PUBLISHER: The Business Research Company | PRODUCT CODE: 1429829
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429829
Home and office furniture encompass any standalone piece of furniture used for various purposes, such as working from home, managing household budgets, or children completing school projects. This category includes items such as couches, sofas, non-decorative kitchenware, tables, chairs, and drawers.
The primary product categories within the home office furniture market include seating, storage units, desks and tables, and other miscellaneous items. Storage units, such as shelves and cabinets, are designed to fit well in home offices, providing space to store office files. Materials used in manufacturing home office furniture include wood, metal, plastic, and others. Prices for home office furniture vary across premium, mid-range, and economic segments. These products are distributed through various channels, including flagship stores, specialty stores, online platforms, and others.
The home office furniture market research report is one of a series of new reports from The Business Research Company that provides home office furniture market statistics, including home office furniture industry global market size, regional shares, competitors with a home office furniture market share, detailed home office furniture market segments, market trends and opportunities, and any further data you may need to thrive in the home office furniture industry. This home office furniture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The home office furniture market size has grown strongly in recent years. It will grow from $31.58 billion in 2023 to $34.37 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The expansion observed in the historical period can be attributed to factors such as the growth in emerging markets, increased e-commerce activities, expansion in the home remodeling sector, heightened demand for eco-friendly furniture, the rise in adoption of remote work or work from home practices, global population growth, and the impact of the COVID-19 pandemic.
The home office furniture market size is expected to see strong growth in the next few years. It will grow to $47.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be attributed to factors such as the increasing demand for office spaces, growth in the construction industry, the rise of freelancing, and ongoing urbanization trends. Key trends expected in the forecast period include a shift towards using natural materials in furniture production to reduce carbon footprints, an increase in merger and acquisition deals to broaden product and service portfolios, a focus on developing innovative products and solutions to remain relevant and foster growth, a commitment to sustainable and eco-friendly materials in furniture design, the development of smart furniture products to expand product portfolios, a focus on universal fixture systems using 3D printed parts to simplify adjustments between product changeovers, and the provision of portable home office furniture for increased mobility and convenience.
The growth of the home office furniture market is expected to be fueled by the increasing demand for office spaces. The heightened demand for products and services from expanding businesses necessitates additional office spaces to accommodate new employees. In a study conducted by Airwallex in October 2022 on 500 UK-based small and medium-sized enterprises (SMEs), it was found that 70% of businesses plan to expand into foreign markets in 2023. This expansion strategy translates to an increased need for office spaces, subsequently driving the growth of the home office furniture market.
The surge in freelancing is anticipated to drive the growth of the home office furniture market. Freelancers, seeking independence and flexibility in their work, contribute to the growing need for home offices and, consequently, the demand for home office furniture. According to Upwork's 2022 Freelance Forward survey, 39% of the US workforce, equivalent to 60 million Americans, engaged in freelance work, reflecting a rise from the previous year. This shift in work preferences has led to an increased demand for home office setups, acting as a driving force for the home office furniture market.
A key trend in the home office furniture market is the introduction of 3D modeling and technological innovations. Technologies such as 3D modeling, virtual reality, and augmented reality are being integrated into various processes in the furniture industry, from planning and prototyping to marketing and sales. For instance, Studio Oberhauser introduced Chair No. 1, a 3D-printed chair utilizing advanced concrete powder bed printing technology. This trend underscores the impact of technology on furniture aesthetics and digital inventories, catering to evolving customer needs.
Companies in the home office furniture market are focusing on the development of smart furniture products to enhance their product portfolios. Smart furniture incorporates technology to extend functionality, offering features such as USB charging, touchscreens, speakers, and motion-activated capabilities. Sevenaire launched the Saturn Bluetooth Speaker Table, a multi-functional table with built-in Bluetooth speakers, power bank, and wireless charging. This illustrates the integration of technology into furniture design to provide innovative and practical solutions, contributing to the market's growth.
In April 2021, Herman Miller, Inc., a leading US-based furniture company, announced the acquisition of Knoll Inc. for $1.8 billion. This strategic move combines the strengths of both companies in offering a diverse range of furniture products for office, home, and educational settings. The acquisition further emphasizes the dynamic landscape of the home office furniture market and the industry's efforts to adapt to changing demands.
Major companies operating in the home office furniture market report are HNI Corporation, Ashley Furniture Industries Inc., Steelcase Inc., MillerKnoll Inc., KOKUYO Furniture, Haworth Inc., OKAMURA Corporation, Godrej & Boyce Mfg. Co. Ltd., Ethan Allen Interiors Inc., Bernhardt Furniture Company Inc., Ntuple Furniture Co. Ltd., Bazhou Dowell Furniture Co. Ltd., Zhejiang Haoqiang Furniture Co. Ltd., Ceoffice Concepts, Epic Office Furniture, Khan & Co Furniture, Godrej Interio, Aspect Furniture Pty Ltd., Kokuyo Co. Ltd., BFX Furniture, Zeitraum, Dauphin HumanDesign Group, Dare Studio Ltd., Bisley Staverton Ltd., Elite Office Furniture UK Limited, Rosehill Furnishings, Ligne Roset, Gautier, Meble Vox Akimo Mebel, Art-Mat Meble, Des Sofa Line Sp. Z O.O., Felix, Slavonic Furniture Company, Chairry Contract Furniture Askia Furniture Brw, The Nowy Styl Group, Forte, Szynaka, Wojcik, Geometry Furniture, Alfa Vega, Unik Design SRL, Ralph Lauren Home, Knoll Inc., Bassett Furniture Industries, Inter Ikea Systems BV, Kimball International Inc., Ronbow, Kaemark, Manoir Llc, Berkshire Hathaway, Ashley HomeStores, Deeram Custom Furniture, Lil Angels Furniture Inc., Interoffice Argentina S.R.L., IKEA Chile, Boke Furniture, Merint Furniture Factory LLC, Intermetal Limited, Habitat Furniture Co. Ltd., Tajheezat, AlMukmal Furniture, National Furniture Manufacturing Co. Ltd., Marwan Services, Abu Torab Furniture, Al Maarifa Furniture Industry, Etalco International, Al Huzaifa Furniture, Steinhoff Manufacturing Ltd., Motani Lounge Ltd., Cantoni Lounge Pty Ltd., Cre8ive Interiors, DECOLAM (South Africa), Ausken International, Alno Associate Ltd., Karo Manufacturing (Pty) Ltd., Lifemate Group, Poltrona Frau.
North America was the largest region in the home office furniture market in 2023. Asia-Pacific is expected to grow faster in the forecast period. The regions covered in the home office furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the home office furniture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The home office furniture market consists of sales of linear and corner workstations, reception desks, chairs, polyvinyl chloride, glass, and elastic polymers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Home Office Furniture Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on home office furniture market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for home office furniture? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The home office furniture market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.