Market Insights & Analysis: Global Home Office Furniture Market (2023-30)
The Global Home Office Furniture Market is estimated to grow at a CAGR of around 5.8% during the forecast period, i.e., 2023-30. The market growth would be propelled mainly by the trends of remote working, coupled with the rising demand for ergonomic & stylish home office furniture products. Home office furniture is largely used by professionals, employees, students, and entrepreneurs for a variety of purposes, such as seating, storing files, writing, reading, installing computer systems, operating laptops/desktops, etc.
This furniture mainly includes office chairs, office desks, drawers & cupboards, filing cabinets, shelves, and bookcases. As more & more individuals are working from home, the need for dedicated workspaces equipped with ergonomic furniture to enhance productivity & comfort is surging at a phenomenal pace. Such aspects are fueling the demand for modern home office furniture products in the global market.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-30|
|Regions Covered||North America: US, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific|
|South America: Brazil, Argentina, Rest of South America|
|Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA|
|Key Companies Profiled||Herman Miller Inc., HNI Corporation, Knoll, Steelcase, Ashley Furniture Industries Inc., Furniture Group, Kimball International Inc., Okamura Corp., Interior Systems, Inc., Durham Furniture, Inter Ikea Systems B.V., Masco Corporation, Okamura Corporation, and others|
|Unit Denominations||USD Million/Billion|
In addition, technological advancements are also facilitating remote work by providing seamless communication & collaboration tools, in turn, encouraging more companies & employees to adopt remote work practices. Since the workforce is becoming more diverse and includes millennials & Gen Z individuals who prioritize work-life balance & seek flexible work options, it is creating a higher demand for stylish home office furniture products as these individuals create personalized & comfortable work environments at home.
Moreover, rapid urbanization & the shrinking size of living spaces in cities are resulting in a greater emphasis on efficient space utilization. Home office furniture like compact desks, multipurpose storage solutions, and space-saving designs cater to the varied needs of urban residents willing to optimize their home office setups within limited space, thereby stimulating market growth rate.
Furthermore, the rising awareness of the importance of health & wellness is further pushing the demand for ergonomic furniture. More & more people are increasingly seeking office furniture products that promote good posture, support proper body alignment, and minimize the risk of musculoskeletal disorders. Hence, this increased focus on well-being, i.e., fueling the sales of ergonomic chairs, adjustable desks, and other health-conscious furniture, is another prominent aspect projected to spur growth of the Global Home Office Furniture Market through 2030.
Global Home Office Furniture Market Driver:
Rising Adoption of Remote & Flexible Work Practices Drives Market Growth – The COVID-19 pandemic, digital technology trends, and improved internet connectivity have resulted in the growing acceptance of remote work. Consequently, many individuals now prefer to work from home or set up home offices to create a productive work environment, owing to which several organizations are implementing work-from-home policies to ensure business continuity & employee safety.
This sudden rise in remote work practices is accelerating the demand for comfortable & ergonomic modern home office furniture, such as desks, chairs, storage solutions, and accessories, as people seek to establish dedicated workspaces within their homes in order to support productivity and maintain a healthy work-life balance. Hence, the rising number of remote workers and the desire for functional & aesthetically pleasing home office setups are projected to drive the Global Home Office Furniture Market during 2023-30.
Global Home Office Furniture Market Possible Restraint:
High Costs Associated with Quality Home Office Furniture Products Hinders Market Growth – Economic downturns or periods of uncertainty often impact consumer spending on non-essential items like furniture, as individuals with financial constraints may prioritize essential expenses over purchasing home office furniture.
Quality home office furniture, including ergonomic seating & functional workstations, is relatively expensive compared to standard residential furniture owing to the high costs of materials, production, and specialized features, which may limit the affordability for some consumers. Hence, these aspects might act as growth restraints for the Global Home Office Furniture Market during 2023-30.
