Office Furniture Market: By Material (Wood, Steel, and Others), By Product Type (Seatings, Tables, Storage, Desks, Other Office Furniture), By Distribution Channel (Home Centers, Flagship Stores, Specialty Stores, Online Stores, Other Distribution Channels), By End user (Corporate office, Government Office, and Others), and Geography 

Office Furniture Market size was valued at USD 45,168.4 million in 2023 and is expected to grow at a CAGR of 8.5% from 2024 to 2030. The furniture used in the offices or at the workplace is considered as the office furniture. Any business or workplace space considers furniture as the centrepiece objects such as chairs, tables, desks, and others which are used to support various human activities in the workplace. The furniture placed in the office plays an important role in setting the right environment and ambience in the workplace. In addition, furniture also plays a vital role in the productivity of an employee. Office chairs, tables, and storage units are the major products in the office furniture industry. The increasing demand and necessity of consumer preference have evolved the office furniture industry from traditional cubicles to modern advanced and interactive workplaces. The advancement in technology of the key players is expected to drive the market growth in the forecasted years. The Information and Communication Technology industry has been significantly growing the economies of many countries and the essential need of the ICT industry is adequate infrastructure development to have an optimal performance which results in increased investments on furniture. For instance, in June 2022, the Singapore government announced spending 3.4 billion on the ICT industry. The manufacturers use various raw materials like plastic, foam, wood, steel and others, the cost incurred while procuring raw materials changes depending on various factors like transport charges, labour charges freight charges thus increasing the cost of production to the manufacturer and its difficulty to offset the increased pricing due to previous commitments with the customers which leads to an negative impact on gross margin of the company and this is expected to hinder the market growth in forecasted years. Geographically, the North American region held the major market share in 2022 and is expected to dominate the global office furniture market in the forecasted years.

Office Furniture Market Key Developments:

• In April 2022, Ashley Furniture Homestore launched Home office Furniture in essence to provide charming vintage vibe.
• In February 2022, Godrej and Boyce launched their latest innovation ‘Move-up’ an ergonomic office desk enabled with the technology which promoted alternating postures to ease the stress associated with sedentary working styles.