APAC Contract Furniture Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC Contract Furniture Market Analysis
Asia Pacific Contract Furniture Market is poised to grow at a CAGR of 5.5% during the forecast period.
The COVID-19 pandemic resulted in various changes in the furniture and contract furniture market, especially in 2020. Since most people started working from home, the need for furniture and accessories has been in high demand since people wanted to improve their homes. A reverse effect in the contract furniture is observed because many companies have completely shifted to work from home, downsized, or even closed down, which left a huge surplus of used furniture and very low demand for new products. A fall in demand for the contract furniture market was observed.
The contract furniture market is expected to experience significant growth during the forecast period because of the increasing working-class population. This sector accounts for 10-12% of the global furniture market. With the help of technology, companies can now manufacture multi-purpose, foldable, and technology-driven furniture, which is exactly what consumers are looking for today. The major factors that are fueling the demand for this market are the growing economy and improving working conditions. Expansion of various corporate offices is observed, which will positively impact this market.
APAC Contract Furniture Market Trends
This section covers the major market trends shaping the APAC Contract Furniture Market according to our research experts:
Increased Number of Workspaces in Asia-Pacific is Driving the Demand of Contract Furniture
Due to the rising demand for operational workspaces, an increase in the construction of offices and corporate buildings has been observed not just in the Asia-Pacific but globally. Expanding the working population has resulted in an increased number of office establishments, with an increased demand for office furniture. Around 3.32 billion people were employed in 2022 globally. The corporate sector is expected to attain 5% gains and is predicted to capture a market share higher than 45% by 2030.
China is Expected to Hold a Major Share in the Asia-Pacific Region
China is one of the leading contract furniture manufacturers and exporters at the global level. Many new types of companies have been established in China because of its development of economic construction. This, in turn, has led to the growth of contract furniture rapidly. The country's office furniture enterprise has first-class production equipment and good-quality products that are stable, reliable, and cost-effective.
China is a major exporter and the main supplier of contract furniture for the United States, Germany, France, the United Kingdom, and Japan. The office furniture market in China gradually built into an industrial-scale business through several decades of evolution. Yet the market still contains many issues, and the market is improving. In the long term, due to the booming need, the office furniture market in China still has potential.
APAC Contract Furniture Industry Overview
The Asian-Pacific contract furniture market is a moderately consolidated market with a few players with a large market share. The impact of the brand values is high, and so are the entry barriers in this market. Major multinational firms participating in the Asian-Pacific office furniture industry are included in this report. The demand for modular offices is expanding as more inventive designs flood the market. Some of the biggest competitors now lead the industry in market share. Mid-size and smaller businesses, on the other hand, are expanding their market presence by gaining new contracts and entering new markets because of technology improvement and product innovation. The important players in this market are Fursys, Hyundai Livart, Itoki, Kinwai, and Kokuyo Furniture.
APAC Contract Furniture Market Leaders
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Hyundai Livart
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Itoki
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Kinwai
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Kokuyo Furniture
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Uchida Yoko
*Disclaimer: Major Players sorted in no particular order
APAC Contract Furniture Market News
- July 2022: Kokuyo acquired HNI Corporations China and Hong Kong-based Lamex Office Furniture business for USD 75 Million.
- April 2022: Fursys Inc. agreed to acquire FURSYS VN Ltd from Sidiz.Inc. for KRW 50 billion on April 22, 2022. Transaction board resolution was made on April 22, 2022. The transaction completion date was May 6, 2022.
APAC Contract Furniture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Material
5.1.1 Wood
5.1.2 Metal
5.1.3 Plastic
5.1.4 Other Materials
5.2 By Product
5.2.1 Seating (Office Chairs, Guest Chairs, Stools, Sofa, Others)
5.2.2 Storage Units (Bins & Shelves, Cabinets, Others)
5.2.3 Tables (Conference Tables, Occasional Tables, Others)
5.2.4 Workstation
5.2.5 Other Products
5.3 By Dstribution Channel
5.3.1 Online
5.3.2 Offline
5.4 By End Users
5.4.1 Office
5.4.2 Hotels
5.4.3 Hospitals
5.4.4 Other End Users (Schools, Airports, etc)
5.5 By Geography
5.5.1 China
5.5.2 Japan
5.5.3 India
5.5.4 Australia
5.5.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Fursys
6.2.2 Hyundai Livart
6.2.3 Itoki
6.2.4 Kinwai
6.2.5 Kokuyo Furniture
6.2.6 Modernform
6.2.7 Okamura
6.2.8 Uchida Yoko
6.2.9 UE Furniture
6.2.10 Haworth Inc.*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
APAC Contract Furniture Industry Segmentation
Contract furniture is any furniture designed and manufactured for commercial installation in offices, waiting rooms, lobbies, and other public or high-use spaces. The frames of this type of furniture are typically constructed of hardwood or steel, built to withstand minimum weight requirements, and usually carry a warranty of five years or more. The report aims to provide a detailed analysis of the Contract Furniture Market in the Asian-Pacific region.
The Asian-Pacific contract furniture market is segmented by material (wood, metal, plastic, and other materials), by product (seating, storage units, tables, workstations, and other products), by distribution channel (online and offline), by end users (Offices, Hotels, Hospitals, and Others), and by geography (China, Japan, India, Australia, and Rest of Asia-Pacific)
| By Material | |
| Wood | |
| Metal | |
| Plastic | |
| Other Materials |
| By Product | |
| Seating (Office Chairs, Guest Chairs, Stools, Sofa, Others) | |
| Storage Units (Bins & Shelves, Cabinets, Others) | |
| Tables (Conference Tables, Occasional Tables, Others) | |
| Workstation | |
| Other Products |
| By Dstribution Channel | |
| Online | |
| Offline |
| By End Users | |
| Office | |
| Hotels | |
| Hospitals | |
| Other End Users (Schools, Airports, etc) |
| By Geography | |
| China | |
| Japan | |
| India | |
| Australia | |
| Rest of Asia-Pacific |
APAC Contract Furniture Market Research FAQs
What is the current Asia-Pacific Contract Furniture Market size?
The Asia-Pacific Contract Furniture Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Contract Furniture Market?
Hyundai Livart, Itoki, Kinwai, Kokuyo Furniture and Uchida Yoko are the major companies operating in the Asia-Pacific Contract Furniture Market.
What years does this Asia-Pacific Contract Furniture Market cover?
The report covers the Asia-Pacific Contract Furniture Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Contract Furniture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Contract Furniture Industry Report
Statistics for the 2024 Asia-Pacific Contract Furniture market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Contract Furniture analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
