Qiaotou Development Zone, Wuyi County, Hengshui City, Hebei Province
Industry Trend Analysis
As a branch of the furniture industry, China's office furniture industry has also achieved rapid development with the continuous updating of production technology, the continuous increase of varieties, the gradual formation of specialized production, and the continuous improvement of management level.
In recent years, the acceleration of urbanization in China and the continuous expansion of the sales area of commercial housing, especially office buildings, have brought broad downstream demand to China's office furniture industry, promoting the increase in output and product design innovation and quality improvement of the office furniture industry. The good competitive pattern of industrial cluster development has also strongly promoted the development of the office furniture manufacturing industry. At present, China's office furniture manufacturing industry has formed five industrial clusters: the Pearl River Delta, the Yangtze River Delta, the Bohai Rim, Northeast China, and the West.
In terms of office furniture supply, in 2007, the output value of China's office furniture accounted for more than 30% of the total furniture output value. In recent years, with the development of the office furniture industry, the growth rate of the number of office furniture enterprises has been faster than that of the furniture industry, which can be inferred that the proportion of China's office furniture output value in the total furniture output value is increasing. In 2020, the sales area of commercial housing in China was 176.086 million square meters, an increase of 2.6% year-on-year, while the newly started area of office buildings decreased slightly to 66.04 million square meters, a year-on-year decrease of 6.80%; combined with the macroeconomic situation in 2020 and the development trend of the office furniture industry in recent years, it is estimated that the proportion of China's office furniture output to furniture output in 2020 has decreased slightly, with a total output of about 37.401 million pieces.
In terms of market demand, with the acceleration of China's internationalization process, in recent years, office buildings have sprung up in first- and second-tier cities, promoting the development of China's office furniture market. The rapid development of smart buildings and the establishment of high-end office buildings have led to an increasing demand for office furniture, and the demand for mid-to-high-end office furniture is also increasing. According to Statista statistics, from 2014 to 2020, the operating income of China's office furniture industry showed a continuous growth trend, with a compound annual growth rate of about 8.87%. In 2020, the operating income of China's office furniture industry was about 84.239 billion yuan, an increase of 8.11% year-on-year.
On the demand side, with the rapid development of China's economic construction, banks, securities, schools, hospitals, and enterprises and institutions are constantly expanding, and office conditions are constantly improving, which will continue to increase the demand for comfortable office furniture. At the same time, with the acceleration of China's internationalization process, foreign companies will gradually set up offices in China, leading to a large demand for office furniture. In the future, office furniture with unique design and craftsmanship, green environmental protection, intelligent manufacturing, and intelligent office will continue to emerge. In the next five years, the sales revenue of China's office furniture industry will show a growth trend with technological progress. According to the compound annual growth rate prediction, the market size of China's office furniture industry will grow to 118.3 billion yuan by 2026.
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