The Growing Office Furniture Market is driven by Increasing Corporate Offices
The office furniture market consists of a wide range of furniture items such as seating solutions, storage units and filing cabinets, workstations and tables used majorly in commercial office settings like corporate offices, government organizations and educational institutions. Office furniture provides comfortable and durable seating arrangements along with organized storage solutions thereby enabling efficient workflow management. Growing demand of ergonomic furniture from employers aimed at providing well-being of employees has led to numerous product innovation and customizations in office seating, desks and storage units.
The Global Office Furniture Market is estimated to be valued at US$ 101194.9 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the office furniture are China International Marine Containers Co., Ltd., Sea Box, Inc., Singamas Container Holdings Limited, China Cosco Shipping Co. Ltd., TLS Offshore Containers International, CXIC Group Containers Company Limited, W&K Container Inc., Maersk Container Industry, YMC Container Solutions (a division of Thurston Group Limited), and Dong Fang International Container (Hong Kong) Co., Ltd. Rapid growth in corporate offices and commercial buildings across developed and emerging economies has propelled the demand of modern office infrastructure including a wide range of furniture solutions. With growing globalization most of the major furniture brands are expanding their international footprint by setting up manufacturing plants in Asia and Latin American countries to leverage low cost skilled labor and cater to rising local demand.
Market drivers
The key driver for the Office Furniture Market Size is the rising number of corporate offices worldwide. Growth in global GDP and employment rate has encouraged establishment of numerous startups and medium small businesses resulting in increased commercial office spaces. Moreover, many large firms are expanding operations by setting up multiple regional offices to get closer to local customers and markets. This has significantly driven the procurement of office furniture globally. Commercial real-estate market growth especially in emerging countries is further fueling the office furniture industry growth.
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