Home Office Furniture Market Snapshot 2023 to 2033
The global home office furniture market is expected to witness a market value of US$ 19.2 billion in 2023 and is expected to accumulate a market value of US$ 26.1 billion by registering a CAGR of 3.0% in the forecast period 2023 to 2033. The home office furniture market registered a CAGR of 2.2% in the historical period 2018 to 2022. Factors such as the trend of remote work and work-from-home policies, as well as the demand for ergonomic and stylish home office furniture products, are expected to boost the market growth over the analysis period.
As per Future Market Insights – market research and competitive intelligence provider, the global market value for home office furniture has been flourished. One of the primary factors contributing to the growth of the Home Office Furniture market is the work-from-home policies. With the rise of remote work and work-from-home policies, more and more people are setting up their home offices. This has led to an increase in demand for home office furniture, including desks, chairs, bookcases, and storage solutions.
Another factor that is expected to accelerate the market growth is the growing popularity of technology, which has led to the creation of home office furniture that is designed to integrate technology. For instance, there are desks with built-in charging ports and adjustable heights to accommodate different types of technology.
Additionally, health and wellness is a major factor that is anticipated to boost the growth of the home office furniture market in the near future. With the increasing awareness of the importance of physical health and wellness, people are looking for ergonomic home office furniture that supports good posture and reduces the risk of musculoskeletal disorders. As a result, there is a growing demand for ergonomic chairs, standing desks, and other health-focused furniture pieces.
The increasing demand for stylish furniture is another major factor that is likely to create lucrative avenues for market growth. Home office furniture is not just about functionality; it is also about style and design. People want furniture pieces that look good and reflect their personal style. As a result, there is a growing demand for stylish, modern home office furniture that complements home decor.
Furthermore, the availability of online retail platforms is projected to augment the growth of the Home Office Furniture market in the forthcoming years. With the growing popularity of e-commerce platforms, consumers can easily purchase home office furniture online. This has made it easier for consumers to compare prices, read reviews, and select the furniture that best fits their needs and budget.
Besides, customization options are becoming increasingly popular in the home office furniture market. Consumers want furniture that is designed specifically for their space and needs, and manufacturers are responding by offering customizable furniture pieces. This in turn is anticipated to propel the market prospects in the coming time.
On the regional end, the Home Office Furniture market in North America is expected to account for the maximum share during the analysis period. Factors such as the high adoption of remote work and work-from-home policies, as well as the increasing awareness of the importance of ergonomic design in the region, are anticipated to escalate regional market growth.
Recent developments in technology, mergers, acquisitions, and partnerships within the companies involved in the manufacturing of home office furniture are expected to create lucrative opportunities for market growth over the analysis period. For instance,
In 2021, Steelcase Inc. introduced a new line of work-from-home products, including chairs, desks, and storage solutions, to cater to the increasing demand for home office furniture.
Additionally, in the same year, Herman Miller, Inc. announced the acquisition of Knoll Inc., another major player in the home office furniture market, to expand its product offerings and strengthen its position in the market.
In 2020, IKEA launched a new range of home office furniture products, including desks, chairs, and storage solutions, to cater to the increasing demand for work-from-home products.
Data Points
Key Statistics
Expected Market Value in 2023
US$ 19.2 billion
Projected Market Value in 2033
US$ 26.1 billion
Growth Rate (2023 to 2033)
3.0% CAGR
Commercial sectors have now entered the new era of work. This transition from requiring full site employees to allowing working from home has fueled the growth in the home office furniture market. This era of virtual working has facilitated a rise in demand for home office furniture in different regions. The well-established global companies have played a significant role in market growth.
The adoption of this new working lifestyle has encouraged people to create a similar working environment as it prevails in the offices. This is expected to positively impact the home office furniture market growth in the coming years. In the past few years, the number of people working from home has increased, which in turn has boosted the sales of the home office market.
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Global Home Office Furniture Market: Market Dynamics
Drivers for Home Office Furniture Market
Many of the companies are paying for the development of employee’s home offices. Global companies have provided work from home allowances to their employees to create a better and comfortable working environment at home. Such support provided by the companies is also indirectly contributing to the growth of the home office furniture market. Global companies like Google are encouraging their employees to continue working from home.
The companies have also made the work from office option voluntary for employees. This support and encouragement provided by the global players to work from home is expected to directly fuel the home office furniture market.
Trends for Home Office Furniture Market
As the work from home mania has risen, the google searches for office chairs is increasing rapidly. Sighting this, the players have increased the investments in home office furniture as people have realized the importance of comfort while working from home.
Global companies such as Steelcase, In., Hermann Millers,Inc., and others have reported rise in sales for home office furniture especially in the seating furniture categories. This sudden rise in demand for home office furnishing has encouraged the players in the market to increase their online penetration. Steelcase,Inc. is one such company that has launched its online store in Hong Kong in May 2020.
Opportunities for Home Office Furniture Market
Many of the jobs that involve client interaction and frequent calls require private spaces. Many of the employees are finding it difficult to maintain privacy while working from home.
In such scenarios development of small system cubicles that can best suit residential spaces will help open new opportunities for the players in the market. Providing home office furniture that helps workers to maintain privacy will boost sales and facilitate market growth in the coming years as less privacy is one of the major concerns of the employees working from home.
Challenges for Home Office Furniture Market
Amid the outbreak of novel coronavirus, the home office furniture registered growth in demand. The home office furniture industry was however experiencing disruptions in the market operations like production and supply chain. This demand surge, on one hand, and supply disruptions on the other hand created temporary demand and supply gaps in the market.
The players in the market have undertaken numerous efforts in order to switch the demand and supply gap that is prevailing in the home office furniture market.
Global Home Office Furniture Market: Key Players
Some of the key players operating in the global Home Office Furniture market are
Hermann Miller Inc.
Steelcase Inc.
Kimball International Inc.
OKAMURA Corporation
Knoll Inc.
KOKUYO Vo. Ltd
Teknion Corporation
HNI Corporation
Haworth Inc.
Ashley Furniture Industries Inc.
Global Furniture Group
IKEA Group
These players have increased their online penetration as the demand for home office furniture surge.
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Home Office Furniture Market: Regional Outlook
The adoption of home office furniture is significant in North America and Europe, as the work from home culture prevails since a very long time in these regions like East Asia and South Asia are lucrative regions that are expected to register significant growth in the home office furniture market due to the recent specular shift from office to work from home culture.
The demand for home office furniture prevails in the market since the past few years but amid the covid-19 outbreak, the market experienced a drastic surge in demand across many regions.
Global Home Office Furniture Market Segmentation
Product:
Desks
Office Chairs
Bookshelves and Bookcases
Filing Cabinets
Others
Material Type:
Wood
Metal
Plastic
Glass
Others
Price Range:
Premium
Mid-range
Economic
Distribution Channel:
Wholesalers/Distributors
Hypermarkets/Supermarkets
Specialty Stores
Multi-Brand Stores
Convenience Stores
Others
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