The contract furniture market has been experiencing steady growth over the past few years, driven by increasing demand from the commercial and hospitality sectors. The market is expected to continue its growth trajectory over the coming years, with a number of key factors driving demand for contract furniture.
Size and Share:
The global contract furniture market is expected to reach a value of $41.2 billion by 2027, growing at a compound annual growth rate of 5.3% from 2020 to 2027. North America is currently the largest market for contract furniture, with a market share of over 35% in 2020.
Growth Drivers:
- Increased Demand for Customization: The demand for customized furniture solutions is growing, as businesses seek unique and personalized options that fit their specific needs and aesthetic preferences.
- Growing Focus on Sustainability: Environmental sustainability has become a key consideration for the contract furniture market, with a growing demand for furniture made from sustainable and eco-friendly materials.
- Expansion of the Hospitality and Commercial Sectors: The expansion of the hospitality and commercial sectors is driving demand for high-quality and stylish furniture for hotels, restaurants, and offices.
- Technological Advancements: The integration of technology into furniture design, such as charging stations and integrated lighting, is driving demand for contract furniture with enhanced functionality.
Analysis:
The contract furniture market is highly competitive, with a number of major players operating in the global market. Key players in the market include Steelcase, Haworth, Herman Miller, and Knoll. These companies are focusing on innovation and customization to differentiate their products in a crowded marketplace.
The COVID-19 pandemic has had an impact on the contract furniture market, with a shift in demand towards home office furniture and a slowdown in commercial projects. However, as vaccination rates increase and businesses begin to return to pre-pandemic levels of operation, demand for contract furniture is expected to pick up once again.
Overall, the contract furniture market presents numerous opportunities for growth and innovation, driven by increasing demand for customization, sustainability, and technological advancements in furniture design. The market is expected to continue its growth trajectory over the coming years, with North America and Europe remaining key markets for contract furniture.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.