USD 14.74 Billion
Report ID:
SQMIC25F2066 |
Region:
Country |
Published Date: April, 2024
Pages:
223
|Tables:
62
|Figures:
75
U.S. Office Furniture Market size was valued at around USD 14.74 Billion in 2022 and is expected to rise from USD 15.52 billion in 2023 to reach a value of USD 23.46 Billion by 2031, at a CAGR of 5.3 % over the forecast period (2023–2031).
The rising number of homes, offices, and commercial complexes being built throughout the forecast period is one of the key factors influencing market growth. Retailers and manufacturers are seeing an increase in demand for home office equipment as more people choose to work from home or from remote places. Because there are so many simple and quick delivery options, customers are drawn to clever, comfortable, and adaptable furniture designs.
Additionally, there is a demand for modern office furniture due to the quick development of commercial zones and IT parks, which has increased the number of corporate offices. Businesses are also creating informal office environments to improve social relationships, collaborative workspaces, and employee communications. This tendency has led office furniture manufacturers to start creating furniture that is cleverly designed. Aside from that, due to technological advancements and a rise in the prevalence of health issues brought on by employees' sedentary habits, there has been an increase in demand for smart office furniture that gives internet access while also promoting improved posture and movement assistance. This component is anticipated to have an important impact on the demand for office furniture during the projection period.
Additionally, the growing adoption of the work-from-home (WFH) paradigm as a result of the coronavirus (Covid-19) pandemic is one of the key reasons boosting the market's growth. Many individuals are still working from home due to the unanticipated spread of the illness and the state-wide lockdown, which is increasing the demand for warm and durable office furniture for home offices.
Furthermore, a number of significant players in the office furniture industry are entering into collaborations with e-commerce retail outlets in order to strengthen their distribution networks. The demand for office furniture increased at the same rate as commercial building construction and employment in the service industry. An increase in new businesses being founded and corporate growth is another factor anticipated to boost market expansion. The demand for office space and jobs is anticipated to rise, which will boost market expansion.
Global Market Size
USD 14.74 Billion
Largest Segment
Online
Fastest Growth
Online
Growth Rate
5.3% CAGR
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The U.S. Office Furniture Market is segmented based on Product, Distribution Channel and region. Based on Product the market is segmented into Seating, Modular Systems, Desks & Tables, Others. Based on Distribution Channel Online and Offline. Based on region, the U.S. Office Furniture Market is segmented into Northeast, Midwest, South, West and Southwest.
U.S. Office Furniture Market Analysis by Product
In 2021, the seating segment's revenue share was over 25.0%, which was the highest. As employees spend more than 8 to 10 hours at work each day, proper seating has become more crucial. As the ideal posture when working has a significant impact on health, office chairs must be created using scientific principles to reduce illness and weariness. The demand for ergonomic seats, which increase worker productivity, efficiency, and workplace aesthetics, is rising in the United States.
American consumers prefer to buy furniture that not only looks attractive but is also made of high-quality components. About a third of purchasers gave desks and tables top priority when choosing office furniture in the U.S. in 2021. The demand for office furniture utilized in the house grew as a result of the COVID-19 epidemic, which led to extensive lockdowns and stay-at-home orders throughout the U.S.
U.S. Office Furniture Market Analysis by Distribution Channel
In 2021, the offline distribution channel segment dominated the market with a revenue share of approximately 65.0%. From 2022 to 2030, the category for online distribution channels is anticipated to have the fastest CAGR, at 9.9%. The growth of e-commerce retail channels and online furniture retailers are the segment's driving forces. Market players are creating new digital platforms to expand their customer bases.
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The Southern region of the United States is a growing market in the office furniture industry. States like Texas, Florida, and Georgia have seen a significant increase in the number of businesses and startups in recent years, which has created a demand for office furniture. The Southern region has a relatively lower cost of living and business expenses compared to other regions in the U.S. This has attracted many companies to set up their operations in the Southern states, leading to a higher demand for office furniture.
The Northeast region, which includes states like New York, Pennsylvania, and Massachusetts, is one of the largest markets for office furniture in the U.S. due to the high concentration of businesses and corporations in the region. Many well-known office furniture companies such as Steelcase, Herman Miller, and Knoll have their headquarters or major operations in this region.
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U.S. Office Furniture Market Drivers
Growing Demand for Ergonomic Furniture
U.S. Office Furniture Market Restraints
High Transportation Costs
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The U.S. office furniture market is highly competitive, with a large number of manufacturers, designers, and distributors operating in the industry. These companies offer a wide range of office furniture products, including desks, chairs, tables, storage units, and other accessories. They also have a strong focus on sustainability and ergonomics, with many offerings of eco-friendly and ergonomic furniture options. In addition to these key players, there are many other smaller manufacturers and designers in the U.S. office furniture market, as well as retailers and online marketplaces that offer a variety of office furniture options to consumers. The market is highly competitive, with companies constantly innovating and introducing new products to meet the evolving needs and preferences of customers.
U.S. Office Furniture Market: Top Player’s Company Profiles
U.S. Office Furniture Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the U.S. Office Furniture market is the rising number of homes, offices, and commercial complexes being built throughout the forecast period is one of the key factors influencing market growth. Retailers and manufacturers are seeing an increase in demand for home office equipment as more people choose to work from home or from remote places. Because there are so many simple and quick delivery options, customers are drawn to clever, comfortable, and adaptable furniture designs. Furthermore, a number of significant players in the office furniture industry are entering into collaborations with e-commerce retail outlets in order to strengthen their distribution networks. The demand for office furniture increased at the same rate as commercial building construction and employment in the service industry. An increase in new businesses being founded and corporate growth is another factor anticipated to boost market expansion. The demand for office space and jobs is anticipated to rise, which will boost market expansion.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 14.74 Billion |
Market size value in 2031 | USD 23.46 Billion |
Growth Rate | 5.3% |
Base year | 2023 |
Forecast period | 2023–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the U.S. Office Furniture Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the U.S. Office Furniture Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the U.S. Office Furniture Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the U.S. Office Furniture Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIC25F2066