What Factors Propelled The Growth Of The Contract Furniture Market In The Past?
The contract furniture market has seen considerable growth due to a variety of factors.
•The scale of the contract furniture industry has experienced significant expansion in the preceding years. The market, which was valued at $63.21 billion in 2024, is projected to increase to $67.1 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.2%.
The growth observed during the historic period is as a result of several factors including the expansion of corporate offices, evolving office design trends, the development of the hospitality and tourism industry, the adoption of sustainable and eco-friendly operations, and the globalization of businesses.
What Is The Projected Growth And Market Size For The Contract Furniture Sector?
The contract furniture market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the contract furniture market, with predictions indicating significant growth in the coming years. It is anticipated to increase to a value of $85.56 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.3%.
The surge in growth during the forecast period is primarily due to the rising popularity of remote work, wellbeing and ergonomic design, adaptable and modular furniture solutions, customization, personalization, and the speedy expansion of co-living spaces. Foreseen trends during this period include the incorporation of technology, biophilic design elements, smart furniture, integration of the IoT, use of virtual and augmented reality in design, and innovative sustainable materials.
What Factors Are Driving Growth In The Contract Furniture Market?
The global growth in commercial areas is projected to stimulate the expansion of the contract furniture market in the future. The term commercial space encompasses all spaces employed for industry or professional operations. Contract furniture is specifically designed and constructed for public areas and high-traffic commercial sites such as business lobbies, waiting spaces, and offices. These places can support hundreds of dynamic individuals and require highly durable furnishings. For instance, a report released by Commercial Edge, a Canadian commercial real estate software firm, in June 2023, indicated that the average rate for office listings in the United States stood at $38.36 per square foot in 2023, an annual rise of 2.1%. The annual national vacancy rate climbed by 30 basis points to 17% in 2023. Additionally, the ongoing office space construction in the United States amounted to 116.2 million square feet in 2023, constituting 1.8% of the total inventory. Hence, the global increase in commercial spaces is fueling the growth of the contract furniture market.
What Are The Main Segments Of The Global Contract Furniture Market?
The contract furniture market covered in this report is segmented –
1) By Product Type: Chairs And Stools, Tables And Desks, Storage Furniture, Sofa And Couch, Other Product Types
2) By Materials: Upholstered, Non-Upholstered
3) By Distribution Channel: Offline, Online
4) By End-User: Government, Corporate Offices, Institutional, Healthcare Or Medical Facilities, Hospitality, Other End-Users
Subsegments:
1) By Chairs And Stools: Task Chairs, Lounge Chairs, Bar Stools, Stackable Chairs
2) By Tables And Desks: Conference Tables, Dining Tables, Workstations And Desks, Side Tables
3) By Storage Furniture: Filing Cabinets, Bookcases, Lockers, Shelving Units
4) By Sofa And Couch: Modular Sofas, Sectional Sofas, Sleeper Sofas, Loveseats
5) By Other Product Types: Partitions And Dividers, Outdoor Furniture, Accessories
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What Emerging Trends Are Influencing The Growth Of The Contract Furniture Market?
The rise of product innovation is a significant trend observed in the contract furniture market. Major firms in this market sector are focusing on introducing innovative furniture designs to solidify their market standing. To illustrate, Godrej Interior, a furniture company based in India, launched a novel ergonomic desk called Move Up in February 2022. This innovative desk promotes healthful alternation between postures and features a design that is easily adjustable. It uses a specialized software system to understand each user's unique needs and facilitates seamless shifts between work postures. The software keeps track of the user's sitting and standing time and responds accordingly, enabling the desk's movement.
Who Are the Key Players in the Contract Furniture Market?
Major companies operating in the contract furniture market include:
• Inter IKEA Systems BV
• Herman Miller Inc.
• Steelcase Inc.
• Haworth Inc.
• HNI Corporation
• Okamura Corporation
• Global Furniture Group
• Arhaus Inc.
• Knoll Inc.
• Kimball International
• Kinnarps AB
• OFS Brands Holdings Inc.
• Cabot Wrenn
• Teknion Corporation
• Pioneer Contract Furniture Ltd.
• Keilhauer Industries Ltd.
• Allseating Corporation
• Allermuir Inc.
• Hauser Industries Inc.
• Jack Cartwright Inc.
• Carlick Contract Furniture Limited
• Casala Limited
• Modern Line Furniture
• Aceray LLC
What Is The Most Dominant Region In The Contract Furniture Market?
North America was the largest region in the contract furniture market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contract furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
