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Home Office Furniture Global Market Report 2021: COVID-19 Growth And Change

Home Office Furniture Global Market Report 2021: COVID-19 Growth And Change

  • August 2021
  • 175 pages
  • ID: 6128252
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the home office furniture market are Ashley Furniture Industries, Herman Miller Inc., Inter IKEA Group, Sears Holdings, Steelcase Inc., Knoll Inc., Masco, Poltrona Frau, Hooker Furniture, and Kimball International.

The global home office furniture market is expected to grow from $58.74 billion in 2020 to $64.08 billion in 2021 at a compound annual growth rate (CAGR) of 9.09%. The growth is mainly due to the space constraint in the developed and developing, shift towards homeworking, increasing preference for comfortable and effective home furniture, and rising home businesses. The market is expected to reach $81.45 billion in 2025 at a CAGR of 6.18%.

The home office furniture market consists of sales of office furniture products by entities (organizations, sole traders, or partnerships) that manufacture furniture for office space at home.These are utilized for various purposes, such as, for people working from home on office days, families working on house budgets, and by kids to do school projects.

Home office furniture mainly involves products, such as couches, sofas, non-decorated kitchenware, tables, chairs, and drawers. These furniture products are commonly used in small business spaces, residential spaces by people.

The main types of products for the home office furniture market are seating, storage units, desks and tables, and others.The storage unit includes shelves and cabinets, fits perfectly at the home office to store office files.

The material used in home office furniture is wood, metal, plastic, and others. The prices for home office furniture include premium, mid-range, and economic, which are distributed by flagship stores, specialty stores, online, and others.

North America is the largest region in the home office furniture market in 2020.Asia-Pacific is expected to grow faster in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The launch of 3D modelling and other technological innovations in the furniture world is a key trend in the home office furniture market.According to Xarpie labs a variety of technologies such as 3D modeling, virtual reality, and augmented reality are being used in most of its processes beginning from planning and developing prototypes or products, right from the marketing, and to the end of the value chain that is sales.

Integrating these technologies assures the special effect on how the furniture looks and also helps to develop digital inventories to understand customer requirements. For instance, by May 2019, Ashley furniture incorporated 2 3D printers and 700 3D printed parts in their manufacturing facility at Arcadia that helped them in supplementing labor and maximizing the value of the staff.

In April 2021, Herman Miller, Inc., a US based furniture company offering office and home furniture products, announced acquisition of Knoll Inc. for $1.8 billion. Under this deal, Herman Miller shareholders will own approximately 78% of the combined company, while Knoll shareholders will own approximately 22%. Knoll is a Us based manufactures of chairs, tables and desks, and accessories for the office, home, and higher education settings.

The recent outbreak of the COVID-19 pandemic has led to a surge in demand for home office furniture with an increase in employees working from home.For example, in July 2020, thousands of Canadian federal government employees have been offered an amount of $500 each to buy home office furniture as they will work from home until the pandemic ends.

Thus, the rise in the usage of home furniture during the pandemic propelled the demand for the home office furniture market.In 2020, since the beginning of lockdown Pepperfry, which is engaged in manufacturing home furniture has seen a rise in demand for tables and chairs in India that has raised to 175% and 135% respectively, as most of the people are working from home and setting a proper work station at home has become a necessity for everyone.

Thus, an increase in the purchase of home furniture to facilitate employees working from home during the pandemic contributed to the growth of the market.

The countries covered in the home office furniture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

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