Emerging nations with developing economies, like India, are industrialising and expanding their economies, which is changing their infrastructure. As an illustration, the World Bank Group estimates that the Asia Pacific region's per capita income was US$10,368 in 2020, up 3.85% from 2019. As they present prospects for revenue and expansion, office buildings are being viewed as real estate assets. Also, as the private sector expands, more small, medium-sized, and large businesses will need office space (MSME). In addition to focusing on the construction of new offices, businesses are also concentrating on the modification and rehabilitation of existing offices. Investments in new office furniture are necessary for office renovations. The use of ergonomic seats is growing. With the global business climate continuously expanding in both developing and underdeveloped countries, office furniture is becoming more and more important today.
Coherent Market Insights estimates that the global Office Furniture Market will generate US$80671.7 million in revenue in 2021, with a CAGR of 4.35% during the forecast timeframe (2022 to 2030).
Key Competitors in the Office furniture Industry:
1. Knoll Inc.
The business was established in 1938, and its headquarters are located in East Greenville, Pennsylvania. Knoll produces furniture for the home, workplace, and higher education, including fabrics, seating, storage solutions, tables, workstations, and office systems. The organisation changed its name to MillerKnoll in July 2021. At the 2022 Salone Internazionale del Mobile, Knoll debuted its newest collections with some of its most recognisable goods. In Milan, at its showroom, during the second Milano Design City, Knoll debuted the new collections for 2021.
2. Steelcase Inc.
The business was started in 1912 and has its US headquarters in Grand Rapids, Michigan, United States. American firm Steelcase Inc. produces furniture, casegoods, chairs, storage systems, and dividing systems for use in homes, hospitals, and educational facilities. Steelcase began producing COVID-19-compliant equipment for medical facilities and healthcare professionals in March 2020. With a goal of becoming carbon negative by 2030, Steelcase achieved carbon neutrality on August 25, 2020.
3. HNI Corporation
The corporation was established in 1944, and its U.S. headquarters are in Muscatine, Iowa. The top manufacturer and distributor of hearth goods in the world, HNI produces and markets furniture, gas, electricity, hardwood, and biomass fires, inserts, burners, facings, and supplies. The sale of the Lamax office furniture division was announced by HNI Corporation on July 20, 2022. SEPTEMBER 2, 2021, HNI Corporation announced the opening of a seating manufacturing facility in Saltillo, Mexico.
4. Herman Miller
Herman Miller was established in 1905 and has its U.S. headquarters in Zeeland, Michigan. Herman Miller manufactures office supplies, tools, and home decor items such the Office chair , Noguchi table, Marshmallow sofa, Mirra armchair, and Eames Lounge Chair. January 1st, 2022, the iconic Eames moulded plastic chair was re-released by Herman Miller and is now made entirely of recycled plastic. The newest addition to Herman Miller's line of color-dipped chairs was unveiled on May 5, 2022.
5. Teknion Corporation
The Teknion Corporation was founded in 1983 and has its global headquarters in Ontario, Canada. Office systems and accompanying furniture are designed, produced, and sold by Teknion Corporation. The business sells furniture and accessories for the home. On December 21, 2020, Teknion Furniture Systems implemented a B2C online business model.
6. Kimball International
The organisation was founded in 1857 and the company's headquarter is located Jasper, Indiana. Kimball is renowned for its high quality products, effective manufacturing processes, and pushy sales tactics. In September 2022, Kimball International published the 2021 ESG Report outlining efforts to create a more sustainable future.
7. Kokuyo Co., Ltd.,
The business was established in 1905, and it has its headquarters in Osaka, Japan. As a holding business, KOKUYO CO., LTD. creates and distributes a broad range of office supplies and stationery through a domestic sales network.
8. Haworth Inc.
The company was established in 1948 and has its US headquarters in Holland, Michigan. The business creates and produces a variety of furniture items, such as tables, chairs, moveable walls, panels, cabinets, and wood casegoods. The Holland Haworth Hotel underwent a roughly two-year renovation that was finished in June 2021.
9. LLC.
The business was founded in 1977 and is headquartered in Northbrook, United States of America. It is a type of business form that combines the limited liability of a corporation with the pass-through taxation of a partnership or sole proprietorship. As of July 2022, this business structure shielded shareholders from corporate liability.
*Definition - The office furniture market is the area of the furniture industry that is dedicated to the development, manufacture, and distribution of furniture created expressly for use in offices.
