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India - Office Furniture Market size is forecast to increase by USD 2.67 billion, at a CAGR of 10.77% between 2023 and 2028. The market growth analysis depends on several factors such as the growing demand for modern and luxury furniture the increase in the number of office spaces, and the growing demand for eco-friendly furniture.
The report includes a comprehensive outlook on the Market, offering forecasts for the industry segmented by End-user, which comprises commercial office furniture, and home office furniture. Additionally, it categorizes Distribution Channel into offline, and online, and covers Product, including seating, systems, tables, storage units and files, and overhead bins. The market report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for modern and luxury furniture is the key factor driving market growth. India is estimated to witness major growth in the office furniture market due to the country's growing economy and rising number of technology parks. In addition, the focus on aesthetics is further boosting the growth of the market, especially that of luxury furniture. Leading players in the market that provide modern furniture include MillerKnoll Inc. and HNI Corp.
Moreover, modern luxury furniture is characterized by innovative designs and technologically advanced production practices. Therefore, such furniture drives the adoption of office furniture in the country, thereby propelling the growth of the market during the forecast period.
The increasing popularity of online furniture stores is the primary trend shaping market growth. Numerous office furniture manufacturers are using online platforms to sell furniture. A considerable decline in inventory and reduced rental space are the major reasons behind the popularity of e-commerce platforms that offer office furniture. Aligned with market trends and analysis, the market is expected to grow rapidly owing to an increasing number of home-based offices and Internet users. Some of the leading players selling online office furniture are Alibaba and Amazon. MillerKnoll Inc. is an office furniture manufacturer that sells office furniture through online and offline platforms.
Additionally, the purchase of office furniture via online platforms is expected to gain popularity in the country during the forecast period. The growth in internet penetration, rise in consumer engagement through online shopping platforms, and increase in the number of small-sized enterprises, home-based offices, as well as start-ups and entrepreneurs drive the demand for online sales of office furniture. The growing trend of digitization is expected to boost the growth of the market during the forecast period.
Fluctuating prices of raw materials for office furniture is a challenge that affects market growth. The costs of raw materials such as wood, steel, textiles, plastics, and cartons have increased considerably in recent times. In addition, prices of raw materials such as chipboard, timber, foam, polish chemical materials, color paints, and hardware used in making office furniture have increased. The cost of wood particleboard has also increased because of volatility in input and transportation costs, as well as the continued downsizing of furniture manufacturers' production capacities.
Furthermore, the transportation costs incurred by companies include fuel costs, taxes, and duties. Fuel expense accounts for a major portion of the transportation cost incurred by a vendor, and it fluctuates frequently. An increase in transportation costs drives the end-product price. Overall, owing to all these factors, the market is expected to witness a barrier to growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The commercial office furniture segment is estimated to witness significant growth during the forecast period. The rise in the number of office buildings and technology parks in India has driven the sale of commercial office furniture in the past few years. Office spaces across the country are also expanding as several multinational companies are expanding their operations into new cities due to the rise in the number of employees. The share of commercial office spaces is increasing in the country, and this, in turn, will drive the demand for commercial office furniture.
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The commercial office furniture segment was the largest segment and was valued at USD 2.63 billion in 2018. The increase in the growth of the commercial segment is primarily due to the strong volume growth in new workplace platforms in India. Steelcase Inc., MillerKnoll Inc., and HNI Corp. are some of the vendors that offer office furniture products in India. The revenue share of vendors in the market is increasing year-over-year. Owing to the increasing commercial space in India and the presence of significant players, the penetration of office furniture in commercial space is expected to increase, thereby driving the growth of the segment. This, in turn, will drive the growth of the market during the forecast period.
The market analysis and report forecasts market growth and forecasting by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends opportunities from 2018 to 2028.
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India Office Furniture Market Scope |
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Report Coverage |
Details |
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Page number |
140 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.77% |
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Market Growth 2024-2028 |
USD 2.67 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.98 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AFC Furniture Solutions, CPM Systems, Ezeefit Modular Furniture Pvt Ltd., Global Furniture Group, Godrej Interio, Haworth Inc., HNI Corp., Hooker Furniture Corp., Indo Innovations, Inter IKEA Holding BV, Kimball International Inc., Knoll Inc., KOKUYO Co. Ltd., Meridian Office Furniture Ltd., MillerKnoll Inc., Okamura Corp., Reecan, Sentiment Furniture Systems India Pvt. Ltd., Steelcase Inc., and SOS Spacewood Office Solutions. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Distribution Channel
8 Market Segmentation by Product
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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