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Global Office Furniture Market size was valued at USD 47.3 billion in 2022 and is poised to grow from USD 49.79 billion in 2023 to USD 73.42 billion by 2031, growing at a CAGR of 6.24% in the forecast period (2024-2031).

The market exhibitions a moderate level of merging, with a handful of major players imposing a significant share of the revenue. These key industry participants are advantageously intent on the introduction of innovative products to support their market positioning. Additionally, their focus extends to performing strategic initiatives, including partnerships, product launches, and collaborations, enhancing their overall market presence. 'Steelcase Inc.', 'Herman Miller, Inc.', 'HNI Corporation', 'Knoll, Inc.', 'Haworth Inc.', 'KI Furniture', 'Teknion Corporation', 'Kimball International, Inc.', 'Global Furniture Group', 'Vitra International AG', 'Okamura Corporation', 'National Office Furniture, Inc.', 'Artopex Inc.', 'OFS Brands, Inc.', 'La-Z-Boy Incorporated', 'Kinnarps AB', 'Kokuyo Co., Ltd.', 'Burotime Office Furniture', 'Nowy Styl Group', 'Koleksiyon Furniture '

India stands as one of the largest global importers of office furniture, witnessing a notable increase in furniture imports attributed to several factors. The growth in imports is primarily driven by the limited modernization and innovative design within the domestic furniture industry, a shortage of skilled labor, restricted market access, and challenges in maintaining quality control. The outlook for the imported office furniture market in India is experiencing an upward trajectory. Key countries contributing to India's furniture imports include China, Vietnam, Indonesia, Italy, and Thailand. Multinational corporations (MNCs) like Teknion have adopted a strategy of appointing subcontractors for furniture installation, importing furniture primarily from their manufacturing plants in countries such as Malaysia. Similarly, in the branded segment, Durian sells imported furniture through approximately 40 outlets. The rise of e-commerce platforms in the business-to-business (B2B) space has further streamlined the process of placing overseas orders. The preference for Chinese furniture is increasing due to the escalating costs associated with good quality local timber, which is currently in short supply.

Manufacturers are progressively incorporating sustainable materials, such as recycled and FSC-certified wood, and adopting eco-friendly manufacturing processes to decrease their environmental footprint. The stress on sustainable practices extends to the entire product lifecycle, from sourcing materials to end-of-life considerations, to developing a circular economy approach. Green certifications and eco-labels are becoming projecting, assuring customers of the ecologically sensible qualities of the furniture.

The North American region is the main driver of market growth. The Key factors contributing to this growth include the growth of commercial real estate, increased spending on information and communication technology (ICT), and a rising number of startups in the region. The production of corporate offices is a direct result of these factors, meaningfully influencing market dynamics. The United States, documented as a global innovation hub, provides sufficient opportunities for new companies to establish processes and open new branches. The surge in co-working spaces and the launch of new branches further propel market development. Particularly, data from the U.S. Census Bureau, a department of the U.S. Department of Commerce, specifies a substantial increase in business formation applications, with 425,741 applications recorded in September 2022, reflecting a 1% rise compared to August 2022. This rapid growth has a considerable and positive impact on the overall growth of the office furniture market.

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Global Office Furniture Market

Product ID: SQMIG25F2062