According to SPER Market Research, the Contract Furniture and Furnishing Market is estimated to reach USD 235.6 billion by 2032 with a CAGR of 5.33%. The industry that offers furniture and furnishing solutions to several business sectors, including hospitality, healthcare, educational, corporate, and others, is known as the worldwide contract furniture and furnishing market. The market offers a broad variety of goods, including furniture made specifically for business areas, including seats, tables, couches, cabinets, and other furniture. The expansion of the hospitality and tourist sectors, the rise in the number of commercial spaces, and the rising need for ergonomic and bespoke furniture solutions are some of the reasons driving the market. The market is expanding as a result of the movement for ecologically friendly and sustainable products.
Contract Furniture and Furnishing Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 5.33%
- Forecast Market Size (2032): 235.6 billion
The worldwide market for contract furniture and furnishing was greatly influenced by COVID-19. There is less demand for office furniture and commercial furnishings as more companies and organisations transition to remote work. On the other hand, as individuals spend more time at home, there is a rise in the demand for residential furniture. But delays in production and higher prices for raw materials and transportation have resulted from disruptions in the world’s industrial and supply chains. In addition, many hospitality and event-related businesses have seen a decline as a result of lockdowns and limitations on public gatherings, which has resulted in a decline in the demand for furniture and furnishings in these industries.
Impact of COVID-19 on the Contract Furniture and Furnishing Market
The market for contract furnishings has been significantly impacted by the COVID-19 outbreak. The market for contract furniture and furnishing goods has drastically decreased as a result of the widespread closures of offices, hotels, restaurants, and other commercial facilities. Production and distribution of goods have also been delayed as a result of supply chain disruptions and industrial closures.
The need for contract furniture and furnishing items has, however, gradually increased as firms all over the world have started to reopen. Particularly, the demand for goods that support health, safety, and hygiene has grown dramatically. Examples include touchless fixtures and antimicrobial furnishings.
Additionally, the pandemic has accelerated number of market trends, including as the move toward remote employment and the usage of outdoor venues for gatherings and celebrations. As a result, there is now more demand for outdoor furniture and home office furniture, respectively.
Overall, the COVID-19 epidemic has posed serious obstacles for the worldwide market for contract furniture and furnishings, but it has also opened up fresh possibilities for innovation and expansion. The demand for contemporary, practical, and environmentally friendly furniture and furnishings is anticipated to stay high as businesses continue to adjust to the new normal.
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Contract Furniture and Furnishing Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Type:
- Cafeteria Tables and Chairs
- Chairs and Stools
- Desks and Tables
- Presentation Stands
- Sofas
- Storage Cabinets
By End User:
- Airports
- Corporate Office
- Hospitals
- Hospitality & Food Services
- Institutions
- Schools
By Distribution Channel:
- Company-Owned Website
- E-commerce Website
- Furniture Marts
- Office
- Online
- Specialty Stores
By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
Contract Furniture and Furnishing Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Ahrend, Cefla, Forest Contract, Fourfront Group, Franke Water Systems, Haworth Inc., Herman Miller Inc., HMY, Humanscale International Holdings Ltd., Input Interior, ISG, Isku Group, Itab Shop Concept, Kinnarps AB, Knoll Inc., Lifestyle Design, Marine Interiors, Modus Workspace, Nobia Group, Overbury, Pioneer Contract Furniture Ltd., Sitraben Contract Furniture Ltd., Stamhuis Group, Steelcase Inc., Umdasch Shop Fitting Group, Vitra.
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