Home Office Furniture Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

The global home office furniture market is expected to grow steadily at a CAGR of 8.8% during the forecast period of 2022-2030.

Home offices are set up inside the residential places of working employees working from remote locations, who are required to visit offices very frequently. Furniture plays a crucial role in the home office environment of these employees. Products such as seating chairs, multi-purpose desks, storage equipments and files, non-decorated kitchenware, sofas, tables, drawers, and couches are some of the essential parts in the home office furniture establishment.  

Also, the affordable and appealing attributes of these furniture items and setup enable them to be used for a variety of other purposes besides being used as an office such as for homework or project works to be done by children and for family members to research online for products required at home among many other such purposes.

GROWTH DRIVERS

The rising urbanization in developed and developing countries across the globe leading to an enhanced requirement of smart and multipurpose furniture, the growing work-from-home &  part-time remote working trend across enterprises encouraging the establishment of home offices for their employees, the rapidly expanding construction sector and the surging space constraint in the developed and developing regions are the primary factors driving the growth of the global home office furniture market.

Additionally, the introduction of smart furniture by key manufacturers focused on capturing the market with new and innovative product launches is expected to be a major factor boosting the growth of the global home office furniture market during the forecast period. Few notable introductions in the recent years have been in the form of office desks equipped with sensors which are aimed at enhancing posture, efficiency and comfort of employees during work.. Apart from this, the increasing use of high grade glass and metals for furniture making and the development of eco-friendly materials for furniture making by manufacturers are expected to create new opportunities for the growth of the global market in the upcoming years.

Moreover, the increasing realization of the benefits of remote working by enterprises coupled with the burgeoning instances of financial incentives and reimbursements by companies towards spending on home office furniture is expected to significantly augment the growth of the global home office furniture market in the next few years.

Furthermore, the rising spending and inclination of people towards products that offer comfortability and increase their productivity, the increasing emphasis of manufacturers on designing furniture that offers better comfort and effectiveness, the growing small office sector, the development of multi- functional furniture and the rising presence and growth of online retailers for home office furniture across various regions are expected to further create ample growth opportunities for the global home office furniture market during the forecast period.

However, intense market competition and the rising cost of raw materials like wood and metals especially in the developing economies around the world may hamper the growth of the market up to some extent during the forecast period.

HOME OFFICE FURNITURE MARKET SEGMENTATION

By Product Type

·         Seating

·         Storage Units and Files

·         Desks & Tables

·         Other Home Office Furniture

By Material Type

·         Wood

·         Plastic

·         Other Materials

By Distribution Channel

·         Flagship Stores

·         Specialty Stores

·         Online Stores

·         Other Distribution Channels

By Region

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

According to product type, the desks & tables segment accounted for over 42% of the market share in 2021 and dominated the global home office furniture market. The segment is anticipated to further retain its dominance in the market over the forecast period. The seating segment however, held the second largest share in the market of around 40% and is projected to further attain the highest CAGR of about 10% during the forecast period in the market.

According to material type, the wood segment held the largest share of 50% in the global home office furniture market in 2021 and is expected to further maintain its lead in the market during the forecast period. On the other hand, the plastic segment is anticipated to register the highest CAGR of over 10% during the forecast period of 2022-2030.

According to distribution channel, the online stores segment accounted for the largest share in the global home office furniture market in 2021 and is expected to further maintain this trend over the forecast period.

REGIONAL OUTLOOK

The North American region holds the most dominant position in the global home office furniture market followed by Europe. The region accounted for approximately 40% market share in 2021 and is expected to further retain its dominance in the market over the forecast period. The growth in the region could be attributed to factors such as the increasing number of people engaged in entrepreneurial activities the growing number of people preferring to work from home, the proliferating demand for innovative home office furniture among enterprises and employees post pandemic and the rising online furniture sales in the region.

The Asia Pacific region is anticipated to witness growth at a CAGR of almost 11% and be the fastest growing regional market for home office furniture during the forecast period. The growth in the region could be attributed to the large export of furniture items from countries including India and China present in the region.

KEY COMPANIES IN HOME OFFICE FURNITURE MARKET

·         Ashley Furniture Industries

·         Inter IKEA Group

·         Knoll Inc.

·         KOKUYO Co. Ltd

·         Masco

·         Poltrona Frau

·         Sears Holdings

·         Steelcase Inc.

·         Haworth Inc.

·         Herman Miller Inc.

·         HNI Corporation

·         Hooker Furniture

·         L & J.G. STICKLEY Inc.

·         Kimball International Inc.

·         Okamura Corporation

·         Basset Furniture Industries

·         Durham Furniture Inc.

·         Other Players