Surge in entrepreneurship and work from home, growth in urbanization, and rise in inclination of customers toward multi-function furniture drive the growth of the global home office furniture market. However, increase in the cost of raw material and environmental restriction related to deforestation hinder the market growth. On the other hand, development of eco-friendly raw material and surge in e-commerce sales present new opportunities in the coming years.
According to the report published by Allied Market Research, the global home office furniture market generated $3.03 billion in 2020, and is expected to reach $7.61 billion by 2030, witnessing at a CAGR of 8.8% from 2021 to 2030. The report offers a detailed analysis of changing market dynamics, key investment pockets, top segments, value chain, regional scenario, and competitive landscape.
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Covid-19 Scenario:
The recent COVID-19 outbreak impacted the growth of the home office furniture industry. The increase in reported cases has caused a global lockdown and restricted supply chains. Consumer discretionary spending has decreased, and businesses have noticed a behavioral shift toward safer and more durable products. Furthermore, through engagement campaigns, manufacturers are strengthening their e-commerce channel and increasing consumer engagement on their websites.
Pandemic has emphasis on “stay at home” and “work from home” that has gained immense traction in both the corporate and the government sectors. According to Fabrento, a furniture rental company, the work from home furniture segment has witnessed a growth of 200% during the pandemic. All the manufacturing units, corporate offices, schools, and colleges were shut down in an attempt to stop the spread of the COVID-19 disease. To continue their operations, the corporates and the government sectors adopted work from home to overcome the difficulties of lockdown. Moreover, the schools, colleges, and universities started online classes and lectures to continue their operations.
Moreover, this factor significantly boosts the demand for the home office furniture among the students and working population all across the globe. The manufacturers of the home office furniture witnessed a rapid growth in the sales and revenue. This work from home and hybrid working culture is expected to remain for long even in the post COVID period. For this reason, the manufacturers of the home office furniture are anticipating a bright future for their business.
The report offers detailed segmentation of the global home office furniture market based on product type, material type, price range, distribution channel, and region.
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Based on product type, the table segment contributed to the highest share in 2020, accounting for more than two-fifths of the total share, and is estimated to continue its leadership status during the forecast period. However, the seating segment is expected to portray the highest CAGR of 9.8% from 2021 to 2030.
Based on material type, the wood segment accounted for the highest share in 2020, holding nearly half of the global home office furniture market, and is estimated to continue its dominance during the forecast period. However, the plastic segment is projected to manifest the largest CAGR of 10.1% from 2021 to 2030.
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Based on region, Europe held the highest share in terms of revenue in 2020, accounting for nearly two-fifths of the total share, and is expected to continue its lead position by 2030. However, the region across Asia-Pacific is projected to witness the fastest CAGR of 10.7% during the forecast period. The research also analyzes regions including North America and LAMEA.
Leading players of the global home office furniture market analyzed in the research include Steelcase, Inc., Masco Corporation, HNI Corporation, Haworth, Inc., Inter IKEA Systems BV, L & J.G. STICKLEY, Inc., Kimball International, Inc., Okamura Corporation, Basset Furniture Industries, and Durham Furniture, Inc.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
