Singapore Office Furniture Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Seating, Tables, Storage, Desks), By Material (Wood, Steel, Leather), By Distribution Channel (Online and Offline), and Singapore Office Furniture Market Insights, Industry Trend, Forecasts to 2032

Industry: Consumer Goods

RELEASE DATE Nov 2023
REPORT ID SI3073
PAGES 200
REPORT FORMAT PathSoft

Singapore Office Furniture Market Insights Forecasts to 2032

  • The Singapore Office Furniture Market Size was valued at USD 573.41 Million in 2022.
  • The Market Size is growing at a CAGR of 4.75% from 2022 to 2032
  • The Singapore Office Furniture Market Size is expected to reach USD 911.79 Million by 2032

 

Singapore Office Furniture Market

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The Singapore Office Furniture Market Size is anticipated to exceed USD 911.79 million by 2032, growing at a CAGR of 4.75% from 2022 to 2032.   

 

Market Overview

The essential items and furnishings used in a workplace to facilitate productivity and comfort are referred to as office furniture. Desks, chairs, filing cabinets, bookshelves, and storage units are examples of these items. Office furniture is created to facilitate efficient work processes, ergonomic comfort, and organizational requirements. It is available in a variety of styles, materials, and configurations to suit various office environments, ranging from traditional to modern, open-plan to private offices. The aesthetics, functionality, and overall atmosphere of the workspace can be influenced by the choice of office furniture, making it an important consideration for businesses looking to create a conducive and appealing work environment for their employees. Demand for office furniture is driven by the expansion of the corporate sector and the increasing number of businesses and startups. Furthermore, the focus on ergonomic and aesthetically pleasing workspaces encourages businesses to invest in modern and comfortable office furniture. As new office spaces require furnishings, Singapore's thriving real estate and construction industries contribute to the market's expansion.  

 

Report Coverage

This research report categorizes the market for the Singapore office furniture market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the office furniture market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the office furniture market.

 

Singapore Office Furniture Market Report Coverage

Report CoverageDetails
Base Year:2022
Market Size in 2022:USD 573.41 Million
Forecast Period:2022-2032
Forecast Period 2022-2032 CAGR:4.75%
2032 Value Projection:USD 911.79 Million
Historical Data for:2019-2021
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Product Type, By Material, By Distribution Channel
Companies Covered: Haworth Inc., Vitra International AG, Herman Miller Inc., Steelcase, OSYS Concepts Pte Ltd, Okamura Corporation, Inter IKEA Systems BV, Knoll Inc. and Other Key Vendors.
Pitfalls & Challenges:COVID-19 Empact,Challenges, Future, Growth, & Analysis

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Driving Factors

The COVID-19 pandemic has accelerated the adoption of remote and flexible work arrangements, which is a significant growth driver for the Singapore office furniture market. As more businesses adopt hybrid work models, there is a greater emphasis on creating ergonomic and productive home office spaces. As individuals and businesses invest in comfortable and functional work environments, there is a greater demand for high-quality office furniture, such as ergonomic chairs, adjustable desks, and storage solutions. The Singapore office furniture market is well-positioned to benefit from this changing work landscape, which presents opportunities for innovation and expansion in response to changing workplace requirements.

 

Restraining Factors

The market's expansion is hampered by the wide fluctuations in raw material prices. Furthermore, increases in supply chain, production, and shipping costs have created a volatile market in which investors are hesitant to invest. The main sources of concern are long replacement cycles and logistics complexity. 

 

Market Segmentation

The Singapore Office Furniture Market share is classified into product type and distribution channel.

 

  • The seating segment is expected to hold the largest share of the Singapore office furniture market during the forecast period.         

The Singapore office furniture market is segmented by product type into seating, tables, storage, and desks. Among these, the seating segment is expected to hold the largest share of the Singapore office furniture market during the forecast period. It includes a wide range of office chairs, sofas, and seating solutions. This category includes ergonomic chairs, executive seating, and collaborative workspace furniture to meet the diverse seating needs of offices. Seating reflects the importance placed on employee comfort and productivity in the workplace, making it a significant component of Singapore's overall office furniture market, catering to the evolving demands of modern office environments.         

 

  • The offline segment accounted for a significant share of the Singapore office furniture market in 2022.

Based on the distribution channel, the Singapore office furniture market is divided into online and offline. Among these, the offline segment accounted for a significant share of the Singapore office furniture market in 2022. The offline segment has a larger market share due to various factors such as the ease of verifying the product's quality. The offline channel includes hypermarkets/supermarkets, specialty stores, and others. Individuals typically prefer specialty stores because multiple products are displayed in these stores. Specialty stores typically cover a large area and offer a variety of products in a single location. Because the furniture used in an organization is usually a significant investment, customers prefer to have the products verified before purchasing.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore office furniture market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

 

  • Haworth Inc.
  • Vitra International AG
  • Herman Miller Inc.
  • Steelcase
  • OSYS Concepts Pte Ltd
  • Okamura Corporation
  • Inter IKEA Systems BV
  • Knoll Inc.
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting And Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Singapore Office Furniture Market based on the below-mentioned segments:

 

Singapore Office Furniture Market, By Product Type

  • Seating
  • Tables
  • Storage
  • Desks

 

Singapore Office Furniture Market, By Material

  • Wood
  • Steel
  • Leather

 

Singapore Office Furniture Market, By Distribution Channel

  • Online
  • Offline

 

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