The demand for the home office furniture market is ever-growing. The home office furniture market includes all the furniture products that find application in residential spaces and commercial spaces. It primarily includes sofas, chairs, tables, couches, and drawers. The home office furniture products are mostly made of plastic or wood materials. The growing urbanization in the developed, as well as the developing countries, escalates the demand for home office furniture products.
The increase in the use of desktop computers necessitates the need for desktop tables and chairs in offices as well as homes. The furniture products are effective in keeping the workspace organized and providing comfort to the users. The comfortable furniture enables the user to spend more time and focus better on their work. The multi-purpose use of the home office furniture requires some customization. The availability of the versatile aspect of the furniture is expected to fuel the demand for the home office furniture.
Opportunities and Barriers
The growing demand for multipurpose and smart furniture is a key opportunity for the growth of the global home office furniture market. The increase in the online retailing of the different furniture products further fuels market growth across the globe.
The increase in the cost of raw materials of furniture, the availability of alternatives, and the growing transportation cost are some of the potential barriers to the growth of the global market.
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Key Players
The key players of the global home office furniture market are Ashley Furniture Industries, Steelcase, Herman Miller, Inter IKEA Group, Haworth, Sears Holdings, Knoll, HNI, Masco, KOKUYO Furniture, and Poltrona Frau.
Geographical Segmentation
The regions that are a part of the global home office furniture market are North America, Asia Pacific region, United States, Mexico, India, Japan, Australia, South Korea, and Canada.
North America is the leading market for home office furniture. The increase in the demand for the home office furniture in the region accounts for its leading position. Europe is anticipated to expand its home office furniture market during the forecast period. The region of Asia Pacific is also estimated to grow by a high CGAR in the forecast period. The increasing urbanization in India and China are behind the growth of the Asia Pacific market.
Market Segments
The global market of home office furniture is broadly classified into different segments based on product and end-users.
The global market based on product includes seating, tables, systems, storage units and files, and other products. The seating segment holds a leading position in the global market.
Based on end-users, the market is divided into offline retail and online retail.
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Latest Industry Updates
The manufacturers of the home office furniture products are soon going to adopt the green solution for the production, owing to the growing demand for eco-friendly furniture. The rising concern for deforestation is compelling the manufacturers to design home office furniture from recycled wood wastes. The shrinking workspace and increasing demand for customized furniture are expected to boost the manufacturing of portable and multi-functional home office furniture products.
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