SELBYVILLE, Del. -- The contract furniture market is expected to cross a valuation of around $95 billion by 2030, according to the latest research analysis by Global Market Insights Inc.
The prevalent need to improve commercial infrastructure will drive the global industry trends, according to the analysis. The concept of ergonomics in the market, along with the increasing uptake of such furniture for personal working space, will boost product demand. Subsequently, the surging uptake of commercial furniture to support remote working positively influenced the business scenario.
An increase in back-office infrastructure may emerge as a major limiting factor. As these spaces do not require contract furniture, they may hamper product adoption. Moreover, the closed technology system in private companies has also restricted the use of contract furniture in the office and corporate buildings that promote separation. Nevertheless, the latest advancements in the field may encourage players to eventually overcome this restraint.
Major contract furniture market participants in the survey include Herman Miller, Inc., Haworth Inc., Steelcase Inc., Ashley Furniture Industries, IKEA, Kimball International Inc., Copeland, Hauser Industries Inc., Global Furniture Group, Sedus, Creative Wood, Carlick Contract Furniture Company, Humanscale International Holding Ltd., Kinnarps Ab, and Godrej & Boyce Manufacturing Co., Ltd.
Construction projects to push demand for non-upholstered
The non-upholstered contract furniture market is slated to capture more than 25% of the revenue share by 2030. The growth is attributed to rising consumer expenditure and prominent commercial construction projects on account of the growing working population.
Government end-user segment
The government sector is set to grow at a CAGR of over 5% and will exceed $16 billion in revenue by 2030. The escalating consumer interest in high-quality contract furniture from government offices will amplify product penetration. Driven by government focus on improving infrastructural development, along with rising government space, such as schools, offices, and lobbies will stimulate growth.
Major population influences
The contract furniture market outlook from the offline distribution channel will remain positive until 2030. This channel will observe exponential growth as it is a widely preferred channel of business. A majority of the population depends on traditional forms of commerce, which makes it the most preferred platform to buy and sell, which will propel industry demand.
Middle East & Africa to emerge
The Middle East & Africa contract furniture market was valued at $3 billion in 2021 and is estimated to reach over $5 billion by 2030. The expansion of the construction industry may be a major reason for elevating product uptake. In addition, increasing infrastructural incentives will bolster the presence of players in the MEA region, fostering the industry outlook.
The growing utilization of commercial furniture in the Latin American region due to ease of purchasing is stimulating market progress in the region. As per the report, Latin America is likely to capture over 9% share in the global industry during 2022-2030.
Acquisitions remain a key growth strategy
The competitive framework of the global contract furniture market includes Herman Miller, Inc., Haworth Inc., Steelcase Inc., Ashley Furniture Industries, IKEA, Kimball International Inc., Copeland, Hauser Industries Inc., Global Furniture Group, Sedus, Creative Wood, Carlick Contract Furniture Company, Humanscale International Holdings Ltd., Kinnarps Ab, and Godrej & Boyce Manufacturing Co., Ltd.
These firms majorly engage in new product innovation and increase the efficiency of the product to maintain their market position.
For instance, in September 2021, Steelcase Inc., an American furniture manufacturer, unveiled its first-of-a-kind ergonomic chair, Steelcase Karman for an ergonomic seating design. The design of Steelcase Karman is developed to respond naturally to the body's movement and provide utmost comfort. Its innovative design merges a new proprietary mesh textile that does not sag or feel stiff with an ultra-light-flexible frame that eliminates stiff edges, thereby reducing the pressure on the seat and the back compared to traditional mesh chairs.
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