Report Overview

Singapore Office Furniture Market - Industry Trends & Forecast Report, 2029

Singapore office furniture market size was estimated at USD 560.95 million in 2022. During the forecast period between 2023 and 2029, the size of Singapore office furniture market is projected to grow at a CAGR of 4.54% reaching a value of USD 732.11 million by 2029. Singapore office furniture market is influenced by several key factors. Firstly, the growth of the corporate sector and the increasing number of businesses and startups drive demand for office furniture. Also, the emphasis on ergonomic and aesthetically pleasing workspaces encourages companies to invest in modern and comfortable office furniture. Thirdly, the trend towards remote and hybrid work arrangements has led to a need for flexible and adaptable office furniture solutions. Further, sustainability and eco-friendly practices are gaining importance, pushing manufacturers to offer eco-conscious products. Singapore's robust real estate and construction industry contributes to the market's expansion as new office spaces require furnishings.

Office Furniture - Overview

Office furniture refers to the essential items and furnishings used in a workplace to facilitate productivity and comfort. These items include desks, chairs, filing cabinets, bookshelves, and storage units. Office furniture is designed to support efficient work processes, ergonomic comfort, and organizational needs. It comes in various styles, materials, and configurations to suit different office environments, from traditional to modern and open-plan to private offices. The choice of office furniture can impact the aesthetics, functionality, and overall atmosphere of the workspace, making it a crucial consideration for businesses aiming to create a conducive and appealing work environment for their employees.   

Singapore Office Furniture Market

Growth Drivers

Remote Work Revolution Spurs Demand for Office Furniture

Rapid adoption of remote and flexible work arrangements, catalyzed by the COVID-19 pandemic, is a significant growth driver for the Singapore office furniture market. As more companies embrace hybrid work models, there is a heightened focus on creating ergonomic and productive home office spaces. This shift has led to increased demand for high-quality office furniture, including ergonomic chairs, adjustable desks, and storage solutions, as individuals and businesses invest in comfortable and functional work environments. The Singapore office furniture market is positioned to benefit from this evolving work landscape, presenting opportunities for innovation and expansion in response to changing workplace needs.

Restraints

Supply Chain Disruptions Could Affect Market Growth

Singapore office furniture market faces a significant restraint in the form of supply chain disruptions. The global disruptions caused by the COVID-19 pandemic and subsequent trade tensions have led to delays in the procurement of raw materials and components necessary for manufacturing office furniture. This, in turn, has resulted in production bottlenecks and increased lead times, impacting the ability of furniture manufacturers to meet the demand from businesses and offices in Singapore. The uncertainty surrounding international trade and logistics adds further complexity to this challenge, hindering the market's growth potential and potentially affecting pricing and availability for consumers.

Impact of COVID-19 on Singapore Office Furniture Market

COVID-19 pandemic significantly impacted Singapore office furniture market. As lockdowns and remote work became the norm, demand for office furniture decreased sharply. Many businesses delayed or canceled office renovation and expansion plans, resulting in decreased sales for furniture suppliers. Also, supply chain disruptions and increased costs of raw materials hindered production and led to price increases. However, as restrictions eased and hybrid work models emerged, there was a gradual recovery in demand for ergonomic and home office furniture. The market adapted by emphasizing flexible and space-saving solutions, reflecting the changing dynamics of the workplace.

Singapore Office Furniture Market

Segmental Coverage

Singapore Office Furniture Market - By Product Type

By product type, Singapore office furniture market is divided into Seating, Tables, Storage, and Desks segments. The seating segment is the largest in Singapore office furniture market, which encompasses a wide range of chairs, sofas, and seating solutions designed for office use. This category caters to the diverse seating needs of offices, including ergonomic chairs, executive seating, and collaborative workspace furniture. The seating segment reflects the importance placed on employee comfort and productivity in the workplace, making it a significant component of the overall office furniture market in Singapore, catering to the evolving demands of modern office environments.

Singapore Office Furniture Market - By Material

Based on material, Singapore office furniture market is divided into Wood, Steel, and Leather segments. These segments represent distinct material choices for office furniture manufacturing. The wood segment offers a classic and warm aesthetic, catering to traditional office setups. The steel segment, on the other hand, are associated with modern and industrial designs, prioritizing durability and functionality. The leather segment caters to those seeking luxurious and sophisticated office furniture options. Each of these segments serves a unique niche within the market, allowing consumers to select furniture that aligns with their specific style preferences and functional requirements.

