Home Office Furniture Market Research, 2030
The global 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, registering a CAGR of 8.8% from 2021 to 2030. Home office furniture is used for seating, installing computer systems, and storing files and documents. It is commonly used by the employees, students, professionals, and entrepreneurs for the purpose of reading, writing, operating desktops/laptops, attending online meetings and lectures, and storing files.
Furthermore, the home office furniture has witnessed rapid growth in recent years, in line with the growth in the global economy and subsequent demand for work from home. Demand for versatile and multi-functional products further offers portability and can easily be accommodated in small spaces, which drives the growth of the home office furniture market. Rise in number of nuclear families fuels the demand for portable and space-saving products. This factor is anticipated to drive the demand for the market growth in the forthcoming years.
However, the prices of raw materials used in making furniture such as chipboard, timber, foam, polish chemical materials, color paints, and hardware have increased. Timber production on the other hand has gone down drastically because of unchecked deforestation. In addition, increased awareness and conflict regarding the environment have resulted in more stringent regulations concerning the use of wood. In many regions of the world, the forest industry has turned to plantations to satisfy the demand. All these factors hamper the home office furniture market growth.
The global home office furniture market is segmented on the basis of product type, material type, price range, distribution channel, and region. Based on product type, it is classified into seating, tables, storage units & file cabinets, and others. Depending on the material type, it is segmented into wood, metal, and plastic. On the basis of price range, it is classified into low, medium, and high. The distribution channel comprises supermarkets & hypermarkets, specialty stores, e-commerce, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
According to the home office furniture market forecast, on the basis of product type, the tables and seating segments were the highest contributor to the market, accounting for 82% of the market share in 2020, because the seating and tables are the most essential and basic furniture needed to set up an office at home.
By Product Type
Seating segment is expected to grow at highest CAGR of 9.8% during the forecast period
On the basis of material type, the wood segment exhibited a market share of around 48.4% in 2020, as the wood and laminates (made of wood) are the most desirable material for making home office furniture due to its durability, recyclability, and strength. However, the plastic segment is anticipated to be the fastest-growing segment due to its features such as lightweight, corrosion resistance, durability, and strength.
By Material Type
Plastic segment is expected to grow at highest CAGR of 10.1% during the forecast period.
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.
By Price Range
High segment is expected to grow at highest CAGR of 9.9% during the forecast period.
By distribution channel, the specialty stores segment was the prominent segment, owing to high popularity and wide scale penetration of specialty stores in leading home office furniture market such as North America and Europe.
By Distribution Channel
E-commerce segment is expected to grow at highest CAGR of 13.5% during the forecast period.
The specialty stores segment is followed by supermarkets & hypermarkets and e-commerce segments. Wide scale adoption of internet, online shopping platforms, and changes in consumer buying behavior due to COVID-19 is expected to boost the e-commerce segment. Moreover, the e-commerce segment is anticipated to be the fastest-growing distribution channel during the forecast period, owing to growth in popularity and developing infrastructure of e-commerce channels globally.
By Regions
Asia-Pacific is expected to grow at highest CAGR of 10.7% during the forecast period.
According to the global home office furniture market analysis, in 2020, Europe dominated the home office furniture market, garnering around 37.5% of the total home office furniture market share, followed by North America. North America and Europe are characterized by high disposable income and growth of SMEs. However, Asia-Pacific is expected to show promising growth rate due to the growing penetration of start-ups and SMEs, and rapid urbanization.
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 Benefits For Stakeholders
The report provides an extensive analysis of the current and emerging market trends and opportunities in the market.
The report provides detailed qualitative and quantitative analysis of current trends and future estimations that help evaluate prevailing market opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.
Key Market Segments
By Product Type
Seating
Tables
- Storage Units & File Cabinets
- Others
By Material Type
Wood
- Metal
- Plastic
By Price Range
Low
- Medium
- High
By Distribution Channel
Supermarkets & Hypermarkets
Specialty Stores
- E-commerce
- Others
By Region
North America
U.S
- Canada
- Mexico
- Europe
- Germany
- Spain
- UK
- Italy
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of LAMEA
Home Office Furniture Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By Material Type |
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 By Price Range |
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 By Distribution Channel |
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 By Region |
|
 Key Market Players | DURHAM FURNITURE, KIMBALL INTERNATIONAL INC, MASCO CORPORATION, BASSETT FURNITURE INDUSTRIES (BASSETT), .L. & J.G. STICKLEY, INC, .OKAMURA CORPORATION (OKAMURA), HAWORTH, INC., INTER IKEA SYSTEMS BV, HNI CORPORATION, STEELCASE INC |
Analyst Review
According to the CXOs of the top companies, the home office furniture market is expected to gain traction due to increase in inclination of consumers toward multi-functional home office furniture. Most of the times, the employees working from home faces space limitations at their homes. Therefore, it becomes difficult for them to acquire a high-quality wooden home office furniture. They mainly opt for lightweight, foldable, multi-functional, and durable furniture that fully serves the space limitation issues of the consumers. In addition, increase in collaboration between fashion and design companies and rise in trend toward modular structures, super sofas, and other furniture products boost the market growth. Moreover, multi-function furniture that saves space is expected to be in demand due to smaller home size and growing housing sector.
The CXOs further added that the shopping behavior of the millennial generation and the emergence of mobile devices for internet access are expected to boost the market growth. The increase in penetration of various online portals in developing economies has supplemented the online market growth. Therefore, the e-commerce medium for the sale of home office furniture products is anticipated to grow in the near future.
Moreover, rapid adoption of digital technologies and evolving shopping behaviors are anticipated to transform e-commerce into an essential element in purchasing home office furniture products. Furthermore, the home office furniture vendors are using virtual reality technology on their websites. The virtual reality allows the buyer to have a 360-degree view of the furniture and gives a brief idea about how the furniture would look after setting up in a room. This advanced technology will propel the growth of the home office furniture market in the upcoming years.
The global 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, registering a CAGR of 8.8% from 2021 to 2030. The growing demand for home office furniture owing to the rising popularity of the work from home culture is fostering the market growth.
The forecast period considered in the global home office furniture market report is from 2021 to 2030. The report provides a detailed study on the prevailing market opportunities and market scenarios in the each forecast year.
The base year calculated in the home office furniture market report is 2020. The year 2020 was an exceptional year characterized by the outbreak of COVID-19 pandemic. The report provides a detailed study of the impact of the COVID-19 on the global home office furniture 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.
On the basis of material type, the wood segment exhibited a market share of around 48.4% in 2020, as the wood and laminates (made of wood) are the most desirable material for making home office furniture due to its durability, recyclability, and strength. However, the plastic segment is anticipated to be the fastest-growing segment due to its features such as lightweight, corrosion resistance, durability, and strength.
According to the global home office furniture market analysis, in 2020, Europe dominated the market, garnering around 37.5% of the total home office furniture market share, followed by North America. North America and Europe are characterized by high disposable income and growth of SMEs. However, Asia-Pacific is expected to show promising growth rate due to the growing penetration of start-ups and SMEs, and rapid urbanization.
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.
The global 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, registering a CAGR of 8.8% from 2021 to 2030. The growing demand for home office furniture owing to the rising popularity of the work from home culture is fostering the market growth.
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