Contract Furniture Market size is anticipated to exceed USD 95 billion by 2030, according to the latest research report by Global Market Insights Inc.
The rising number of construction projects supported by the government and the widespread incorporation of contract furniture as the chief drivers of the global industry. For instance, in June 2022, U.S. President Joe Biden, along with G7 summit leaders, announced the launch of the Partnership for Global Infrastructure (PGII), which aims to boost the number of construction projects in the country. Mobilizing around USD 200 billion for PGII, the government’s focus is to provide federal financing and additional capital for advanced infrastructure.
Increasing consumer spending to bolster non-upholstered furniture industry share
The global non-upholstered contract furniture market size recorded USD 15 billion in 2021 and is slated to surpass USD 24 billion by end of 2030. The segment growth is attributed to rising disposable incomes and increasing commercial construction activities as a result of the growing working population.
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Escalating tourism sector across the globe
The demand for contract furniture to witness significant rise in the hospitality sector. The mounting need for brand recognition amongst hotels, tourist spots, restaurants, and bars will improve product demand in this industry. In 2021, contract furniture market share from the hospitality segment was worth more than USD 10 billion and will depict substantial growth trends by 2030.
Expanding e-commerce platform to augment online segment demand
The distribution of contract furniture through online channels will remain high in the coming years. The contract furniture industry from the online distribution channel will exhibit 8% CAGR through 2030. The soaring use of e-commerce platforms for purchasing furniture will stimulate product adoption massively. The industry growth will be driven by the boom of innovative e-commerce platforms that offer furniture on rent and lease.
Browse key industry insights spread across 800 pages with 604 market data tables and 32 figures & charts from the report “Contract Furniture Market Size By Material (Upholstered Furniture [Plastic, Wood, Metal, Fabric, Foam, Leather], Non-Upholstered Furniture [Plastic, Wood, Metal]), By End-user (Government [Federal Government, State Government, Local Government], Corporate/Office, Educational, Healthcare, Hospitality), By Product Type (Chairs & Stools [Computer Chairs, Conference Chairs, Executive Chairs, Drafting Chairs & Stools, Folding Chairs, Wheel Chairs, Waiting Chairs, Stools, Armchairs, Ottoman Chairs], Tables & Desks [Conference Table, Executive Table, Foldable Desk, Writing/Benches Desk, Dining Table], Storage Cabinets, Sofa), By Distribution Channel (Online, Offline), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2030” in detail along with the table of contents.
Europe emerges as a prominent revenue pocket
The European contract furniture market stood at over USD 18 billion in 2021 and is estimated to cross USD 29 billion by 2030. Europe will emerge as a prominent hub for this industry as a result of the swelling demand for office and other commercial furniture. A substantial upswing in commercial projects in the region will also arise as a vital avenue for business growth.
Product range innovation to remain a major growth strategy
The strategic landscape of the market for contract furniture is primed to witness a series of collaborations & mergers and product range expansion by industry players. For example, in May 2022, Path chair, a newly launched chair range by leading furniture manufacturer Humanscale, was awarded the iF DESIGN AWARD, fueling the status of the company as a leading designer of high-performance solutions for work-life.
Some of the key contract furniture market players profiled 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.