The global home office furniture market is expected to witness a market value of US$ 19.2 billion in 2023 and is expected to accumulate a market value of US$ 26.1 billion by registering a CAGR of 3.0% in the forecast period 2023 to 2033.
Commercial sectors have now entered the new era of work. This transition from requiring full site employees to allowing working from home has fueled the growth in the home office furniture market. This era of virtual working has facilitated a rise in demand for home office furniture in different regions. The well-established global companies have played a significant role in market growth.
The adoption of this new working lifestyle has encouraged people to create a similar working environment as it prevails in the offices. This is expected to positively impact the home office furniture market growth in the coming years. In the past few years, the number of people working from home has increased, which in turn has boosted the sales of the home office market.
Global Home Office Furniture Market: Market Dynamics
Drivers for Home Office Furniture Market
Many of the companies are paying for the development of employee’s home offices. Global companies have provided work from home allowances to their employees to create a better and comfortable working environment at home. Such support provided by the companies is also indirectly contributing to the growth of the home office furniture market. Global companies like Google are encouraging their employees to continue working from home.
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The companies have also made the work from office option voluntary for employees. This support and encouragement provided by the global players to work from home is expected to directly fuel the home office furniture market.
Trends for Home Office Furniture Market
As the work from home mania has risen, the google searches for office chairs is increasing rapidly. Sighting this, the players have increased the investments in home office furniture as people have realized the importance of comfort while working from home.
Global companies such as Steelcase, In., Hermann Millers,Inc., and others have reported rise in sales for home office furniture especially in the seating furniture categories. This sudden rise in demand for home office furnishing has encouraged the players in the market to increase their online penetration. Steelcase,Inc. is one such company that has launched its online store in Hong Kong in May 2020.
Opportunities for Home Office Furniture Market
Many of the jobs that involve client interaction and frequent calls require private spaces. Many of the employees are finding it difficult to maintain privacy while working from home.
In such scenarios development of small system cubicles that can best suit residential spaces will help open new opportunities for the players in the market. Providing home office furniture that helps workers to maintain privacy will boost sales and facilitate market growth in the coming years as less privacy is one of the major concerns of the employees working from home.
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Challenges for Home Office Furniture Market
Amid the outbreak of novel coronavirus, the home office furniture registered growth in demand. The home office furniture industry was however experiencing disruptions in the market operations like production and supply chain. This demand surge, on one hand, and supply disruptions on the other hand created temporary demand and supply gaps in the market.
The players in the market have undertaken numerous efforts in order to switch the demand and supply gap that is prevailing in the home office furniture market.
Global Home Office Furniture Market: Key Players
Some of the key players operating in the global Home Office Furniture market are
- Hermann Miller Inc.
- Steelcase Inc.
- Kimball International Inc.
- OKAMURA Corporation
- Knoll Inc.
- KOKUYO Vo. Ltd
- Teknion Corporation
- HNI Corporation
- Haworth Inc.
- Ashley Furniture Industries Inc.
- Global Furniture Group
- IKEA Group
These players have increased their online penetration as the demand for home office furniture surge.
Home Office Furniture Market: Regional Outlook
The adoption of home office furniture is significant in North America and Europe, as the work from home culture prevails since a very long time in these regions like East Asia and South Asia are lucrative regions that are expected to register significant growth in the home office furniture market due to the recent specular shift from office to work from home culture.
The demand for home office furniture prevails in the market since the past few years but amid the covid-19 outbreak, the market experienced a drastic surge in demand across many regions.
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Global Home Office Furniture Market Segmentation
Product:
- Desks
- Office Chairs
- Bookshelves and Bookcases
- Filing Cabinets
- Others
Material Type:
- Wood
- Metal
- Plastic
- Glass
- Others
Price Range:
- Premium
- Mid-range
- Economic
Distribution Channel:
- Wholesalers/Distributors
- Hypermarkets/Supermarkets
- Specialty Stores
- Multi-Brand Stores
- Convenience Stores
- Others
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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