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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 Moreover, many closed technology systems and outdated back-office infrastructure may further decelerate business progression.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.
Which regional segment is set to emerge as a lucrative business hub by 2032?
The North America contract furniture industry is poised to observe 5% growth rate through 2032, driven by the rapid commercialization and the presence of several product manufacturers and vendors in the region.
What factors are supporting the growth of the offline segment as a major distribution channel for contract furniture?
The industry size from the offline segment is primed to witness 5% growth between 2023 and 2032 as this distribution channel allows better interaction amongst the consumer and retailer offering higher customer reliability and a better after-service experience.
Why is upholstered contract furniture gaining traction?
The contract furniture market share from the upholstered segment is anticipated to stand at USD 5.5 billion by 2032, given the increasing demand for comfortable and aesthetic furniture items such as ottomans, cushioned chairs, and sofas across the hospitality industry and residential settings.
How is the contract furniture market doing?
The market size of contract furniture market crossed USD 60 billion in 2022 and is expected to register 5% CAGR from 2023 to 2032 owing to the burgeoning demand for ergonomic furniture in personal and commercial working spaces.
Who are the key players in the competitive business landscape?
Some of the major participants are Kimball International Inc., Carlick Contract Furniture Company, Herman Miller, Inc., Steelcase Inc., IKEA, Copeland, Hauser Industries Inc., Creative Wood, Ashley Furniture Industries, Humscale International Holding Ltd., amongst others.