The contract furniture market is anticipated to have a valuation of US$ 148.72 billion in 2023. Future Market Insights predicts the market is anticipated to expand at an adequate CAGR of 6.1% and reach a value of US$ 268.86 billion by 2033.
Global market is influenced by rising commercial furniture demand. In commercial contexts including corporate parks, restaurants, five-star hotels, healthcare/medical facilities, and institutions, the application of contract furniture is constantly growing. Due to this, contract furniture has one of the most promising shares in the global furniture and furnishings market.
Countless Factors Influencing the Investment Potential in the Sector
| Attributes | Details |
|---|---|
| Contract Furniture Market CAGR (2023 to 2033) | 6.1% |
| Contract Furniture Market Size (2023) | US$ 148.72 billion |
| Contract Furniture Market Size (2033) | US$ 268.86 billion |
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Large tech corporations are increasingly supporting global economic expansion. Industry growth is being fueled by the rising demand for corporate office furniture as a result of large tech businesses extending their office premises. The market consequently expanded, going from US$ 111.03 billion in 2018 to US$ 140.17 billion in 2022.
For instance, the expansion of Meta's and Google's offices has cost billions of dollars. The parent company of Facebook, Meta, has expanded its space in Silicon Valley, Boston, Austin, Texas, Chicago, and Bellevue (Washington). This is in addition to leasing 730,000 square feet in Midtown Manhattan in August 2020. Over the projection period, such activities are anticipated to support the demand for contract furniture.
| Market Growth Rate (Between 2022 and 2023) | 1.06x |
|---|---|
| Market CAGR (2018 to 2022) | 6% |
Principal Consultant
In 2022, the chairs and stools category dominated the market in terms of revenue, accounting for the leading share of more than 34.15% of total sales. The expansion of this segment is being driven by the rising demand from various end-users for computer chairs, conference chairs, executive chairs, etc.
Office chairs play a huge role in ensuring that workers are productive at work. The sector for sofas and couches is anticipated to increase at the significant rate throughout the projection period.
The need for sofas and couches is rising as they become available in waiting rooms, lobbies, restaurants, hotels, government offices, pubs & cafés, etc. in both developed and developing countries.
The corporate offices end users segment, which accounted for the leading share of more than 42.40% of the total revenue in 2022, dominated the market in terms of revenue.
Global demand for office space is being driven by the rising number of startups, which is fostering industry expansion.
As of the 24th of August 2022, around 73,254 businesses were doing business in the United States, according to Startup Ranking.
The market growth is being further accelerated by the rising business environment, the quick development of IT parks, the rise in start-ups and corporate expansion, and the expansion of commercial zones. These factors have increased demand for office space and jobs, and consequently influence the contract furniture adoption.
During the forecast period, it is predicted that the hospitality segment is likely to expand at a significant CAGR. The global demand for business furniture is accelerating due to the increase in restaurants, hotels, bars, and cafés.
Due to the rising demand from travelers for high-end design and amenities, even at low-cost hotels, mid-range and luxury hotel owners are being pushed to upgrade finishes, furnishings, add services, and rethink the guest experience.
In 2022, the offline distribution channel segment dominated the global market and was responsible for more than 77.15% of total revenue. The organized offline retail sector's structure, which provides better consumer product visibility and immediate availability, is the key element anticipated to drive this segment's expansion.
Also, furniture sellers create a mock office environment within the shop to help customers see the furniture in their office. By 2033, the online distribution channel category is anticipated to develop at a quick rate.
The expansion of e-commerce platforms' acceptance and use on a global scale is responsible for this sector's growth. Also, people are beginning to purchase furniture through e-commerce channels, which lessens the need for them to visit physical retail locations in order to evaluate the features and costs of various products.
| United States Market CAGR (2023 to 2033) | 5% |
|---|---|
| United States Market Size 2022 | US$ 13.89 billion |
| United States Market Size 2023 | US$ 14.59 billion |
| United States Market Size 2033 | US$ 23.76 billion |
Multiple factors, including the increased desire for contemporary and ergonomic furniture designs, are responsible for the expansion of contract furniture in the United States market. Furthermore, the use of e-commerce platforms is growing, and the need for smart and sustainable furniture solutions is rising.
Despite the abundance of prospects, the market faces a number of difficulties, including the instability of the economy, shifting customer preferences, and environmental laws, all of which can slow its rate of expansion.
Due to the growing working-class population, the demand for contract furniture in Asia Pacific is predicted to rise significantly during the projected period. In Asia Pacific, contract furniture holds a 10 to 12% share of the global furniture market. It is expected to develop at a significant CAGR of 5.5 % by 2033.
With an anticipated CAGR of 4.8% by 2033, the market expansion is largely being driven by the increasing popularity of contract furniture among end customers. Emerging trends in the European contract furniture sector include increasing environmental practices.
An important market trend in the United Kingdom is the rise in environmental worries regarding deforestation. United Kingdom sustainable practices can lessen negative environmental effects. For instance, eco-friendly materials are used to create sustainable furniture. These materials can be reused or recycled with ease.
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Recent years have seen a number of new businesses enter the market for contract furniture, which is propelling the sector's overall growth. The main goal of these firms is to offer unique and tailored furniture solutions for commercial settings, including workplaces, hotels, and restaurants.
