Contract Furniture Market Growth Outlook with Industry Review & Forecasts 2024-2032
Global Contract Furniture Market is anticipated to grow substantially through 2032, owing to the increasing number of commercial spaces globally. Contract furniture is widely used for commercial purposes in sectors such as hotels, educational institutions, restaurants, hospitals, airports, and offices. Additionally, the benefits of contract furniture, such as high durability, capacity to accommodate people of all weights and sizes, and higher frequency of use will likely increase its adoption in the ensuing years.
Besides, companies are becoming increasingly aware of creating a positive impression of their workspace through the furniture to make clients and workers feel at ease, which will also positively influence the industry outlook in the next ten years.
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In addition, the key providers in contract furniture industry are also engaging in meaningful partnerships, mergers, and acquisitions, in addition to launching new products to stay competitive in the overall market. To cite an instance, in 2021, Herman Miller announced the successful acquisition of Knoll, Inc., one of the preeminent leaders in modern design. With this acquisition, Herman Miller, Knoll, and their legacy brands will continue to operate as distinct brands, and the new broader portfolio, coupled with various digital capabilities will enable the firms to better serve their users.
Overall, the contract furniture market is segmented in terms of material, end-user, distribution channel, and region.
Based on material, the non-upholstered segment is anticipated to grow considerably from 2024 to 2032. The benefits of non-upholstered furniture, such as being more elegant and stylish, offering a higher level of comfort, a range of options, and durability, will further boost its penetration in the coming years. Besides, increasing disposable incomes coupled with increasing commercial activities owing to the growing working population will bolster the market scope during the next decade.
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In terms of end-user, the healthcare segment will grow at more than 4.5% CAGR through 2032. Furniture is a crucial part of most healthcare projects and provides comfort, expresses optimism in waiting areas, facilitates communication between patients and physicians, and provides extra support to staff members to complete their tasks.
Considering the distribution channel, the online segment will demonstrate sturdy growth by 2032. The growth will be primarily due to the rising use of e-commerce for purchasing furniture. Online shopping has become one of the ideal choices as it offers several benefits such as inexhaustible gallimaufry, diverse search opportunities, and convenience for shopping.
Regionally, the Europe contract furniture industry will be valued at over USD 33 billion by 2032. The regional growth will be majorly due to the rising demand for office and other commercial furniture.
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