In 2023, the global home office furniture market is anticipated to reach a market value of US$ 19.2 billion. By the end of the forecast period, spanning from 2023 to 2033, it is projected to achieve a market value of US$ 26.1 billion, with a Compound Annual Growth Rate (CAGR) of 3.0%.
Commercial industries have now embarked on the new creative age of work. It is this evolution from full-time site employees to working remotely that has contributed This period of virtual working has led to an increase in demand for home office furniture across various areas. The dominant overseas firms, on the other hand, have made a great contribution to market growth.
The establishment of this new working culture has helped propel the majority to have a replica office environment where they work. This is predicted to have a positive effect on the home office furniture market growth in the near future. The home office market sales have increased significantly with the increase in people working from their homes during these recent years.
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Market Dynamics
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.
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.
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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.
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.
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
For instance,
- In 2021, Steelcase Inc. introduced a new line of work-from-home products, including chairs, desks, and storage solutions, to cater to the increasing demand for home office furniture.
- Additionally, in the same year, Herman Miller, Inc. announced the acquisition of Knoll Inc., another major player in the home office furniture market, to expand its product offerings and strengthen its position in the market.
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
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
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