Market Size of Asia-Pacific Contract Furniture Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