Global Home Office Furniture Market Key Trend:
Surge in Office Chairs to Act as a Key Trend – In recent years, the trend of working from home & remote work has increased, increasing the sale of home office furniture, especially office chairs. Key players such as Hermann Millers, Inc., Steelcase, Inc., and others have reported growth in the sales of home office furniture, especially in the seating segment. This swift rise has motivated manufacturers to escalate their online diffusion. Hence, such a trend is aiding in enhancing the Home Office Furniture Market size in the coming years.
Global Home Office Furniture Market (2023-30): Segmentation Analysis
The Market study of MarkNtel Advisors evaluates and highlights the major trends & influencing factors in each segment and includes predictions for the period 2023–2030 at the global, regional, and national level. In accordance to the analysis, the market has been further classified as:
Based on Product Type:
The Seating segment holds a prominent share of the Global Home Office Furniture Market. Seating furniture is a crucial component of home office furniture, as comfortable & ergonomic chairs are essential for productivity & well-being during long working hours. The shift toward work-from-home that triggered the trend of remote working, coupled with the consequent need of individuals for dedicated workspace within homes, contributed to the demand for comfortable seating products like chairs & sofas, with comfort, adjustability, durability, and aesthetics, designed specifically for office use. In turn, this results in a growing entrepreneur’s investments in home office furniture, further pushing the market growth.
Moreover, seating products like convertible chairs or modular seating systems that offer versatile functionality & have quality construction, durability, and longevity are appealing to consumers who look for adaptable solutions. Thus, these aspects would continue propelling the demand for seating products in the coming years and, in turn, boost home office furniture sales in the global market.
Based on the Distribution Channel:
E-commerce platforms are projected to acquire a notable market share during 2023-30. The increasing inclination of individuals toward online shopping, owing to its convenience of doorstep deliveries & easy payment options, makes e-commerce platforms popular for purchasing home office furniture.
Besides, since online platforms provide an extensive range of product options, competitive prices, discounts, and the ability to compare products & read customer reviews, people are increasingly utilizing such platforms for their shopping needs, i.e., stimulating the growth of the Home Office Furniture Market.
Global Home Office Furniture Market: Regional Projection
Geographically, the Global Home Office Furniture Market expands across:
North America is predicted to dominate the Home Office Furniture Market during 2023-28. It owes to the shift toward remote work triggered by the COVID-19 pandemic, which significantly increased the demand for home office furniture as individuals set up functional & comfortable workspaces in their homes, coupled with the strong focus of individuals on work-life balance. In addition, a growing awareness of the prominence of stylish home office furniture results in a surge manufacturing of home office furniture, which is further anticipated to increase the opportunities in the Home Office Furniture Market. This aspect influences the number of manufacturers of home office furniture in the regional market.
Moreover, the strong technological infrastructure, including reliable internet connectivity & access to a wide range of digital tools & devices, is another crucial aspect that facilitated the seamless transition to remote work & amplified the demand for home office furniture. Furthermore, the well-developed e-commerce sector that provides convenient access to an extensive range of home office furniture options is also boding well for the growth of the North American purchase of home Office Furniture online.
Global Home Office Furniture Market: Recent Developments
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Frequently Asked Questions
A. The Home Office Furniture Market is expected to grow at a compound annual growth rate (CAGR) of around 5.8% from 2023-30.
A. The rising adoption of remote and flexible work practices drives market growth that is expected to drive the Home Office Furniture Market during 2023-30.
A. Herman Miller Inc., HNI Corporation, Knoll, Steelcase, Ashley Furniture Industries Inc., Furniture Group, Kimball International Inc., Okamura Corp., Interior Systems, Inc., Durham Furniture, Inter Ikea Systems B.V., Masco Corporation, Okamura Corporation, and others are the top players in the Home Office Furniture Market.
A. Seating is the leading segment in the Home Office Furniture Market.
A. North America to dominate the Home Office Furniture Market during the 2023-30.
A. A surge in office chairs acts as a key trend that would aid in enhancing the growth of the Home Office Furniture Market.
Global Home Office Furniture Market Research Report (2023-2030) - Table of Contents