Home office furniture are objects used to support various human activities such as seating, reading, writing, and others. They are also used to hold and position an object at certain required height either to store things or for aesthetic appeal. Furniture designs can be modified through machine-based processes and handcrafting. Furniture manufacturing involves highly skilled and creative professionals.
The home office furniture market is driven by emerging new species of wood tree for furniture manufacturing and marketing through internet. Furthermore, the home office furniture market is driven by various factors such as rise in disposable incomes, growth of real estate, growth of SMEs (small and medium-sized enterprises), and increase in demand for luxury and premium furniture from certain consumer sections.
The integration of Internet of Things into furniture products is projected to further escalate the home office furniture market growth. Moreover, development of automated manufacturing system is anticipated to have a significant impact on the furniture industry during the forecast period. Furthermore, the demand for versatile and multi-functional products that offer portability and can easily be accommodated in small spaces is also driving the home office furniture market.
Growth in awareness regarding health, correct sitting posture, and negative effects of sitting for prolonged period is stimulating the consumers to opt for ergonomic home office furniture. Ergonomic means biotechnology or human engineering that involves designing or arranging objects that compliments safe human interaction. Ergonomic chair is especially designed to best support the human body, considering support, posture, comfort, and health. Sitting for extended hours can result in adverse physical and mental health effects such as obesity, heart attack, depression, back and neck troubles, muscle degeneration, leg disorders, and kidney disease. Therefore, to overcome these negative effects of sitting for long periods, ergonomic chairs have been proved to be a much effective tool. Ergonomic chairs, by providing improved posture and correct support to the human body while sitting, boost the growth of the home office furniture industry.
According to a new report published by Allied Market Research, titled, “home office furniture market by product type, material type, price range, and distribution channel: global opportunity analysis and industry forecast, 2021–2030,” the global home office furniture market size is expected to reach $7,615.2 million by 2030 at a CAGR of 8.8% from 2021 to 2030.
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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.
As per the home office furniture market trends, depending on price range, the medium segment dominated the market and accounted for $1,320.9 million in 2020 as the consumers get quality product with best features at a reasonable price. The high segment is expected to be the fastest growing segment due to the growing demand for luxurious and high-quality home office furniture in the developed markets.
The players operating in the global home office furniture market have adopted various developmental strategies to expand their market share, exploit the home office furniture market opportunities, and increase profitability in the market. The key players profiled in this report include Haworth, Inc., Inter IKEA Systems BV, Steelcase, Inc., Masco Corporation, HNI Corporation, L & J.G. STICKLEY, Inc., Kimball International, Inc., Okamura Corporation, Basset Furniture Industries, and Durham Furniture, Inc.
Key findings of the study
- The home office furniture market size was valued at $3,032.6 million in 2020, and is estimated to reach $7,615.2 million by 2030, growing at a CAGR of 8.8% during the forecast period.
- By product type, the plastic segment is estimated to witness the fastest growth, registering a CAGR of 10.1% during the forecast period.
- In 2020, depending on material type, the wood segment was valued at $1,469.3 million, accounting for 48.4% of the home office furniture market share.
- In 2020, the U.S. was the most prominent market in North America, and is projected to reach $691.2 million by 2030, growing at a CAGR of 8.3% during the forecast period.
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