Furniture are primarily used in residential and commercial places to liven up the environment in the office or home. The home office furniture involves products like sofas, kitchenware, tables, drawers and couches. Home office furniture demand is increasing post pandemic as budget of furniture is less and it is aesthetically appealing for the customers. Global home office furniture market was valued at 63.4 billion USD in year 2019 and expected to reach approximately 97 billion USD during a forecast period registering CAGR of 5.4%.
By Product Type, market is segmented as tables, file cabinets and couches. By material type, market is segregated as wood, plastic, glass and metal. By distribution channels, market is bifurcated as direct sales, specialist stores and online stores. By region, market is classified into- North America, Europe, Asia Pacific and ROW.
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Market Dynamics and Factors:
Growing urbanization and rise in work from home culture post pandemic are the factors considered to drive the market growth. Furthermore, development of multi- functional furniture is the supporting factor attributing the market growth. Moreover, use of high grade glass and metals for furniture making is also attributing the market growth post pandemic. Intense market competition is the key factor considered to restrain the market growth. According to IKEA annual report 2019, rising cost of raw materials like wood and metals is the challenge concerning market growth especially in the APAC regions as excise duties on the products are high in the APAC furniture market.
North America is the dominating as well as the fastest growing region in the global home office furniture market with approximately 40% of market share owing to rising demand for home office furniture post pandemic. Furthermore, increasing entrepreneurship in the region is the supporting factor considered to drive the market growth. Europe and Asia Pacific are the second dominating regions in the market with approximately 45% of combining market share owing to high capacity manufacturing plants in the respective regions and high skilled work force. Furthermore, increase in the online furniture sales post pandemic is also the key factor considered to drive the market in the region.
Key Market Segments:
Global Home Office furniture Market: By Product Type
Global Home Office furniture Market: By Material Type
Global Home Office furniture Market: By Distribution Channels
Global Home Office furniture Market: By Geography
Rest of Europe
Rest of Asia Pacific
Ashley Furniture Industries
Herman Miller Inc.
Kokuyo Co. Ltd.
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