During the period from 2024 to 2032, the global market for ergonomic chairs is anticipated to expand at a CAGR of 7.5%. As businesses regularly renovate commercial and residential workspaces to incorporate innovative design elements such as ergonomic and multifunctional seating systems, a significant increase in office remodeling activities would further stimulate market growth. Manufacturers exert considerable effort to design ergonomic chairs with multiple functions that increase comfort during long workdays and optimize space utilization. As businesses seek to boost productivity by encouraging employee collaboration, the demand for ergonomic chairs has increased. In response to the demand for affordable and comfortable amenities in economies, office furniture, and interior layouts have evolved over the past decade.
Increasing capital investments in office infrastructure, driven primarily by the development of corporate hubs in the regions, are expected to increase the demand for office furniture such as ergonomic chairs over the forecast period. According to the Economic Impact Study commissioned by the Building Owners and Managers Association of the United States (BOMA), the number of business offices in the United States will rise by 2020. In addition, the study revealed that BOMA's local associations in the United States service approximately 250,000 square feet of private office space.
Although foreign manufacturers may be more competitive in terms of price, domestic manufacturers offer significant advantages, such as shorter lead times and individualized products. However, imports have come to dominate the market for ready-made office furniture sold by retailers, as the price is one of the most influential factors in this industry. The company's exclusive stores, retail outlets, and other types of brick-and-mortar stores contribute significantly to the total product sales in the market. However, online sales are increasing due to the growing influence of social media, which facilitates the rapid digital sharing of opinions and experiences. As a result, manufacturers are concentrating on enhancing their online presence and offering valuable after-sales services to enhance consumers' online shopping experiences.
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Customers prefer purchasing ergonomic office chairs via e-commerce because it is more convenient. Inconsistent pricing and a lack of detail transparency hinder a consumer's purchasing decision. As the global economy shifts toward digital commerce, the majority of transactions now occur on digital platforms. It affords businesses the chance to interact with consumers and determine their desires. The customer will be more likely to make a purchase if the product's specifications and price are communicated clearly and there are no hidden costs.
Production companies and multinational corporations work together to increase sales. Employees utilize office chairs in this manner, and if they experience the benefits, they may decide to purchase ergonomic office chairs for their homes. As a result of the spread of the COVID-19 pandemic, remote work has become pervasive and an integral component of the employee's daily routine.
The advent of ergonomic office chairs with additional functions, such as large armrests, massage vibration, and heated pads, can provide employees with as many benefits as possible. These new features are likely to alter the market for ergonomic office chairs, leading to an increase in demand. The comfort of all employees contributes to their productivity.
In 2023, the swivel chair segment accounted for roughly 50% of the market's total revenue. Swivel chairs facilitate social interaction significantly. With an ergonomic swivel chair, one can swivel and converse without putting undue strain on their necks in their home office or workplace. For expansive rooms, the swivel chair is the ideal choice. Between 2024 and 2032, the market for adjustable ergonomic chairs is anticipated to grow at a CAGR of 8%. Adjustable office chairs enable users to customize their sitting experience, ensuring their comfort throughout the day. You can avoid aches in the neck, shoulders, and lower back, as well as other types of pain caused by prolonged inactivity, with proper ergonomics.
In terms of revenue, the steel segment is projected to grow at a CAGR of approximately 8.3% between 2024 and 2032. There are numerous suppliers of stainless-steel outdoor seating, which simplifies the fitting requirements for residential and commercial outdoor seating. These items are available in numerous lengths, designs, finishes, diameters, qualities, and prices. Low-maintenance stainless steel is an alloy of carbon, iron, and other metals. As a result of a thin oxide layer on its surface, chromium is protected from rust and corrosion, which significantly contributes to its strength.
Over the forecast period, it is anticipated that the plastics market will grow at a CAGR of greater than 7.5%. Due to the apparent increase in single-use plastic waste, the use of recycled plastic from ocean waste in the production of outdoor furniture has increased. The production of plastic waste peaked in 2020 at 367 million metric tonnes and is expected to skyrocket in the years to come. In order to achieve sustainable goals, numerous furniture manufacturers incorporate recycled plastic into their products.
In terms of revenue, the commercial segment accounted for more than 60% of the market in 2023 and is expected to positively influence market growth. As a result of the implementation of this new working method, individuals have been prompted to create an office-like work environment. This is expected to have a positive effect on the growth of the home office furniture industry over the next few years. In recent years, the number of individuals working from home has increased, resulting in a greater demand for home offices. The residential segment is anticipated to grow at a CAGR of more than 8% during the forecast period. It is anticipated that strong growth in commercial and office building construction and renovation will increase product demand in the United States. Replacement activities have historically played a minor role in increasing product demand due to product durability and lack of innovation. Nevertheless, as the trend toward more open, collaborative workspaces continues to expand, it is anticipated that replacements will increase significantly during the forecast period.
North America held the largest revenue share, 32%, in 2023. In recent years, the region's construction industry growth prospects have been bolstered by the region's growing population and improved standard of living. In addition, the growing awareness of the impact of consumer decisions on individual health, sitting habits, and the environment is steadily driving up the regional demand for ergonomic chairs. Between 2024 and 2032, the Asia-Pacific region is projected to grow at a CAGR of 9.5%. Increased investment in the construction industry and the development of smart city initiatives are anticipated to generate new opportunities for the ergonomic chair market in the coming years. In addition, the rising per capita income in Asia-Pacific developing nations would increase demand.
A small number of established companies and new entrants comprise the market. To meet the rising demand for ergonomic chairs among consumers, the market's dominant players are exerting significant efforts to introduce new varieties. In addition, showcasing their portfolios on e-commerce and online websites has become a fundamental business strategy for major corporations. Market participants are diversifying their services in order to maintain market share.
Some market participants create innovative and aesthetically pleasing ergonomic chairs and have a large customer base, resulting in intense competition. To meet the rising demand for ergonomic chairs among consumers, the market's dominant players are exerting significant efforts to introduce new varieties. In addition, showcasing their portfolios on e-commerce and online websites has become a fundamental business strategy for major corporations.
