Contract Furniture Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Contract furniture refers to furniture that is designed and produced expressly for use in commercial or institutional environments. This furniture is used to survive severe use and fulfill the durability, resistance, safety, and quality standards necessary in business settings for promoting practices for the protection of the environment.

Sizing and Forecast
The contract furniture market size has grown strongly in recent years. It will grow from $59.81 billion in 2023 to $63.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%.  The  growth in the historic period can be attributed to corporate office expansion, trends in office design, hospitality and tourism growth, sustainable and eco-friendly practices, globalization of business.

The contract furniture market size is expected to see strong growth in the next few years. It will grow to $78.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.  The growth in the forecast period can be attributed to rise of remote work culture, wellness and ergonomic design, flexible and modular furniture solutions, customization and personalization, rapid growth of co-living spaces. Major trends in the forecast period include technology integration, biophilic design elements, smart furniture and iot integration, virtual and augmented reality in design, innovations in sustainable materials.

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Segmentation & Regional Insights
The contract furniture market covered in this report is segmented –
1) By Product Type: Chairs And Stools, Tables And Desks, Storage Furniture, Sofa And Couch, Other Product Types
2) By Materials: Upholstered, Non-Upholstered
3) By Distribution Channel: Offline, Online
4) By End-User: Government, Corporate Offices, Institutional, Healthcare Or Medical Facilities, Hospitality, Other End-Users

North America was the largest region in the contract furniture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contract furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The rise in commercial spaces globally is expected to propel the growth of the contract furniture market going forward. Commercial space is a broad real estate term for any area utilized for business or professional activities. Contract furniture is designed and manufactured for public and high-use commercial locations such as lobbies, waiting rooms, and offices in the business sector that can accommodate hundreds of highly durable individuals. For instance, in June 2023, according to the report published by Commercial Edge, a Canada-based commercial real estate software company, the average office listing rate in the United States is $38.36 per square foot in 2023, an increase of 2.1% yearly. The national vacancy rate increased by 30 basis points annually to 17% in 2023. Further, the under-construction office space in the United States is 116.2 million square feet in 2023, accounting for 1.8% of total stock. Therefore, the rise in commercial spaces globally is driving the growth of the contract furniture market.

Key Industry Players
Major companies operating in the contract furniture  market report are Inter IKEA Systems BV,Herman Miller Inc., Steelcase Inc., Haworth Inc., LA-Z-Boy Inc., HNI Corporation, Okamura Corporation, Global Furniture Group, Arhaus Inc., Knoll Inc., Kimball International, Hooker Furniture, Kinnarps AB, OFS Brands Holdings Inc., Cabot Wrenn, Teknion Corporation, Pioneer Contract Furniture Ltd., Keilhauer Industries Ltd., Allseating Corporation, Allermuir Inc., Hauser Industries Inc., Jack Cartwright Inc., Carlick Contract Furniture Limited, Casala Limited, Modern Line Furniture, Aceray LLC.

The contract furniture market report table of contents includes:
1. Executive Summary
2. Contract Furniture Market Characteristics
3. Contract Furniture Market Trends And Strategies
4. Contract Furniture Market - Macro Economic Scenario
5. Global Contract Furniture Market Size and Growth
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32. Global Contract Furniture Market Competitive Benchmarking
33. Global Contract Furniture Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Contract Furniture Market
35. Contract Furniture Market Future Outlook and Potential Analysis
36. Appendix