South Korea Contract Furniture Market Size & Outlook
South Korea contract furniture market, 2018-2030 (US$M)
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South Korea contract furniture market highlights
- The South Korea contract furniture market generated a revenue of USD 4,025.8 million in 2023 and is expected to reach USD 5,952.1 million by 2030.
- The South Korea market is expected to grow at a CAGR of 5.7% from 2024 to 2030.
- In terms of segment, chairs & stools was the largest revenue generating product in 2023.
- Sofa & Couch is the most lucrative product segment registering the fastest growth during the forecast period.
Contract furniture market data book summary
| Market revenue in 2023 | USD 4,025.8 million |
| Market revenue in 2030 | USD 5,952.1 million |
| Growth rate | 5.7% (CAGR from 2023 to 2030) |
| Largest segment | Chairs & stools |
| Fastest growing segment | Sofa & Couch |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Chairs & Stools, Tables & Desks, Storage Furniture, Sofa & Couch |
| Key market players worldwide | MillerKnoll Inc, Steelcase Inc Class A, HNI Corp, Global Industrial Co, Haworth, Inc., Kinnarps, Teknion, OFS |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.7% of the global contract furniture market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China contract furniture market is projected to lead the regional market in terms of revenue in 2030.
- Japan is the fastest growing regional market in Asia Pacific and is projected to reach USD 17,057.3 million by 2030.
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Contract Furniture Market Scope
Contract Furniture Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea contract furniture market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to contract furniture market will help companies and investors design strategic landscapes.
Chairs & stools was the largest segment with a revenue share of 34.81% in 2023. Horizon Databook has segmented the South Korea contract furniture market based on chairs & stools, tables & desks, storage furniture, sofa & couch covering the revenue growth of each sub-segment from 2018 to 2030.
In January 2024, the South Korean government announced initiatives to relax development restrictions, particularly in greenbelt areas, and grant significant reductions in development fees for nonmetropolitan areas. Such efforts are poised to drive the growth of the construction industry in the country.
With increased construction activity and a surge in commercial and residential spaces, a heightened demand for contract furniture is expected in South Korea, as businesses and property developers seek quality furnishings for newly constructed spaces.
According to a November 2023 news article by Singaporean daily English-language newspaper The Straits Times, the high demand for office space in Seoul, with an occupancy rate of over 98% and soaring rents, indicates a thriving commercial real estate market in South Korea's capital.
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Our clientele includes a mix of contract furniture market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea contract furniture market , including forecasts for subscribers. This country databook contains high-level insights into South Korea contract furniture market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea contract furniture market size, by product, 2018-2030 (US$M)
South Korea Contract Furniture Market Outlook Share, 2023 & 2030 (US$M)
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