Market Research Future (MRFR) has published a cooked research report on the “Home Office Furniture Market” that contains information from 2018 to 2032. The Home Office Furniture Market is estimated to register a CAGR of 6.50% during the forecast period of 2023 to 2032
MRFR recognizes the following companies as the key players in the global Home Office Furniture Market— 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
Home Office Furniture Market Highlights
The global Home Office Furniture Market is accounted to register a CAGR of 6.50% during the forecast period and is estimated to reach USD 38.95 billion by 2032.
The rising awareness of the significance of physical health and wellness has led individuals to seek ergonomic home office furniture. This furniture is designed to promote good posture and mitigate the risk of musculoskeletal disorders. Consequently, there is an increasing demand for items such as ergonomic chairs, standing desks, and other furniture pieces that prioritize health and well-being.
Segment Analysis
The global Home Office Furniture Market has been segmented based on the Product Type, Material Type, Price Range, and Distribution Channel.
Based on the Product Type, the market is segmented into Seating, Tables, Storage Units & File Cabinets, and Others. The Tables segment was attributed to holding the largest market share in 2022. The increasing adoption of flexible work arrangements by organizations, enabling employees to work from home either on a full-time or part-time basis, has resulted in an elevated demand for home office furniture. This includes a heightened interest in tables designed to offer a professional and comfortable workspace.
Based on the Material Type, the Home Office Furniture Market has been segmented into Wood, Metal, and Plastic. The Wood segment was expected to hold the largest market share in 2022. Home Office Wood presents a diverse array of finishes and styles, accommodating a range of interior design preferences and aesthetics. When incorporated into home office furniture, wood brings warmth and sophistication, establishing a harmonious and inviting atmosphere within workspaces. As the demand for both visually pleasing and practical home office setups increases, wood emerges as a preferred choice due to its seamless integration with varied home interiors.
Based on the Price Range, the Home Office Furniture Market has been segmented into Low, Medium, and High. The Medium segment was expected to hold the largest market share in 2022. The medium price range plays a pivotal role in achieving a balance between affordability and quality in the realm of home office furniture. Positioned between budget-friendly and premium options, furniture in this category appeals to a broad spectrum of consumers seeking value for their investment while ensuring functionality and durability. This intermediate price range drives market dynamics, catering to both cost-conscious individuals and those desiring higher-quality materials and designs. Medium-priced home office furniture provides access to ergonomic features, stylish aesthetics, and reliable performance without imposing a substantial financial burden.
Based on the Distribution Channel, the Home Office Furniture Market has been segmented into Supermarkets/Hypermarkets, Specialty Stores, E-Commerce, and Others. The Specialty Stores segment was expected to hold the largest market share in 2022. Specialty stores are exclusive retail establishments that focus solely on offering a diverse range of furniture products tailored to specific needs and preferences. These dedicated outlets target consumers in search of specialized furniture solutions, including ergonomic chairs, adjustable desks, storage units, and accessories designed to enhance home workspaces. By providing a carefully curated selection of products, specialty stores play a crucial role in propelling the home office furniture market, meeting the changing demands of remote work and flexible arrangements
Regional Analysis
The global Home Office Furniture Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The European Home Office Furniture Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Home Office Furniture Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Home Office Furniture Market comprises of Middle East, Africa, and Latin America.
The largest market share for the Home Office Furniture Market was maintained by the North American regional sector. A growing number of individuals in the United States are showing a preference for working from home. According to the 2021 American Community Survey (ACS) 1-year estimates released by the U.S. Census Bureau, the percentage of people primarily working from home tripled from 5.7% (approximately 9 million people) in 2019 to 17.9% (27.6 million people) in 2021. The District of Columbia had the highest percentage of home-based workers, with 48.3% of workers in 2021. This trend is primarily driven by the desire to telecommute, offering individuals the opportunity to work from the comfort of their homes and avoid daily commutes to the office. Many people are opting to establish a home office to host personal clients in a secure and confined space. Additionally, in various U.S. cities, individuals are engaging in entrepreneurial activities alongside their regular jobs, often conducted within their homes. This growing trend is fueling the demand for home office furniture. Consequently, there is an increasing need for new and innovative products, prompting manufacturers to focus on meeting these demands. Products such as comfortable chairs, file storage units, and multi-purpose furniture are gaining traction in the market to cater to the evolving needs of individuals working from home.
Moreover, the Europe market has been persistently growing over the forecast period. Europe commands the largest market share, driven by its dynamic work culture, emphasis on design aesthetics, and dedication to ergonomic well-being. With a significant portion of the workforce embracing remote work and flexible arrangements, there is a heightened demand for both functional and stylish home office furniture. In 2019, about 5.5% of employed individuals aged 20–64 years in the EU typically worked from home. The impact of the COVID-19 crisis was evident as this figure more than doubled in 2020 to reach 12.3%. Europe's rich design heritage plays a pivotal role in fostering the development of innovative and aesthetically pleasing furniture solutions that seamlessly integrate with residential interiors. Furthermore, the region's commitment to employee well-being and health promotes the adoption of ergonomic furniture, contributing significantly to market growth.
The rapid economic growth in nations such as China and India has spurred a rise in business establishments, consequently amplifying the demand for office furniture. According to World Furniture, the region saw a significant surge in the export of office furniture in 2020, totaling US$ 6,617 million. This marked a notable 31% increase from the previous year and an average yearly growth of 7.3% since 2015. The substantial leap in 2020 was primarily attributed to the impressive performance of China, which accounted for 88% of total exports, along with a double-digit increase in Taiwan, albeit on a smaller scale.
Furthermore, the rest of the world's Home Office Furniture Market is divided into the Middle East, Africa, and Latin America. The overall economic growth in the region, coupled with an increase in foreign direct investment, plays a vital role in the expansion of corporate sectors. This, in turn, generates a growing demand for office furniture. As businesses thrive, there is a concurrent requirement for work environments that are both well-equipped and aesthetically pleasing, thereby driving the office furniture market.
Key Findings of the Study
- The global Home Office Furniture Market is expected to reach USD 38.95 billion by 2032, at a CAGR of 6.50% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to the growing penetration of start-ups and SMEs, and rapid urbanization.
- Based on Product Type, the Tables segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.
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.
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Companies Covered | 15 |
Pages | 128 |
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