DUBLIN, Sept. 30, 2021 /PRNewswire/ — The “Home Office Furniture Market by Product Type, Material Type, Price Range and Distribution Channel: Global Opportunity Analysis and Industry Forecast 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
The global home office furniture market size was valued at $3,032.6 million in 2020, and is estimated to reach $7,615.2 million by 2030, registering a CAGR of 8.8% from 2021 to 2030.
Home office furniture includes all the furniture products essential to set up an office or office like environment at home. This furniture is used for seating, installing computer systems, and storing files & documents. It is commonly used by the employees, students, professionals, and entrepreneurs for the purpose of reading, writing, operating desktops/laptops, attending online meetings and lectures, and storing files.
Home office furniture products are manufactured using a variety of materials and are available in different designs. The designs can be modified through machine-based processes and handcrafting. Furniture manufacturing involves highly skilled and creative professionals. The home office furniture caters to the corporate and government employees, students, and professionals. The home office furniture market has witnessed rapid growth in recent years, in line with the growth in the global economy and subsequent demand for work from home. The demand for versatile and multi-functional products that offer portability and can easily be accommodated in small spaces drive the home office furniture market growth. Furthermore, rise in number of nuclear families is increasing the demand for portable and space-saving products. This factor is anticipated to drive the demand for the market growth in the forthcoming years.
The market is driven by various factors such as rise in disposable incomes, growth of real estate industry, growth of small and medium sized enterprises (SMEs), and demand for luxury and premium furniture from certain consumer sections. Moreover, the growing popularity of hybrid working culture and growth of ed-tech platforms further boost the growth of the global home office furniture market in the past few years.
The outbreak of COVID-19 disease, in December 2019, resulted in rapid growth in demand for the home office furniture. The government announced complete shut down across the globe to contain the spread of the virus. The government norms on social distancing and ban on travelling forced the corporate sector, government sector, and educational institutes to adopt “stay at home” and “work from home” policy to continue their business operations. Under such circumstances, the global home office furniture market witnessed a rapid growth in demand from all over the globe.
In Asia-Pacific, many key players in home office furniture market are launching their own online platform and are entering into partnerships with the e-commerce retail stores to strengthen their distribution network, which is anticipated to drive the growth of the Asia-Pacific home office furniture market. In North America, leading home office furniture brands are focusing on personalization in product offering, which is gaining popularity among the various consumer groups.
The growing penetration of furniture rental businesses such as Fabrento, CORT, and Brook Furniture Rental is likely to hamper the revenue of the home office furniture manufacturers. Especially in Asia-Pacific market, where the maximum population falls under low- and medium-income group. The consumers many a times opt for furniture rental services to save the huge costs associated with the acquisition of brand-new furniture.
The global home office …….