Contract Furniture Market is Projected to Grow at a Respectable 6.1% CAGR and Reach US$ 268.86 Billion in Valuation by 2033 | FMI
The contract furniture market is expected to reach a value of US$ 148.72 billion in 2023 and US$ 268.86 billion in 2033. Initially, from 2018 to 2022, the global market was growing at a CAGR of 6%.
The fast spread of technology has led to the development of competitive contract furniture and accessories market. In the light of technology, large tech firms are daily supporting more global corporations economically. The uptrend of the corporate office furniture market is caused by IT behemoths expansion their office space.
Smart furniture that can do interactive activities like web browsing, mobile device charging, radio listening and so on are in demand. Following this system of vast profit for the contract furniture industry is also expected.
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.
Ignite Your Growth: Unveil the Future Opportunities in the Contract Furniture Market – Get Your Report Today! https://www.futuremarketinsights.com/reports/sample/rep-gb-16891
- 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.
Drive Your Business Growth Strategy: Purchase the Report for Key Insights!
https://www.futuremarketinsights.com/checkout/16891
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.
Key Segments
Contract Furniture by Product Type:
- Contract Furniture as Chairs & Stools
- Contract Furniture as Tables & Desks
- Contract Furniture as Storage Furniture
- Contract Furniture as Sofa & Couch
- Others
Contract Furniture by End Users:
- Contract Furniture for Government
- Contract Furniture for Corporate Offices
- Contract Furniture for Institutional,
- Contract Furniture for Healthcare/Medical Facilities,
- Contract Furniture for Hospitality
- Others
Contract Furniture by Distribution Channels:
- Contract Furniture on Online Platform
- Contract Furniture on Offline Platform
Contract Furniture by Region:
- Contract Furniture in North America Market
- Contract Furniture in Latin America Market
- Contract Furniture in Europe Market
- Contract Furniture in East Asia Market
- Contract Furniture in South Asia & Pacific Market
- Contract Furniture in Middle East and Africa (MEA) Market
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
About Author
