Commercial Furniture Market to be Dominated by Seating Type through 2027
Rapid urbanization and booming hospitality sector are expected
to drive the growth of the global commercial furniture market in the forecast
period, 2023-2027.
According to TechSci Research report, “Commercial
Furniture Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2017-2027”, the global commercial furniture market is
anticipated to grow at a formidable CAGR during the forecast period, 2023-2027.
The rise in the number of modification and renovation projects in countries
like India and the United States fuels the demand for commercial spaces.
Increased competition among the market players, the
rise in trade activities, and improvements in international relations are
bolstering commercial spaces. The development of commercial spaces like malls
and shopping complexes to fuel economic growth and the availability of
furniture providing a better, comfortable experience suitable for advanced
infrastructure is expected to fuel market growth. The surge in demand for
multi-functional chairs, that can be transformed according to needs is expected
to influence the market demand.
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The global commercial furniture market is segmented
by type, end use, distribution channel, regional distribution, and competition
landscape.
On the basis of type, the global commercial
furniture market is divided into seating, storage, desks & tables,
workstation, beds, and others. The seating segment is expected to account for
significant market share for the next five years. Commercial spaces are
constantly swamped up with customers. To accommodate the customers in an
efficient way and provide comfort to them while being at the commercial spaces,
they purchase aesthetically superior and comfortable seating spaces. The use of
seats in waiting rooms, reception, schools, colleges, hotels, restaurants,
offices is fueling the demand for commercial furniture.
On the basis of end-use, the global commercial
furniture market is divided into office, education, HoReCa, healthcare, and
others. The healthcare segment is projected to witness substantial market
growth in the next five years. The rise in the number of hospitals &
clinics, the surge in the number of patients admitted into the hospital, and
the increasing prevalence of chronic diseases are the key factors influencing
the healthcare sector. The Healthcare sector is constantly upgrading the
quality of services provided to the customers by innovatively shaping the
facilities with furnished operation-theatre, pharmacy, diagnostic room, waiting
area, among other facilities' departments. These are filled with specifically
designed furniture like chairs, tables, beds, storage units, stretchers, and
trolleys to provide customer service.
On the basis of distribution channel, the global
commercial furniture market is divided into offline and online. The offline
segment is expected to hold the largest market share in the forecast period,
2023-2027. Market players are opening their own stores to attract customers to
visit the store and physically examine the quality and color of the furniture.
Stores assign customer service executives who solve queries of the customers
and provide lucrative discounts and offers to customers to increase the sales
from their respective stores.
On the basis of regional analysis, the Asia-pacific
region is expected to dominate the global commercial furniture market in the
forecast period. Rising spending capacity of consumers and the continuous rise
in the population is accelerating the construction of commercial spaces to fuel
the region's economic activity. Favorable government policies supporting
infrastructure development and construction activities are bolstering the
growth of the public, commercial sectors such as hospitals, clinics, and schools
to improve the citizens' quality of life. The development of public, commercial
spaces generates enormous growth potential for the commercial furniture market
as they require furniture to provide comfort and increase sales. An increase in
the number of start-ups and business expansions is another crucial factor
influencing the market demand.
Major players operating in global commercial
furniture market are:
·
Okamura
Corporation
·
HNI
Corporation
·
Herman
Miller Inc.
·
Haworth
Inc.
·
Global
Furniture Group
·
Steelcase
Inc.
·
Knoll
Inc.
·
Kimball
International
·
9to5
Seating
·
KOKUYO
Co. Ltd
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“Adopting online sales channels by the commercial furniture
manufacturing market players to expand the consumer base and reach a wider
audience is expected to create substantial growth opportunities for the global
commercial furniture market. High-end investments to using advanced
technologies such as big data analytics, artificial intelligence in websites
and mobile applications, and the efforts to provide a customized shopping
experience to customers are projected to influence the market demand.
Availability of lucrative discounts and offers on these online sales channel,
and the facility of quick doorstep delivery and return option is expected to
propel the growth of the global commercial furniture market till 2027” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Commercial Furniture
Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, has evaluated the
future growth potential of global commercial furniture and provides statistics
& information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global commercial furniture market.
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