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 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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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.
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.
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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.
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
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