USD 140.17 Billion
Contract Furniture Market Size, Share, Growth Analysis, By Product Type(Chairs & Stools, Tables & Desks, Storage Furniture, Sofa & Couch), By End user(Government, Corporate Offices, Institutional, Healthcare/Medical Facilities), By Distribution Channel(Offline, and Online), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25AH2004 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
62
|Figures:
75
Contract Furniture Market Insights
Global Contract Furniture Market size was valued at USD 140.17 Billion in 2022 and is poised to grow from USD 147.32 Billion in 2023 to USD 219.32 Billion by 2031, at a CAGR of 5.10% during the forecast period (2024-2031).
Global Contract Furniture Market is a rapidly growing market, driven by the growing demand for innovative and sustainable furniture solutions in the commercial, hospitality, education, and healthcare sectors. The market is characterized by diverse end-users, with demand from the commercial and hospitality sectors being the major growth drivers. The growing number of new commercial and industrial hubs across the globe is expected to drive demand for contract furniture. Additionally, the increasing number of hotels, resorts, and restaurants, coupled with the growing trend of "bleisure" (business and leisure travel), is driving demand for contract furniture in the hospitality sector. The education sector is another significant end-user of contract furniture. The growing number of educational institutions and the increasing focus on creating a conducive learning environment drive demand for contract furniture. The healthcare sector is also witnessing significant growth, with the aging population and increasing healthcare expenditure driving demand for contract furniture in hospitals, clinics, and other healthcare facilities. Overall, the global market is dynamic and growing, driven by the growth of the commercial, hospitality, education, and healthcare sectors. The market is expected to continue to grow in the coming years, driven by the emergence of new manufacturing hubs, the increasing demand for innovative and sustainable furniture solutions, and the growth of end-user industries across the globe.
US Contract Furniture Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Offline
Fastest Growth
Offline
Growth Rate
5.10% CAGR
Global Contract Furniture Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
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Contract Furniture Market Segmental Analysis
Global Contract Furniture Market is segmented on the basis of product type, distribution channel and region. By product type, the Contract Furniture Market is segmented into seating, storage units, tables, and others. By distribution channel, Contract Furniture Market is segmented into offline and online. By region, the Contract Furniture Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Contract Furniture Market Analysis by Product Type
The seating segment, which includes chairs, sofas, and other dominated the global market. This segment dominates the market due to its high demand from various end-use industries such as hospitality, education, healthcare, and corporate. The seating segment is expected to continue dominating the market during the forecast period due to the increasing demand for comfortable and ergonomic seating options in commercial spaces. With the rise of the gig economy and remote work, the demand for comfortable seating options in home offices and co-working spaces is also increasing, further driving this segment’s growth.
On the other hand, the storage units segment is expected to grow at the fastest CAGR. This segment includes cabinets, shelves, lockers, and other types of storage furniture. The increasing need for efficient storage solutions in commercial spaces, particularly in the healthcare and education sectors, is driving the growth of this segment.
Contract Furniture Market Analysis by Distribution Channel
The offline segment dominated the global market, including brick-and-mortar stores, dealerships, and showrooms. This segment dominates the market due to the traditional approach of customers to purchase furniture by physically examining the product before buying it. The offline distribution channel is preferred by customers who prefer to touch and feel the product before making a purchase, particularly for high-value items such as furniture. The offline segment is expected to continue dominating the market during the forecast period. However, with the increasing penetration of the internet and the growing trend of online shopping, the online segment is expected to grow at a faster pace.
The fastest growing global contract furniture market segment based on distribution channels is online. This segment includes online marketplaces, e-commerce websites, and direct-to-consumer online sales channels. The increasing adoption of smartphones, tablets, and other mobile devices has made online shopping more convenient and accessible to customers worldwide. The growing trend of remote work and e-commerce platforms has further fueled the demand for online purchasing of contract furniture.
Global Contract Furniture Market Size By Distribution Channel 2021(%)
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Contract Furniture Market Regional Insights
North America dominated the global market, with the United States being the region's largest contributor to this market. In recent years, the region has witnessed a significant rise in the commercial and hospitality sectors, which has fueled the demand for contract furniture in the region. The North American market is characterized by a high level of competition, with a large number of players competing for market share. The United States, in particular, is home to many of the leading contract furniture manufacturers globally. The country's large and diverse economy has created a favorable environment for the growth of the contract furniture market. The healthcare, hospitality, education, and corporate sectors have been significant end-users of contract furniture, with demand from these sectors driving the growth of the market. The commercial sector has been the dominant end-user of contract furniture in North America, with demand coming from office spaces, retail stores, and restaurants. The adoption of open office designs has also created significant demand for contract furniture, as companies look for flexible and adaptable furniture solutions that can be customized to meet their needs. The hospitality sector has also emerged as a significant end-user of contract furniture in North America, driven by growth in the hotel and restaurant industries. In terms of market trends, the demand for sustainable and environmentally friendly furniture has been on the rise in North America. Companies are increasingly adopting eco-friendly materials and production processes to meet the growing demand for sustainable furniture. Another trend in the North American market is the adoption of smart furniture, which incorporates technology into furniture design to provide enhanced functionality and convenience.
