Rapid urbanization and booming hospitality sector are expected to drive the growth of the global commercial furniture market in the forecast period, 2023-2027.
According to TechSci Research report, “Commercial Furniture Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global commercial furniture market is anticipated to grow at a formidable CAGR during the forecast period, 2023-2027. The rise in the number of modification and renovation projects in countries like India and the United States fuels the demand for commercial spaces.
Increased competition among the market players, the rise in trade activities, and improvements in international relations are bolstering commercial spaces. The development of commercial spaces like malls and shopping complexes to fuel economic growth and the availability of furniture providing a better, comfortable experience suitable for advanced infrastructure is expected to fuel market growth. The surge in demand for multi-functional chairs, that can be transformed according to needs is expected to influence the market demand.
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The global commercial furniture market is segmented by type, end use, distribution channel, regional distribution, and competition landscape.
On the basis of type, the global commercial furniture market is divided into seating, storage, desks & tables, workstation, beds, and others. The seating segment is expected to account for significant market share for the next five years. Commercial spaces are constantly swamped up with customers. To accommodate the customers in an efficient way and provide comfort to them while being at the commercial spaces, they purchase aesthetically superior and comfortable seating spaces. The use of seats in waiting rooms, reception, schools, colleges, hotels, restaurants, offices is fueling the demand for commercial furniture.
On the basis of end-use, the global commercial furniture market is divided into office, education, HoReCa, healthcare, and others. The healthcare segment is projected to witness substantial market growth in the next five years. The rise in the number of hospitals & clinics, the surge in the number of patients admitted into the hospital, and the increasing prevalence of chronic diseases are the key factors influencing the healthcare sector. The Healthcare sector is constantly upgrading the quality of services provided to the customers by innovatively shaping the facilities with furnished operation-theatre, pharmacy, diagnostic room, waiting area, among other facilities’ departments. These are filled with specifically designed furniture like chairs, tables, beds, storage units, stretchers, and trolleys to provide customer service.
On the basis of distribution channel, the global commercial furniture market is divided into offline and online. The offline segment is expected to hold the largest market share in the forecast period, 2023-2027. Market players are opening their own stores to attract customers to visit the store and physically examine the quality and color of the furniture. Stores assign customer service executives who solve queries of the customers and provide lucrative discounts and offers to customers to increase the sales from their respective stores.
On the basis of regional analysis, the Asia-pacific region is expected to dominate the global commercial furniture market in the forecast period. Rising spending capacity of consumers and the continuous rise in the population is accelerating the construction of commercial spaces to fuel the region’s economic activity. Favorable government policies supporting infrastructure development and construction activities are bolstering the growth of the public, commercial sectors such as hospitals, clinics, and schools to improve the citizens’ quality of life. The development of public, commercial spaces generates enormous growth potential for the commercial furniture market as they require furniture to provide comfort and increase sales. An increase in the number of start-ups and business expansions is another crucial factor influencing the market demand.
Major players operating in global commercial furniture market are:
- Okamura Corporation
- HNI Corporation
- Herman Miller Inc.
- Haworth Inc.
- Global Furniture Group
- Steelcase Inc.
- Knoll Inc.
- Kimball International
- 9to5 Seating
- KOKUYO Co. Ltd
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“Adopting online sales channels by the commercial furniture manufacturing market players to expand the consumer base and reach a wider audience is expected to create substantial growth opportunities for the global commercial furniture market. High-end investments to using advanced technologies such as big data analytics, artificial intelligence in websites and mobile applications, and the efforts to provide a customized shopping experience to customers are projected to influence the market demand. Availability of lucrative discounts and offers on these online sales channel, and the facility of quick doorstep delivery and return option is expected to propel the growth of the global commercial furniture market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Commercial Furniture Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, has evaluated the future growth potential of global commercial furniture and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global commercial furniture market.
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