The latest market report published by Credence Research, Inc. “Global Contract Furniture Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Contract Furniture Market generated revenue of around USD 56.5 billion in 2021 and is anticipated to grow a CAGR of over 4.8% during the forecast period from 2022 to 2028 to reach around USD 74.8 billion in 2028.
Contract furniture is increasingly being employed in commercial sectors such as corporate parks, luxury hotels and restaurants, and schools. Also, increased investment in interior decor has driven up average contract furnishing expenses since it makes the environment more pleasant and organized. The rise of the e-commerce sector, as well as product marketing or advertising on social media and other online platforms, all contribute to the growth of the contract furniture market. In addition, the global contract furniture market is likely to be driven by the greater use of ergonomic office furniture, which supports market demand for ergonomic furniture. Furthermore, consumer acceptance of environmentally friendly contract furniture is expected to drive market growth over the next few years. Moreover, increased technological improvements will enhance the contract furniture industry in the coming years. Charging tables, smart sofas, smart showerheads, food-tracking refrigerators, and smart wardrobes, among other things, may be controlled remotely via smart devices such as smartphones and tablets in corporate offices, luxury hotels, restaurants, and pubs. All of these reasons contributed to an increase in the demand for contract furniture in the market.
The global Contract Furniture Market is bifurcated into Product Type, End-User, Distribution Channel, and Geography. Based on product type, the market is segmented into desks & tables, chairs & stools, storage cabinets, sofas, cafeteria tables & chairs, and others (presentation stands & lightings etc.). On the basis of end-user, the market is categorized into corporate offices, hospitals, hospitality & food services, institutions, and others (schools, airports etc.). On the basis of distribution channel, the market is segmented into online and offline. The online segment is further categorized into e-commerce websites and company-owned websites. The offline segment is further categorized into specialty stores, furniture marts, and other retail-based stores. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Asia-Pacific accounted for the largest revenue share of the global contract furniture market in 2021 due to increased commercialization in developing nations like China, India, and Japan over the past few years. As a result, there has been an increase in the demand for contract furniture in this area. Moreover, the recent entry of important furniture producers into the Asia Pacific region has raised the demand for contract furniture in the market. On the other side, Europe is predicted to expand significantly over the forecast period due to the expansion of the tourism industry, which is strengthening the hospitality industry and raising demand for upscale furniture. Also, Europe is one of the major regions where furniture exports outpace imports, particularly in countries such as, Italy, Germany, and France.
Contract furniture is designed specifically for use in commercial spaces such as offices, hotels, restaurants, and other public buildings. It is typically built to be durable, functional, and aesthetically pleasing, with an emphasis on practicality and ease of maintenance.
There are several major challenges that companies in the contract furniture industry may face:
Competition: The contract furniture industry is highly competitive, with many companies vying for the same projects and clients. This can make it difficult for companies to differentiate themselves and stand out in the market.
Cost management: Furniture products and materials can be expensive, and managing costs is a major challenge for companies in the industry. This includes managing the cost of raw materials, labor, and logistics.
Quality control: Ensuring the consistent quality of products is essential for companies in the contract furniture industry. Poor quality products can lead to customer dissatisfaction and damage a company’s reputation.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global contract furniture market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the global contract furniture market segmentation based on product type, end-user, and distribution channel.
- Major countries in each region with their import/export statistics.
- The global contract furniture market report also includes analysing of the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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