The Asia Pacific region is expected to be the fastest-growing market for contract furniture globally, driven by rapid urbanization and growth of the commercial and hospitality sectors. The region's large and growing middle class, increasing disposable incomes, and favorable government policies have created a favorable environment for the growth of the contract furniture market. China is the region's largest contract furniture market, with the country's booming economy and large population driving demand for contract furniture across all sectors. The country has witnessed rapid urbanization, with the growth of megacities and the emergence of new commercial and industrial hubs driving demand for contract furniture. India is another significant market for contract furniture in the Asia Pacific region, driven by the country's rapidly growing economy and the emergence of new commercial and industrial hubs. The country has a large and growing young population, which is fueling the demand for contract furniture in the education and corporate sectors. Japan is another major market for contract furniture in the region, with the country's aging population driving demand for contract furniture in the healthcare sector. The hospitality and commercial sectors have also witnessed significant growth in recent years, creating demand for contract furniture. The Asia Pacific market is characterized by a diverse range of end-users, with demand coming from the education, healthcare, hospitality, and commercial sectors. The adoption of innovative and sustainable furniture solutions has also been on the rise in the region, as companies seek to reduce their environmental impact and meet the growing demand for sustainable furniture.
Global Contract Furniture Market Size By Geography, 2021-2030
- Largest
- Fastest
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Contract Furniture Market Dynamics
Contract Furniture Market Drivers
Growth in the construction industry
- The growth of the global construction industry, particularly in emerging markets, creates demand for contract furniture for commercial buildings, offices, and public spaces.
Expansion of the hospitality industry
- The hospitality industry, which includes hotels, restaurants, and cafes, is experiencing significant growth, especially in emerging markets. This drives demand for contract furniture designed for use in public spaces, such as lobbies, dining areas, and outdoor spaces.
Contract Furniture Market Restraints
Volatility in raw material prices
- The cost of raw materials used in the production of contract furniture, such as wood, metal, and textiles, can be highly volatile and subject to fluctuation, which can negatively impact profit margins.
High competition
- The contract furniture market is highly competitive, with a large number of players competing for market share. This can make it difficult for new entrants to gain a foothold and for established players to maintain profitability.
Economic downturns
- Economic downturns can impact the demand for contract furniture, as companies may delay or cancel new projects, decreasing demand for contract furniture.
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Contract Furniture Market Competitive Landscape
Global Contract Furniture Market is highly competitive, with a large number of companies operating in the industry. Some of the major players in the market compete on the basis of factors such as product innovation, design, price, quality, distribution, and customer service. Many of them have a strong brand presence and offer a wide range of products to cater to the diverse needs of their customers. The market is also characterized by a high degree of fragmentation, with a large number of small and medium-sized players operating in different regions and markets. In addition, the market is dynamic, with new players entering the market regularly, increasing competition and driving innovation.
Contract Furniture Market Top Player’s Company Profiles
- Herman Miller, Inc.
- Steelcase Inc.
- HNI Corporation
- Haworth, Inc.
- Knoll, Inc.
- Kimball International, Inc.
- Teknion Corporation
- KI (Krueger International, Inc.)
- Global Furniture Group
- Vitra International AG
- Okamura Corporation
- Interface, Inc.
- Teknion LLC
- Bernhardt Furniture Company
- La-Z-Boy Inc.
- Humanscale Corporation
- Kinnarps AB
- Orangebox Limited
- SIS Human Factors Engineering Ltd.
- izzy+
Contract Furniture Market Recent Developments
- In July 2022, Japanese office furniture company Kokuyo announced that it had acquired HNI Corporation's China and Hong Kong-based Lamex Office Furniture business for USD 75 million. The acquisition was aimed at expanding Kokuyo's presence in the Chinese market and strengthening its global competitiveness.
- In April 2022, South Korean office furniture company Fursys Inc. agreed to acquire FURSYS VN Ltd from Sidiz.Inc. for KRW 50 billion. The transaction board resolution was made on April 22, 2022, and the transaction was completed on May 6, 2022. The acquisition was part of Fursys' strategy to expand its business in the Southeast Asian market and strengthen its global competitiveness.
Contract Furniture Key Market Trends
- Growing demand for ergonomic and functional furniture: With more people spending extended periods of time sitting at their desks or workstations, there has been a greater demand for furniture that is comfortable, supportive, and designed to promote good posture and health.
- Increased adoption of sustainable and eco-friendly materials: As consumers become more environmentally conscious, there has been a shift towards the use of sustainable and eco-friendly materials in furniture manufacturing, such as recycled materials, bamboo, and other renewable resources.
- Customization and personalization: Customers are seeking unique and customized furniture to their specific needs and preferences, driving the demand for bespoke and personalized furniture solutions.
Contract Furniture Market SkyQuest Analysis
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 Global Contract Furniture Market analysis, the market is driven by the increasing demand for innovative and ergonomic furniture, rising awareness about the importance of workplace wellness, and the growing trend of remote work. The market is also shifting towards sustainable and eco-friendly furniture products, driven by increasing environmental concerns and the growing demand for green buildings. The market is highly fragmented and is dominated by several key players, with intense competition among them to capture a larger market share. North America is the largest market, driven by the increasing demand for office and hospitality furniture. However, the Asia-Pacific region is expected to witness the fastest growth during the forecast period, driven by the increasing adoption of commercial spaces and the growing trend of remote work. The market offers significant opportunities for manufacturers, retailers, and other players in the value chain to capture a larger market share by offering customers innovative and value-added products and services.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 140.17 Billion |
| Market size value in 2031 | USD 219.32 Billion |
| Growth Rate | 5.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Contract Furniture Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Contract Furniture Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Contract 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 Contract 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Contract Furniture Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Contract 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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