South Korea Office Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South Korean office furniture market is anticipated to grow over the forecast period, owing to driving factors, such as a rise in the number of start-ups and home offices, coupled with increasing per capita income of individuals. Office furniture includes furniture pieces, such as desks, office chairs, storage cabinets, and other items, which are typically found in a workplace environment. Shifting consumer’s priorities to change the office structure to make it more modular and integrated, for using every square feet of office space is mainly driving the office furniture market's growth. Further, new employment opportunities are believed to escalate the growth of the market. With increasing number of employed people across the country, the demand for new offices is also increasing.

Key Market Trends

Increase in New Offices in the Seoul City

The rise in the number of offices and high spending on office interiors are some of the major factors, which are expected to drive the demand for office furniture in upcoming years. With the increasing number of employed people across the country, the demand for new offices is also increasing. Further, with the increase in the number of corporate offices across the country, the market for office furniture is likely to grow at a remarkable pace over the forecast period.

Rise in Online Sales Driving the Market

Increasing online spending of consumers is also expected to positively impact the growth of the South Korean office furniture market. Factors, such as increasing internet penetration among the population and the rising number of vendors offering their product through online stores is anticipated to drive the growth of the market. Many local and prominent manufacturers are adopting online retail strategies to decrease product display costs and increase the overall profit margin. Moreover, the number of online furniture stores increased considerably.

Competitive Landscape

The report covers major international players operating in the South Korean Office Furniture Market. In terms of market share, some of the major players are currently dominating the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support