Meticulous Research®, a leading global market research company, has released an extensive report titled, “office furniture market by Product (Chairs, Desks & Tables, Storage, Lounge), Material (Wooden Furniture, Plastic & Fiber Furniture, Resin Furniture), Distribution Channel (Online, Offline), and Geography—Global Forecast to 2031.” This report reveals that the office furniture market is projected to reach $110.7 billion by 2031, growing at a CAGR of 6.9% from 2024 to 2031.
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Factors Driving Market Growth
The growth of the office furniture market is fueled by several factors, including corporate expansion, a rise in startups, and an increasing demand for comfortable and well-furnished work environments. However, the shift toward remote work poses challenges to market expansion. Additionally, the growing adoption of ergonomic chairs presents new opportunities for companies in this space. Nevertheless, intense competition from local players remains a significant hurdle.
Market Segmentation by Product
The office furniture market is categorized into several products, including chairs (revolving, boss, and fixed chairs), desks & tables (executive desks, conference tables, coffee tables, and more), storage solutions (cabinets, cupboards, and bookshelves), lounge furniture (sofas, armchairs, and poufs), and other items. The chairs segment is anticipated to dominate the market in 2024, accounting for over 53% of the total share. This dominance is attributed to the increasing need to mitigate issues such as muscle strain and back pain, along with heightened investment in high-quality office chairs.