Singapore Office Furniture Market - By Distribution Channel

By distribution channel, Singapore office furniture market is divided into Home Centers, Flagship Stores, Specialty Stores, and Online Stores segments. Home centers segment is the largest distribution channel in the market. These are stores that cater to a wide range of home and office furniture needs, making them popular among both individual consumers and businesses. Flagship stores, offering premium selections, and specialty stores, catering to niche preferences, follow closely behind. Also, online stores are gaining momentum as more people embrace e-commerce. However, home centers stand out as the dominant player, reflecting the diverse demand for office furniture in Singapore.

Competitive Landscape

Singapore office furniture market is fiercely competitive, with major players Vitra International AG, Herman Miller Inc., Haworth Inc., Steelcase, OSYS Concepts Pte Ltd, Okamura Corporation, Inter IKEA Systems BV, and Knoll Inc. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

By Product Type

• Seating

• Tables

• Storage

• Desks

By Material

• Wood

• Steel

• Leather

By Distribution Channel

• Home Centers

• Flagship Stores

• Specialty Stores

• Online Stores

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3.  Singapore Office Furniture Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growth in the commercial sector
         2. Adoption of ergonomic furniture and open-office concepts
      2. Restraints
         1. High cost of office furniture
         2. Competition from low-cost furniture imports
      3. Opportunities
         1. Development of new and innovative office furniture designs
         2. Growing demand for customized office furniture
      4. Challenges
         1. Changing consumer preferences
         2. Need to provide high-quality and sustainable office furniture
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4.  Singapore Office Furniture Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share and Forecast
      1. By Product Type
         1. Seating
         2. Tables
         3. Storage
         4. Desks
         5. Others
      2. By Material
         1. Wood
         2. Steel
         3. Leather
         4. Others
      3. By Distribution Channel
         1. Home Centers
         2. Flagship Stores
         3. Specialty Stores
         4. Online Stores
         5. Others
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Singapore Office Furniture Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of COVID-19 on Singapore Office Furniture Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Vitra International AG
   2. Herman Miller Inc.
   3. Haworth Inc.
   4. Steelcase
   5. OSYS Concepts Pte Ltd
   6. Okamura Corporation
   7. Inter IKEA Systems BV
   8. Knoll Inc.
   9. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1.  Qualitative Research
      1.  Primary & Secondary Research
   2.  Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.  Breakdown of Primary Research Respondents, By Distribution Channel
   5.  Assumptions & Limitations

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       Singapore Office Furniture Segmentation

Figure 2       Singapore Office Furniture Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Singapore Office Furniture Market Size, By Value (USD Million), 2019–2029

Figure 5       Singapore Office Furniture Market Share, By Product Type, By Value, 2019–2029

Figure 6       Singapore Office Furniture Market Share, By Material, By Value, 2019–2029

Figure 7 Singapore Office Furniture Market Share, By Distribution Channel, By Value, 2019–2029

List of Tables

Table 1 Singapore Office Furniture Market Size, By Value (USD Million), 2019–2029

Table 2 Singapore Office Furniture Market Share, By Product Type, By Value, 2019–2029

Table 3 Singapore Office Furniture Market Share, By Material, By Value, 2019–2029

Table 4 Singapore Office Furniture Market Share, By Distribution Channel, By Value, 2019–2029

Table 5        Vitra International AG Company Overview

Table 6        Vitra International AG Financial Overview

Table 7        Herman Miller Inc. Company Overview

Table 8        Herman Miller Inc. Financial Overview

Table 9        Haworth Inc. Company Overview

Table 10      Haworth Inc. Financial Overview

Table 11      Steelcase Company Overview

Table 12      Steelcase Financial Overview

Table 13      OSYS Concepts Pte Ltd Company Overview

Table 14      OSYS Concepts Pte Ltd Financial Overview

Table 15      Okamura Corporation Company Overview

Table 16      Okamura Corporation Financial Overview

Table 17      Inter IKEA Systems BV Company Overview

Table 18      Inter IKEA Systems BV Financial Overview

Table 19      Knoll Inc. Company Overview

Table 20      Knoll Inc. Financial Overview