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Contract Furniture Market size to reach $104 Bn by 2032
- Published Date: February 13, 2023
Contract Furniture Market size is anticipated to be worth USD 104 billion by 2032, according to the latest research report by Global Market Insights Inc.
The commendable rise in commercial spaces globally, backed by the increasing infrastructural investments and the adoption of capacity expansion strategies by leading business behemoths, will propel the sales of contract furniture by 2032. Governments across the globe have been making significant investments and rolling out development initiatives to boost their commercial and industrial infrastructure.
The surge in capital expenditure on infrastructural projects worldwide will pave the way for more international firms to expand their operations in different countries, which, in turn, will bring favorable growth prospects for the contract furniture market. Furthermore, an increasing number of participatory organizations in this business vertical have been strengthening their strategic bonds to remain competitive and enhance their global presence and enhance industry revenues by 2032.
Non-upholstered furniture sales to inflate due to its low maintenance requirements
the non-upholstered segment is anticipated to hit USD 5 billion by 2032, observing 27% CAGR during 2023 to 2032. Non-upholstered furniture, such as chairs, sofas, dining tables, etc., are comparatively less bulky than upholstered furniture and does not involve the risk of staining and wear and tear. Besides, it does not require much maintenance. The growing popularity of such furniture among the working population and homes with pets and children will support segment expansion.
Browse key industry insights spread across 800 pages with 604 market data tables and 28 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, 2023–2032” in detail along with the table of contents.
Government offices to emerge as major end-user for contract furniture
The contract furniture market from the government segment is set to witness 5.5% growth and record a valuation of USD 18 billion by 2032. Increasing demand for high-quality, comfortable contract furniture from government offices will accentuate business proceedings through 2032. Besides, the extending government support and subsequent rise in investments focused on boosting commercialization in several industrial verticals will foster product demand.
Online distribution channel to flourish due to elevated customer comfort
The online distribution channel is estimated amass USD 23 billion by 2032. A number of vendors have been listing themselves on online shopping platforms to enable customers to shop for the product of their choice in the comfort of their homes is the key factor resulting in the proliferation of these channels. This apart, the reliable logistic network, on-time shipping and delivery and the availability of a varied range of products on e-commerce platforms at reasonable prices will support sector growth.
Asia Pacific to emerge as a prominent business hub due to expanding commercial sector
The APAC contract furniture market is slated to surpass USD 20 billion by 2032, witnessing 5.5% growth through 2032. The accelerating urban migration and the proliferation of commercial and industrial sectors in the region have accentuated the construction of more residential and office spaces. The escalating need to deploy ergonomic furniture in these establishments will bolster regional market profits.
Innovations to define the competitive outlook
Major companies in the contract furniture business are Kimball International Inc., Carlick Contract Furniture Company, Herman Miller, Inc., Steelcase Inc., IKEA, Copeland, Hauser Industries Inc., Creative Wood, Ashley Furniture Industries, Humscale International Holding Ltd., Haworth Inc., Global Furniture Group, Sedus, Kinnarps Ab, Godrej & Boyce Manufacturing Co., Ltd. Players in this industry have been rolling out cutting-edge products as part of their key growth strategy.