South Korea Office Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The South Korean office furniture market is estimated at USD 584.2 million in the current year and is poised to grow at a CAGR of greater than 2.5% during the forecast period.

The South Korean office furniture market is anticipated to grow over the forecast period, owing to factors such as a rise in the number of start-ups and home offices, focus on employee health and well-being. Office furniture includes pieces like desks, office chairs, storage cabinets, and other items typically found in a workplace environment.

Shifting consumer priorities to change the office structure to make it more modular and integrated, for using every square foot of office space is mainly driving the office furniture market's growth. Further, new employment opportunities are believed to escalate the market's growth. With the increasing number of employed people across the country, the demand for new offices is also increasing.

In 2021, the furniture market continued to experience moderate growth largely due to COVID-19 restrictions requiring many people to stay home. This was reflected in their buying behavior: Furniture sales increased as people began to make their living and home office spaces more comfortable.

South Korea Office Furniture Market Trends

Increase in New Offices in Seoul is Surging the Market

The rise in the number of offices and high spending on office interiors are some of the major factors 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 especially in Seoul, the market for office furniture is likely to grow at a robust pace over the forecast period.

Rise in Online Sales is 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 products through online stores are anticipated to drive the market's growth. 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 has increased considerably.

South Korea Office Furniture Market Competitor Analysis

The report covers major international players operating in the South Korean Office Furniture Market. In terms of market share, a few major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and launching innovative products. Moreover, players including Fursys, Livart Neoce, Sangdo Furniture Co., Ltd., Kaos Co., Ltd., and Patra Co., Ltd., among others have been profiled in the report.

Additional Benefits:

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