During the projected period, there is a notable anticipation of a substantial increase in demand for Contract Furniture Market in the Asia Pacific region. Currently, contract furniture holds a significant market share of approximately 10 to 12% within the global furniture industry. Projections indicate that it will experience impressive growth, with a Compound Annual Growth Rate (CAGR) of approximately 5.5% by the year 2033.
The contract furniture market is expected to reach a value of US$ 148.72 billion in 2023 and US$ 268.86 billion in 2033. Initially, from 2018 to 2022, the global market was growing at a CAGR of 6%.
The growth of technology has increased the demand for contract furniture and decor. Large tech firms are steadily promoting the expansion of the global economy. The rise of the corporate office furniture market is being fueled by the expansion of large IT businesses’ office space.
Smart furniture, which enables activities like internet browsing, mobile device charging, radio listening, and more, is in high demand. This trend for huge profit margins will probably be adopted by the contract furniture market.
The demand for ergonomic office furniture is growing, which is a significant trend supporting the key corporations’ exorbitant profit margins. It is believed that workplace design has a substantial impact on employees’ productivity. One of the most important aspects of ergonomics is carefully placing furniture to make the best use of commercial space.
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- 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
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