The global office furniture market size in 2023 is $54.09 billion and is expected to grow from $57.51 billion in 2024 to $99.57 billion in 2032, with a CAGR of 7.10% during the forecast period. The global COVID-19 pandemic is unprecedented and alarming, with demand for office furniture falling short of expectations in all regions compared to pre-pandemic levels. According to our analysis, the global office furniture market in 2020 will decline by -19.21% compared to 2019.

Over the years, in line with the changing needs of consumers at the Shanghai Office Furniture Expo, the workspace has transformed from a cubicle to a more modern and interactive workplace. Consumers are a variety of companies and modern startups who believe that a company's culture, values and vision are reflected through its interiors. Over the past few years, the market has undergone a paradigm shift in terms of design, sales channels, and consumer demand due to technological advancements by market players and consumer groups.

The growing trend of co-working Spaces is driving the growth of the office furniture market

A co-working space is a place where people or groups gather in a neutral space and work independently on different projects. Amenities and equipment such as WiFi, printers and meeting rooms are similar to private workspaces, providing the same level of comfort for staff. The flexibility offered by co-working Spaces, such as the absence of long-term leases, has attracted a large number of startups, freelancers, and others.

The significant growth of the ICT industry is driving the growth of the office furniture market

The ICT industry contributes significantly to the economies of many countries around the world. The ICT sector needs adequate infrastructure development as it is essential for its operations to achieve optimal performance and provide essential services. IT consists of two components: IT applications, engineering, and services delivered electronically. As a result, governments have been investing in developing infrastructure and attracting multinational companies and start-ups to develop in the country.

Fluctuations in manufacturers' costs are hindering market growth

Raw materials such as steel, plastics, foam, aluminum, wood, particleboard and more are sourced by manufacturers from a worldwide network of sources. The costs incurred in procuring these raw materials depend on a variety of factors, such as fuel, freight, energy, labor and other input costs. Therefore, due to the significant impact of changes in trade barriers, tariffs, big currency moments and other factors, raw material procurement costs fluctuate greatly. As a result, substantial increases in input costs make it difficult for manufacturers to offset price increases due to existing contractual commitments with customers.

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Source: Fortune Business Insights

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