Home Office Furniture (Market) Industry Valued at $7.61 Bn (2030), is set to Witness a CAGR of 8.8% in Next 10 Years
PORTLAND, OREGON, UNITED STATES, February 15, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the global home office furniture market generated $3.03 billion in 2020, and is expected to reach $7.61 billion by 2030, witnessing at a CAGR of 8.8% from 2021 to 2030. The report offers a detailed analysis of changing market dynamics, key investment pockets, top segments, value chain, regional scenario, and competitive landscape.
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The home office furniture market has experienced significant growth in recent years due to the rise of remote work and the need for a comfortable and functional workspace at home. Here are some of the latest trends in the home office furniture market:
Ergonomic Design: With more people spending extended periods of time working from home, ergonomic design has become a key consideration when selecting home office furniture. This includes adjustable chairs, standing desks, and accessories that promote good posture and reduce physical strain.
Multi-functional Furniture: As many people have limited space for a dedicated home office, furniture that can serve multiple purposes has become increasingly popular. Examples include desks with built-in storage and convertible sofas that can transform into workspaces.
Sustainable Materials: Consumers are increasingly conscious of the environmental impact of their purchases and are seeking out sustainable home office furniture options made from eco-friendly materials such as bamboo, recycled plastic, and reclaimed wood.
Customization: Many consumers are looking for home office furniture that reflects their personal style and meets their specific needs. This has led to a rise in customizable furniture options, including modular furniture systems that can be configured in different ways.
Technology Integration: As remote work becomes more prevalent, technology integration has become an important consideration in home office furniture design. This includes features such as built-in charging ports, cable management systems, and adjustable monitor arms.
Continued Demand for Ergonomic Furniture: As remote work becomes more entrenched, consumers will continue to prioritize ergonomic furniture that can help prevent physical strain and promote good posture. Manufacturers will likely continue to develop and refine ergonomic designs and features.
Integration of Smart Technology: As technology continues to play an important role in remote work, home office furniture is likely to become increasingly integrated with smart technology. This could include furniture with built-in charging ports and wireless charging capabilities, adjustable monitor arms, and voice-activated controls.
Based on product type, the table segment contributed to the highest share in 2020, accounting for more than two-fifths of the total share, and is estimated to continue its leadership status during the forecast period. However, the seating segment is expected to portray the highest CAGR of 9.8% from 2021 to 2030.
Based on material type, the wood segment accounted for the highest share in 2020, holding nearly half of the global home office furniture market, and is estimated to continue its dominance during the forecast period. However, the plastic segment is projected to manifest the largest CAGR of 10.1% from 2021 to 2030.
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Based on region, Europe held the highest share in terms of revenue in 2020, accounting for nearly two-fifths of the total share, and is expected to continue its lead position by 2030. However, the region across Asia-Pacific is projected to witness the fastest CAGR of 10.7% during the forecast period. The research also analyzes regions including North America and LAMEA.
Key findings of the study
The 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, growing at a CAGR of 8.8% during the forecast period.
By product type, the plastic segment is estimated to witness the fastest growth, registering a CAGR of 10.1% during the forecast period.
In 2020, depending on material type, the wood segment was valued at $1,469.3 million, accounting for 48.4% of the home office furniture market share.
In 2020, the U.S. was the most prominent market in North America, and is projected to reach $691.2 million by 2030, growing at a CAGR of 8.3% during the forecast period.
Leading players of the global home office furniture market analyzed in the research include Steelcase, Inc., Masco Corporation, HNI Corporation, Haworth, Inc., Inter IKEA Systems BV, L & J.G. STICKLEY, Inc., Kimball International, Inc., Okamura Corporation, Basset Furniture Industries, and Durham Furniture, Inc.
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