The Institutional And Office Furniture Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Institutional And Office Furniture Global Market Report 2024, 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 in the historic period can be attributed to corporate expansions and office openings, focus on employee comfort and productivity, globalization of businesses, sustainable and green office practices, corporate rebranding and image enhancement.
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%. The growth in the forecast period can be attributed to hybrid work models, wellness-centric office designs, sustainable and circular furniture practices, remote work furniture solutions, innovations in acoustic furniture, focus on workplace diversity and inclusion. Major trends in the forecast period include technology integration in furniture, acoustic solutions for open offices, customization for brand identity, agile furniture for collaborative spaces, inclusive and diverse designs.
The increasing demand for online shopping is expected to help the institutional and office furniture manufacturing market grow. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically, driving the growth of the furniture manufacturing market. In countries such as India, for instance, e-commerce portals have boosted the sales of furniture manufacturers by giving larger exposure to producers who were confined to one geography.
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The institutional and office furniture market covered in this report is segmented –
1) By Type: Institutional Furniture, Office Furniture
2) By Raw Material: Wood, Plastic, Metal
3) By Distribution Channel: Exclusive Showrooms, Online, Supermarkets/Hypermarkets, Other Distribution Channels
Subsegments Covered: School Furniture , General Purpose Institutional Furniture, Public Bar, Bowling Center, Cafeteria, And Restaurant Furniture, Wooden Furniture, Metal Furniture, Plastic Furniture
Top Major Players
HON Company
IKEA
Steelcase Inc.
Kokuyo Co. Ltd.
Okamura Corporation
Furniture manufacturers are adopting sustainable practices in their manufacturing process. This is mainly a result of growing consumer awareness of sustainable living that is resulting in increasing demand for eco–friendly furniture. This includes minimizing fuel consumption and recycling wood by-products. Companies manufacturing eco-friendly furniture products procure wood from plantations that grow sustainable plants and have a long-term conservation policy. For example, Crate and Barrel, a North American home retailer is working directly with the Tropical Forest Trust to ensure that the selected hardwood for manufacturing of their furniture is from sustainable plantations that are managed for their long-term conservation. Similarly, Ashley Furniture Industries, Inc. has adopted a “green” approach wherein it focuses on replenishing, recycling, and reusing of furniture by using recyclable engineered wood and by reducing raw materials wastage.
The institutional and office furniture market report table of contents includes:
1. Executive Summary
2. Institutional And Office Furniture Market Characteristics
3. Institutional And Office Furniture Product/Service Analysis -Product/Service Examples
4. Institutional And Office Furniture Market Trends And Strategies
5. Institutional And Office Furniture Market – Macro Economic Scenario
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68. Global Institutional And Office Furniture Market Competitive Benchmarking
69. Global Institutional And Office Furniture Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Institutional And Office Furniture Market
71. Institutional And Office Furniture Market Future Outlook and Potential Analysis
72. Appendix
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