Contract furniture includes furniture which is purchased according to a written agreement between furniture manufacturers and end users, and is meant for commercial use for a specific time duration. —
The global furniture market is undergoing a major transition by way of advancement in technology, enhancement of product features, and use of unique raw material. These factors are paving the way for the growth of the contract furniture market, which has increased significantly in the recent years.
This report analyses the current status of the global contract furniture market, outlines the key market players and the bases for market segmentation, and studies the future trends of this industry from 2018 till 2023, using 2013-2017 as the historical base.
The rising preference for contract furniture over traditional and expensive new furniture is believed to be one of the key drivers behind the growth of the global contract furniture and furnishing market.
The major players in the contract furniture market across the world include the following:
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The global contract furniture market can be segmented based on type of product, application, and geographical region.
Contract furniture can be of the following types:
Bedroom Furniture and Mattresses
Tables and Chairs
On the basis of application, the contract furniture market has been split into primarily corporate and government offices, public areas such as parks and gardens, retail stores, healthcare, hospitality, education, and others. It has been seen that the education segment is witnessing rapid growth as there is a growing demand for modern and sleek furniture in educational institutions. The concept of smart furniture is also catching on as it offers the ease of operating remotely via wireless technology which is installed using applications on the user’s smart devices. Hence, the demand for smart furniture is likely to further drive the demand for contract furniture across the world, especially in Europe.
North America, South America, Europe, Asia-Pacific, and the Middle East and Africa are the major regions for the contract furniture market across the world. Europe is one of the market leaders in terms of revenue in the contract furniture market. Industry experts predict that the contract furniture market in Europe will grow at a CAGR of around 6% during the period 2019-2023. The UK is also expected to register the highest incremental growth in this market during the forecast period.
According to industry news as of September 2019, Deanestor, a prominent Mansfield-based manufacturer of contract furniture for the healthcare sector, has completed a contract worth £1.1million for supplying and installing furniture and fittings for more than 1,600 rooms for the new Royal Papworth Hospital. This contract is Deanestor’s 15th healthcare project for the main contractor Skanska and includes the manufacture of almost 2000 cabinets, shelving units, and work stations for hospital areas such as operating theatres, cardiac catheterisation labs, isolation wards, staff changing rooms, utility rooms, library, and offices.
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