Major contract furniture market participants are Herman Miller, Inc., Haworth Inc., Steelcase Inc., Ashley Furniture Industries, IKEA, Kimball International Inc., Copeland, Hauser Industries Inc., Global Furniture Group, Sedus, Creative Wood, Carlick Contract Furniture Company, Humanscale International Holding Ltd., Kinnarps Ab, and Godrej & Boyce Manufacturing Co., Ltd.
SELBYVILLE, Del., Sept. 14, 2022 /PRNewswire/ -- The contract furniture market is expected to cross a valuation of around USD 95 billion by 2030, according to the latest research analysis by Global Market Insights Inc. Prevalent need to improve commercial infrastructure will drive the global industry trends. The concept of ergonomics in the market, along with the increasing uptake of such furniture for personal working space, will boost product demand. Subsequently, the surging uptake of commercial furniture to support remote working positively influenced the business scenario.
An increase in back-office infrastructure may emerge as a major limiting factor. As these spaces do not require contract furniture, they may hamper product adoption. Moreover, the closed technology system in private companies has also restricted the use of contract furniture in the office and corporate buildings that promote separation. Nevertheless, the latest advancements in the field may encourage players to eventually overcome this restraint.
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Increasing number of construction projects to push the demand for non-upholstered furniture
The non-upholstered contract furniture market is slated to capture more than 25% of the revenue share by 2030. The growth is attributed to rising consumer expenditure and prominent commercial construction projects on account of the growing working population.
Government end-user segment to depict an appreciable growth
The government sector is set to grow at a CAGR of over 5% and will exceed USD 16 billion in revenue by 2030. The escalating consumer interest in high-quality contract furniture from government offices will amplify product penetration. Driven by government focus on improving infrastructural development, along with rising government space, such as schools, offices, and lobbies will stimulate growth.
Strong dependence of major population to influence the offline distribution channel
The contract furniture market outlook from the offline distribution channel will remain positive until 2030. This channel will observe exponential growth as it is a widely preferred channel of business. A majority of the population depends on traditional forms of commerce, which makes it the most preferred platform to buy and sell, which will propel industry demand.
Middle East & Africa to emerge as a prominent regional ground
The Middle East & Africa contract furniture market was valued at USD 3 billion in 2021 and is estimated to reach over USD 5 billion by 2030. The expansion of the construction industry may be a major reason elevating product uptake. In addition, increasing infrastructural incentives will bolster the presence of players in the MEA region, fostering the industry outlook.
The growing utilization of commercial furniture in the LATAM region due to ease of purchasing is stimulating market progress in the region. As per the report, the Latin America is likely to capture over 9% share in the global industry during 2022-2030.
Acquisitions to remain a key growth strategy
The competitive framework of the global contract furniture market includes Herman Miller, Inc., Haworth Inc., Steelcase Inc., Ashley Furniture Industries, IKEA, Kimball International Inc., Copeland, Hauser Industries Inc., Global Furniture Group, Sedus, Creative Wood, Carlick Contract Furniture Company, Humanscale International Holdings Ltd., Kinnarps Ab, and Godrej & Boyce Manufacturing Co., Ltd. These firms majorly engage in new product innovation and increasing efficiency of the product to maintain their market position.
For instance, in September 2021, Steelcase Inc., an American furniture manufacturer, unveiled its first-of-a-kind ergonomic chair, Steelcase Karman for an ergonomic seating design. The design of Steelcase Karman is developed to respond naturally to the body's movement and provide utmost comfort. Its innovative design merges a new proprietary mesh textile that does not sag or feel stiff with an ultra-light-flexible frame that eliminates stiff edges, thereby reducing the pressure on the seat and the back compared to traditional mesh chairs.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Data center server industry 3600 synopsis, 2018 – 2030
2.1.1 Business trends
22.214.171.124 TAM trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Data center size trends
2.1.5 Data center application trends
Chapter 3 Data Center Server Industry Insights
3.1 Impact of coronavirus (COVID-19) pandemic
3.2 Impact of Russia Ukraine war
3.3 Industry ecosystem analysis
3.4 Technological & innovation landscape
3.5 Profit margin analysis
3.6 Patent analysis
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
126.96.36.199 Increase in organizational data traffic and big data analytics in the U.S. and Europe
188.8.131.52 Growth of mega data centers and trend of colocation in Europe and Asia Pacific
184.108.40.206 Development of broadband and internet infrastructure in Asia Pacific and South America
220.127.116.11 Increase in the construction of new data centers and replacement of the existing technologies
18.104.22.168 High demand for advanced servers from hyperscale data centers
3.9 Pitfalls & challenges
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/contract-furniture-market
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