Contract Furniture Market Growth, COVID Impact, Trends Analysis Report 2033
The contract furniture market is predicted to be worth US$ 148.72 billion in 2023, and rise to US$ 268.86 billion by 2033. Initially, the global market was expanding at a CAGR of 6.1 % during 2023 to 2033.
Technology development has boosted the demand for contract furniture and furnishings. Big tech companies are progressively encouraging the growth of the world economy. The expansion of large IT companies' office space has increased demand for corporate office furniture, which is fueling industry growth.
The demand for smart furniture, which makes it possible to do things like browse the internet, charge mobile devices, listen to the radio, and more, is rising swiftly. The contract furniture industry is likely to follow this trend for high profits margins.
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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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.
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