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Contract Furniture Market Size By Material (Upholstered, Non-Upholstered), By End-user (Government, Corporate/Office, Educational, Healthcare, Hospitality), By Product Type (Chairs & Stools, Tables & Desks, Storage Cabinets, Sofa), Distribution Channel & Forecast, 2023-2032
Report ID: GMI5330
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Published Date: August 2022
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Report Format: PDF
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Premium Report Details
Base Year: 2022
Companies covered: 12
Tables & Figures: 632
Countries covered: 18
Pages: 800
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Contract Furniture Market Size
Contract Furniture Market size surpassed USD 60 billion in 2022 and is estimated to grow at 5% CAGR from 2023 to 2032. The rapid adoption of ergonomic furniture across commercial and personal working spaces to ensure comfort and efficiency in the working environment will stimulate industry revenue streams.
Health issues such as joint pain, musculoskeletal problems, back issues, neck pains, and restricted organs have become increasingly prevalent in recent years. These concerns have prompted the concept of ergonomics in the furniture industry to support comfort and function for human use. The increasing awareness about the benefits of maintaining the correct body posture and several organizations deploying such furniture in their office spaces will drive lucrative gains to the contract furniture market.
Another factor positively influencing the contract furniture market dynamics is the visible surge in demand for commercial furniture, credited to the fast-paced urban migration in the developing economies and the flourishing global trade is encouraging numerous companies to set up their offices in different parts of the world. Driven by the mass furniture requirements of international professional giants, the industry is set to witness noticeable expansion by 2032.
Outworn back-office infrastructure to hamper sector growth
Many companies dealing in contract furniture rely on manual accounting processes, which lack real-time insights, are hard to scale, and also involve human errors. Thus, the continued use of traditional accounting techniques may impact market performance during 2023-2032. Moreover, many closed technology systems and outdated back-office infrastructure may further decelerate business progression. However, increasing strategic exchanges among leading players and growing mergers and acquisitions opportunities will strengthen the industry outlook.
Contract Furniture Market Analysis
The contract furniture market from the upholstered segment is poised to be worth USD 5.5 billion by 2032. The segment growth is credited to the augmenting sales of single sofas and convertibles due to a growing inclination toward home aesthetics and rising consumer expenditure on home furnishing. Besides, the increased emphasis on ensuring comfort in commercial as well as residential settings will further bolster market gains.
The contract furniture market from the corporate/office end-use segment is foreseen to observe 5.5% growth between 2023 and 2032. In the corporate sector, furniture not only plays an important role in providing comfort but is also considered critical in maintaining efficiency at the workplace. A number of business organizations considering these new dimensions to ensure employee well-being, increase productivity, enhance brand identity and encourage collaboration will garner the uptake of contract furniture in corporate/offices.
The offline distribution industry is anticipated to attain 5% gains and amass USD 80 billion in revenue by 2032. This sales channel is a traditional and the most preferred among both consumers and retailers. It enables one-on-one interaction between both parties while making it easier for the retailer to understand the customer's requirements. Besides, shipping and transporting bulk furniture over long distances leads to product damage and high transportation charges, further encouraging the espousal of offline than online.
The North America contract furniture market is slated to witness 5% growth during 2023 to 2032. The growth is primarily attributed to the presence of a significantly good number of manufacturers and high product uptake from the region. Additionally, the remarkable surge in commercial activities and major manufacturing firms focusing on expanding their operations in major regional economies.
Contract Furniture Market Share
Leading participatory firms in the contract furniture business are
These companies have been putting forth their years of expertise and leveraging advanced technologies to develop new products and expand their consumer base.
Impact of COVID-19 pandemic
The COVID-19 pandemic had a moderate impact on the global industry, given the unforeseen closure of several end-use industries and commercial establishments due to stringent lockdown norms. The migration of the office workforce towards remote work reduced product intake in the commercial sector. However, the need to set up a comfortable and healthy working environment at home drove product sales. Furthermore, the implementation of numerous growth strategies by major business behemoths fueled industry demand during the crisis.
This market research report on contract furniture includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2018 to 2032 for the following segments:
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Market, By Material
Market, By End-user
Market, By Distribution Channel
Market, By Region