Office Furniture Market Size, Share, Growth Analysis, By Product Type(Office Chair, Office Table, Storage Furniture and Others), By Material(Wood, Steel and Others), By Distribution Channel(Online, and Offline), By Region - Industry Forecast 2024-2031

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.

The Asia-Pacific region is poised to exhibit a remarkable Compound Annual Growth Rate (CAGR) of 8.18% during the forecast period, establishing itself as the geographical area with the fastest growth rate in the market under consideration. The surge in professionals adopting the work-from-home paradigm is anticipated to drive a substantial increase in revenue and sales transactions within the market. Factors such as large populations and a scarcity of office space in countries like Japan, Singapore, and other regional areas are prompting businesses to embrace remote working, contributing to heightened levels of work efficiency. Moreover, the vast population in nations like China and India, coupled with the prevalence of low- to middle-income groups, acted as a limiting factor during the study period, impeding the market from expanding rapidly.