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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{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} 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{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} 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{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} 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{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} 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{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} during the forecast period.
By product type, the plastic segment is estimated to witness the fastest growth, registering a CAGR of 10.1{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} during the forecast period.
In 2020, depending on material type, the wood segment was valued at $1,469.3 million, accounting for 48.4{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} 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{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} 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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If you buy something through our links, we may earn money from our affiliate partners. Learn more. Having an office, be it at your home or another location requires having office furniture. Of course, you’ll need a desk and a chair, but having shelves and/or …
Office Furniture Market Size by Material (Plastics, Wood, Metal and Others), By Product (Reception Furniture, Office Chairs, Storage Furniture, Office Tables, and Others), By Sales Channel (E-Commerce Stores, Rental Stores, Discount Stores, Manufacturer Stores, and Others), Regions, Segmentation, and forecast till 2030.
Pune India, Jan. 19, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the Office Furniture Market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the Office Furniture Market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the material, product, sales channel, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Office Furniture Market are Haier Inc., Lixil, Cabico Inc, Boffi S.p.A., Golden Home Cabinets, Hanssem Co. Ltd., IKEA, Al Meera, Cabinetworks Group, Godrej Interio, Howdens Joinery Ltd., Interwood, Hacker Kuchen, Bulthaup, Black Red White among others. To achieve a substantial market share in the worldwide Office Furniture Market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A growing business environment in developing and underdeveloped nations around the world has increased the importance of office furniture. As a result, the market is growing in countries like the United States, China, and India due to an increase in renovation and modification projects. There has been a growing demand for sustainable furniture options that maximize workforce engagement and minimize occupying space. Additionally, the growing number of health-related diseases as a result of incorrect postures for a long time is driving the demand for smart furniture, which is creating more growth opportunities for the global office furniture market. As a consequence of the Coronavirus (Covid-19) pandemic, one of the primary factors driving the market growth is the widespread adoption of the work-from-home (WFH) paradigm. Many people continue to work from home as a result of the unexpected spread of the infection and the lockdown, which is resulting in a rise in demand for durable and comfortable office furniture. There are some factors which are hampering the market growth such as high cost and a rising gap between the availability and demand for the product’s raw material. With the rising costs of office space, enterprises and companies are acquiring modular office furniture. In addition, manufacturers are offering innovative multi-functional office furniture to keep up with the competition.
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Scope of Office Furniture Market Report:
|
Report Metric |
Information |
|
Study Period |
2022-2030 |
|
Base Year |
2022 |
|
Forecast Period |
2023-2030 |
|
Market Share Unit |
USD Million |
|
Segments Covered |
Material, Product, Application, and Regions. |
|
Regions Covered |
North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
|
Major Players |
Haier Inc., Lixil, Cabico Inc, Boffi S.p.A., Golden Home Cabinets, Hanssem Co. Ltd., IKEA, Al Meera, Cabinetworks Group, Godrej Interio, Howdens Joinery Ltd., Interwood, Hacker Kuchen, Bulthaup, Black Red White among others |
Segmentation Analysis
Plastics are expected to be the fastest-growing segment in 2022.
The material segment includes plastics, wood, metal and others. The plastics segment is expected to witness the highest growth rate during the forecast period. The majority of plastic furniture is lightweight, so it won’t get damaged if dropped; however, wooden furniture can easily crack and be prone to damage and defects. Plastic chairs and tables, on the other hand, are not polished to avoid rusting or being affected by weather conditions, propelling the demand for plastic in offices.
Office chairs are expected to be the fastest-growing segment in 2022.
The product segment includes reception furniture, office chairs, storage furniture, office tables, and others. The office chairs segment is expected to witness the highest growth rate during the forecast period. According to the seating segment, revenue in 2021 will be the highest, as employees will spend over 8-10 hours at work per day. A person’s optimal posture while working has a significant impact on his or her health, so office chairs need to be designed according to scientific principles to minimize illness and fatigue.
E-Commerce stores are expected to be the fastest-growing segment in 2022.
The application segment includes e-commerce stores, rental stores, discount stores, manufacturer stores, and others. The e-commerce stores segment is expected to witness the highest growth rate during the forecast period. The number of times customers need to visit physical retail stores to compare their desired products and prices has decreased as e-commerce channels have gradually become more popular for customers’ business needs. Further, online furniture stores are becoming increasingly popular as a means to minimize inventory and rental costs.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the office furniture market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. One of the factors expected to drive the market’s growth in the region will be the increase in start-ups and business expansions, along with the growing demand for office leasing and employment. Furthermore, the expansion of multinational companies in Asia-Pacific is expected to boost the market for office furniture.
Country Analysis
Germany’s office furniture market size was valued at USD 7.26 billion in 2022 and is expected to reach USD 11.9 billion by 2030, at a CAGR of 6.4{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} from 2023 to 2030.
Domestic businesses are becoming increasingly interested in office furniture as a result of the creation of new work environments. In addition to ergonomic equipment for home offices, the demand for other workplaces outside the company’s location also continues to grow. Digitization is a key factor contributing to the continued strong demand for redesigned office workspaces, according to industry experts.
China’s office furniture market size was valued at USD 9.25 billion in 2022 and is expected to reach USD 15.5 billion by 2030, at a CAGR of 6.7{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} from 2023 to 2030.
Among the largest producers and exporters of office furniture in the world, China is also achieving constant growth. Office furniture manufacturers in China are driven by the updating of manufacturing technologies, the manufacture of different varieties, and the use of specialized production methods and manufacturing processes.
India’s office furniture market size was valued at USD 7.12 billion in 2022 and is expected to reach USD 11.8 billion by 2030, at a CAGR of 6.6{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} from 2023 to 2030.
A quarter of the world’s office furniture imports are from India, making it one of the largest importers. Nearly 20{6b977529af4b490fe19a3f85472c6203ccfa467a56646e317a890c6580e8b827} of the country’s furniture sales are accounted for by office furniture, with the growth of the sector attributed to the growth of domestic clerical firms, foreign firms, and technology parks.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand for office furniture in home settings as a result of rising work-from-home culture, propelling the growth of the market across the countries.
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