In 2023, the contract furniture market is anticipated to have a valuation of US$ 148.72 billion. Future Market Insights predicts that the market is anticipated to expand at an adequate CAGR of 6.1% and reach a value of US$ 268.86 billion by 2033.
- The smart furniture market is experiencing rapid expansion, offering functionalities such as internet browsing, mobile device charging, listening to news or radio, and more.
- This trend is considered to be the future direction of the furniture industry, catering to the evolving needs and preferences of consumers.
- However, the growth of the contract furniture sector is being hindered by the increasing costs of raw materials, including springs, wood, textiles, mechanics, feathers, and packaging.
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Key Takeaways:
- In 2022, the United States was expanding at a market value of US$ 13.89 billion in the contract furniture market, and continues to expand at an expected CAGR of 5% by 2033.
- The contract furniture market was significantly expanding, with a size of US$ 140.17 billion in 2022.
- The market in the United States is anticipated to expand at a valuation of US$ 23.76 billion by 2033, as a result of ongoing innovation by existing players.
- Due to the market’s enormous potential and expanding e-commerce sector, analysts expect it is likely to rise 1.06 times between 2022 and 2023.
- The United Kingdom market is expected to develop at a prodigious CAGR of 4.8% by 2033.
- The Asia Pacific contract furniture market is likely to hold a 10 to 12% share in the global furniture industry.
- Based on product type, chairs & stools dominated the market with a share of 34.15% in 2022 and continued to lead the market during the forecast period.
- Based on end user, corporate offices dominated the market with a share of 42.4% in 2022, and continues to lead the market during the forecast period.
- Based on distribution channels, the offline segment dominated the market with a share of 77.15% in 2022 and continues to lead the market during the forecast period.
Critical Approaches Increasing Top Players’ Wealth
The primary focus of businesses is on offering a variety of furniture solutions for commercial settings like offices, hotels, and restaurants. The introduction of various new entrepreneurs, who are using cutting-edge technologies and novel business models to disrupt the market, further defines the competitive landscape of the contract furniture market.
These businesses are primarily concerned with offering customers ergonomic and environmentally friendly furniture options, which are in high demand.
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Recent Developments
- The home and workplace underwent transformation, with the merging of Herman Miller and Knoll in 2021, which produced the dominating leader in contemporary design.
- In July 2022, Kokuyo paid US$ 75 million to purchase the Lamex Office Furniture division of HNI Company in China and Hong Kong.
- On April 22, 2022, Fursys Inc. and Sidiz Inc. reached an agreement to sell FURSYS VN Ltd. to Fursys Inc. for KRW 50 billion. A transaction board decision was reached on April 22, 2022. The agreement was finalized on May 6, 2022.
Key Segments
Contract Furniture by Product Type:
- Contract Furniture as Chairs & Stools
- Contract Furniture as Tables & Desks
- Contract Furniture as Storage Furniture
- Contract Furniture as Sofa & Couch
- Others
Contract Furniture by End Users:
- Contract Furniture for Government
- Contract Furniture for Corporate Offices
- Contract Furniture for Institutional,
- Contract Furniture for Healthcare/Medical Facilities,
- Contract Furniture for Hospitality
- Others
Contract Furniture by Distribution Channels:
- Contract Furniture on Online Platform
- Contract Furniture on Offline Platform
Contract Furniture by Region:
- Contract Furniture in North America Market
- Contract Furniture in Latin America Market
- Contract Furniture in Europe Market
- Contract Furniture in East Asia Market
- Contract Furniture in South Asia & Pacific Market
- Contract Furniture in Middle East and Africa (MEA) Market
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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