Popular Start-ups Contributing to the Market are:
| Start-up | Furlenco |
|---|---|
| Year Founded | 2012 |
| Information | Customers can rent designer furniture, appliances, laptops and other devices, workout gear, and more from Furlenco. The firm advertises speedy deliveries and affordable rental rates per month, with its present concentration on many Indian towns.Midway through 2021, Zinnia Global Fund and other investors helped the company raise a sizable US$ 140 million in a Series D fundraising round. With the additional funding, the business plans to grow in the South Asian and global markets and achieve a US$ 300 million revenue target by 2026. |
| Start-up | Oliver Space |
|---|---|
| Year Founded | 2018 |
| Information | Customers can rent furniture from technology-driven home goods firm Oliver Space on a month-to-month basis, and effortlessly swap out items based on their needs.The business model promotes the notion of a circular economy and matches the evolving needs of American customers. |
| Start-up | Kaiyo |
|---|---|
| Year Founded | 2014 |
| Information | An online retailer called Kaiyo focuses on lightly used furniture. On Kaiyo's marketplace, customers buy and trade goods while also promoting greater sustainability.To support its growth in the United States, the company obtained a US$ 36 million investment in March from Edison Partners, the round's initiator. |
Recent Development by Established Key Players
The y-o-y sales of contract furniture are to surge at 6.1% through 2033.
The total sales achieved by the global market could be around US$ 268.86 billion by 2033.
Contract furniture demand in the United States is to witness a 5% y-o-y growth rate through 2033.
China is driving the Asia Pacific Market having a global market share of 10 to 12%.
The adoption of contract furniture in the United Kingdom to grow at 4.8% CAGR until 2033.
1. Executive Summary | Contract Furniture Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Product Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Product Type, 2023 to 2033
5.3.1. Chairs & Stools
5.3.2. Tables & Desks
5.3.3. Storage Furniture
5.3.4. Sofa & Couch
5.3.5. Others
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-user
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By End-user, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End-user, 2023 to 2033
6.3.1. Corporate Offices
6.3.2. Government
6.3.3. Institutional
6.3.4. Healthcare/Medical Facilities
6.3.5. Hospitality
6.3.6. Others
6.4. Y-o-Y Growth Trend Analysis By End-user, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By End-user, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. South Asia
7.3.5. East Asia
7.3.6. Oceania
7.3.7. MEA
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. The USA
8.2.1.2. Canada
8.2.2. By Product Type
8.2.3. By End-user
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Product Type
8.3.3. By End-user
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Product Type
9.2.3. By End-user
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Product Type
9.3.3. By End-user
9.4. Key Takeaways
10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United Kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Product Type
10.2.3. By End-user
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Product Type
10.3.3. By End-user
10.4. Key Takeaways
11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. India
11.2.1.2. Malaysia
11.2.1.3. Singapore
11.2.1.4. Thailand
11.2.1.5. Rest of South Asia
11.2.2. By Product Type
11.2.3. By End-user
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Product Type
11.3.3. By End-user
11.4. Key Takeaways
12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.2. By Product Type
12.2.3. By End-user
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Product Type
12.3.3. By End-user
12.4. Key Takeaways
13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. Australia
13.2.1.2. New Zealand
13.2.2. By Product Type
13.2.3. By End-user
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Product Type
13.3.3. By End-user
13.4. Key Takeaways
14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Product Type
14.2.3. By End-user
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Product Type
14.3.3. By End-user
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2022
15.1.2.1. By Product Type
15.1.2.2. By End-user
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2022
15.2.2.1. By Product Type
15.2.2.2. By End-user
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2022
15.3.2.1. By Product Type
15.3.2.2. By End-user
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2022
15.4.2.1. By Product Type
15.4.2.2. By End-user
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2022
15.5.2.1. By Product Type
15.5.2.2. By End-user
15.6. United Kingdom
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2022
15.6.2.1. By Product Type
15.6.2.2. By End-user
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2022
15.7.2.1. By Product Type
15.7.2.2. By End-user
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2022
15.8.2.1. By Product Type
15.8.2.2. By End-user
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2022
15.9.2.1. By Product Type
15.9.2.2. By End-user
15.10. India
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2022
15.10.2.1. By Product Type
15.10.2.2. By End-user
15.11. Malaysia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2022
15.11.2.1. By Product Type
15.11.2.2. By End-user
15.12. Singapore
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2022
15.12.2.1. By Product Type
15.12.2.2. By End-user
15.13. Thailand
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2022
15.13.2.1. By Product Type
15.13.2.2. By End-user
15.14. China
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2022
15.14.2.1. By Product Type
15.14.2.2. By End-user
15.15. Japan
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2022
15.15.2.1. By Product Type
15.15.2.2. By End-user
15.16. South Korea
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2022
15.16.2.1. By Product Type
15.16.2.2. By End-user
15.17. Australia
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2022
15.17.2.1. By Product Type
15.17.2.2. By End-user
15.18. New Zealand
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2022
15.18.2.1. By Product Type
15.18.2.2. By End-user
15.19. GCC Countries
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2022
15.19.2.1. By Product Type
15.19.2.2. By End-user
15.20. South Africa
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2022
15.20.2.1. By Product Type
15.20.2.2. By End-user
15.21. Israel
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2022
15.21.2.1. By Product Type
15.21.2.2. By End-user
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Product Type
16.3.3. By End-user
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. Haworth Inc.
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. Herman Miller Inc.
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. Kinnarps Ab
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. Steelcase Inc.
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. HNI Corp.
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. Knoll Inc.
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. Global Furniture Group
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. Kimball International Inc.
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. Teknion Corp.
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. OFS Brands Inc.
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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Contract Furniture Market
