The new report by Expert Market Research titled, ‘Global Contract Furniture and Furnishing Market Analysis, Growth, Share, Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global contract furniture and furnishing market, assessing the market based on its segments like type, end-use and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7%
The global contract furniture and furnishing industry is being driven by increasing demand for modern furniture for international schools as they have as they aspire to build aesthetically attractive educational centres.
Educational institutions are increasingly focusing on upgrading its infrastructure by installing different patterns and wooden panels. They also organise rooms by colour and use modular furniture to improve the educational environment’s efficiency.
Furthermore, the academic institutions prefer contract furniture and furnishing products due to their limited financial resources, which is likely to witness a robust growth of the contract furniture and furnishing industry.
Contract Furniture and Furnishing Industry Definition and Major Segments
Contract furniture and furnishings are office or commercial furniture and furnishings that are produced to satisfy industry standards. Desks and workstations, chairs and tables, storage cabinets and shelves, and sofa sets are all examples of contract furniture. It is mostly found in restaurants, hotels, workplaces, schools, and institutions, as well as waiting rooms and reception areas.
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The contract furniture and furnishing market, on the basis of type, can be segmented into:
• Desks and Tables
• Chairs and Stools
• Storage Cabinets
• Cafeteria Tables and Chairs
On the basis of end-use, the market can be segmented into:
• Hospitality and Food Services
• Offices and Home Offices
• Retail stores
The regional markets include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Contract Furniture and Furnishing Market Trends
The increasing use of furniture in a wide range of business areas such as hospitals, corporate offices, retail shops, and hospitality sectors is propelling the contract furniture and furnishing market. However, because of the ongoing market trend, furniture preferences in various business areas are developing.
The latest trend towards digitalization seems to have a significant impact on the furniture industry. Such furniture is increasingly being used in commercial and industrial applications to provide convenience and comfort to employees, hence enhancing productivity. Therefore, by this factor the smart furniture sales demand has been increased.
Moreover, the increasing adoption of intelligent furniture has been recognized as one of the key contract furniture and furnishing industry trends that will aid the market growth in the forecast period.
Key Market Players
The major players in the market are Haworth Inc., Herman Miller Inc., Kinnarps Ab, Knoll Inc., Steelcase Inc., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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