Stratview Research has published a new report on the Home Office Furniture Market, segmented by Product Type (Seating, Storage Units, Desks and Tables, and Others), by Material Type (Wood, Metal, Plastic, Glass, and Others), by Distribution Channel Type (Flagship Stores, Specialty Stores, Online and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World). This report provides critical insights into the market dynamics and enables strategic decision-making for the existing and new market players.
Market Highlights
The home office furniture market size was estimated at USD 3.5 Billion in 2021 and is likely to grow at a CAGR of 8.2% during 2022-2027 to reach USD 5.6 Billion in 2027.
What is Home office furniture?
- Home office furniture is furniture products that are used in residential and commercial spaces by individuals for their personal home offices.
- Growing urbanization, rise in entrepreneurship and work-from-home culture, and the development of multi-functional furniture are the prime factors contributing to the demand for the market.
- The increasing popularity of smart furniture in urban areas is also one of the key factors driving market growth.
- Home office furniture is mainly inclusive of products such as non-upholstered kitchenware, sofas, tablets, chairs, drawers, and couches, and is manufactured of plastic and wood material.
- Rising urbanization in both developed and developing countries, along with increasing demand for smart & multipurpose furniture, and increasing residential and commercial spaces is the substantial driving factor of the market across the world.
Segmentation –
This report studies the Home Office Furniture Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
By Distribution Channel Type
- The market is segmented as flagship stores, specialty stores, online, and others.
- The online segment was the fastest-growing segment of the market in 2020 and is likely to maintain its dominance over the forecast period.
- Policies such as secured transactions, cash on options, convenient returns, and integrated and centralized customer service encourage consumers to purchase furniture online, which is driving the growth of the segment during the forecast period
By Material Type
Based on material type, the market is segmented as Wood, Metal, Plastic, Glass, and Others. The Wood segment is estimated to grow with the highest CAGR during the forecast period.
Regional Analysis
- North America is estimated to be the largest market during 2022-27, with the USA, Canada, and Mexico being the major countries with lucrative growth opportunities.
- The growth of the region’s market is mainly driven by the rising trend of working from home in the USA.
- A majority of employers are giving facilities to their employees to work remotely, which in turn, is fueling the demand for home offices.
- People are also involving themselves in other entrepreneurial activities which leads to the high demand for home offices to greet their own personal clients in a safe and confined space.
- This new trend is also a key factor determining the growth of the market in the region.
- Europe and Asia-Pacific are also likely to offer promising growth opportunities during the forecast period.
The following are the key players in the Home Office Furniture Market:
- Ashley Furniture Industries, Inc.
- Haworth Inc.
- Herman Miller Inc.
- HNI Corporation
- Hooker Furniture Corporation
- Inter IKEA Holding B.V.
- Kimball International
- Knoll Inc.
- KOKUYO Co. Ltd.
- Steelcase Inc.
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