are institutional furniture and office furniture. Office furniture comprises standalone furnishings that don't need component parts for installation. These items are crafted from diverse raw materials such as wood, plastic, and metal and are marketed through different channels such as exclusive showrooms, online platforms, supermarkets, hypermarkets, and various other outlets.
The institutional and office furniture market research report is one of a series of new reports from The Business Research Company that provides institutional and office furniture market statistics, including institutional and office furniture industry global market size, regional shares, competitors with institutional and office furniture market share, detailed institutional and office furniture market segments, market trends and opportunities, and any further data you may need to thrive in the institutional and office furniture industry. This institutional and office furniture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historical period can be attributed to factors such as corporate expansions and increased office openings, a heightened emphasis on enhancing employee comfort and productivity, the globalization of businesses, the adoption of sustainable and eco-friendly office practices, as well as corporate rebranding and initiatives aimed at enhancing brand image.
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%. Forecasted growth is driven by hybrid work models, wellness-focused office designs, sustainable and circular furniture practices, remote work solutions, innovations in acoustic furniture, and heightened emphasis on workplace diversity and inclusion. Major upcoming trends include technology integration in furniture, acoustic solutions for open offices, customization for brand identity, agile furniture for collaboration, and designs promoting inclusivity and diversity.
The institutional and office furniture manufacturing market is expected to experience growth, driven by the increasing demand for online shopping. The ability of manufacturers to sell their products on a larger and more expansive platform, particularly through e-commerce portals, is contributing to the geographical expansion of customer bases. This shift is particularly evident in countries such as India, where e-commerce platforms have played a crucial role in boosting sales for furniture manufacturers, providing exposure to producers who were previously confined to a limited geography.
The growth of commercial real estate is anticipated to be a significant factor propelling the institutional and office furniture market. Commercial real estate, which includes properties primarily utilized for business or investment purposes, is experiencing growth driven by the demand for office spaces. As businesses, startups, and corporations expand, the need for office furniture such as desks, chairs, conference tables, and storage solutions increases. Notably, in June 2023, industrial commercial real estate observed a substantial rent increase of 10.3%, according to the Motley Fool, a U.S.-based financial and investing advice company. This surge in rent is attributed to the high demand for logistics facilities and limited availability of industrial properties. Additionally, the vacancy rate for industrial real estate is at 4.3%, one of the lowest rates among all commercial real estate categories. The growth in commercial real estate is, therefore, a key driver for the expansion of the institutional and office furniture market.
The institutional and office furniture manufacturing market experienced a significant setback in 2022 due to the outbreak of the COVID-19 pandemic. The global response to control the transmission of the virus, including trade restrictions and lockdowns imposed by governments worldwide, disrupted supply chains and led to a decline in consumption. The measures taken by national governments resulted in the halt of manufacturing activities and an overall economic downturn, affecting businesses throughout 2021 and into 2022. However, it is anticipated that the institutional and office furniture manufacturing market will gradually recover from the impact of the pandemic, considering it as a 'black swan' event unrelated to ongoing or fundamental weaknesses in the market or the global economy.
Furniture manufacturers are adopting eco-friendly practices in their manufacturing processes. This shift is driven by increasing consumer demand for sustainable and environmentally friendly furniture options. Sustainable practices in furniture manufacturing include minimizing fuel consumption and recycling wood by-products. Companies are sourcing wood from sustainable plantations with long-term conservation policies. For example, Crate and Barrel, a North American home retailer, collaborates with the Tropical Forest Trust to ensure that the hardwood used in their furniture comes from sustainable plantations managed for long-term conservation. Similarly, Ashley Furniture Industries, Inc. has embraced a "green" approach, focusing on replenishing, recycling, and reusing furniture by utilizing recyclable engineered wood and reducing raw materials wastage. This reflects a broader industry trend toward sustainability in response to changing consumer preferences.
Prominent players in the institutional and office furniture market are strategically focusing on the development of cutting-edge office furniture solutions to expand their market presence. In July 2023, Knock on Wood LLC, a leading US-based company specializing in kitchen and bath design and remodeling, successfully introduced its highly anticipated office furniture collection. This strategic move by Knock on Wood aims to revolutionize contemporary workplaces, redefining collaborative dynamics in modern office settings. The newly launched office furniture collection seamlessly integrates functionality, practicality, style, and ergonomic design to create inspirational workspaces tailored for today's professionals. Whether it's streamlined desks, efficient workstations, or sophisticated meeting tables, each meticulously crafted piece is designed to elevate productivity and enhance the aesthetic appeal of any office environment.
Major companies operating in the institutional and office furniture market report are 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
Asia-Pacific was the largest region in the institutional and office furniture market in 2023. Western Europe was the second largest region in the institutional and office furniture market. The regions covered in the institutional and office furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the institutional and office furniture market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The institutional and office furniture market consists of sales of office chairs and tables, reception furniture, and retail sales. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Institutional And Office Furniture Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on institutional and office furniture market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for institutional and office furniture ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The institutional and office furniture market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.