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Are you curious to know how the home office furniture market has evolved in recent years?
The home office furniture market has seen continuous growth and is set to rise from $31.58 billion in 2023 to $34.37 billion in 2024, signifying a compound annual growth rate CAGR of 8.8%. Factors contributing to this accelerated growth include burgeoning e-commerce activities, an increase in home remodeling, an uptick in demand for eco-friendly furniture, and the growing popularity of remote work, supplemented by the world population growth and the COVID-19 pandemic.
As the trend of working from home continues, what does the future look like for the home office furniture market? The market is projected to further swell to $47.57 billion by 2028, growing at a CAGR of 8.5%. This expansion can be credited to the increasing demand for office spaces, the construction industry growth, the rise of freelancing, and the continuous urbanization.
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What are the trends shaping the forecast period for the home office furniture market?
Players in the market can look forward to a shift towards using natural materials in furniture production, aiming to reduce their carbon footprint. The trend of merging and acquiring companies is also on the rise, with an outlook to widen product and service portfolios. Companies are also concentrating on developing innovative products and solutions to keep their businesses relevant and constantly growing. With sustainability at the heart of it all, market players are focusing on developing eco-friendly materials for furniture design and launching innovative products. Other noticeable trends, including the emergence of smart furniture and a universal fixture system that simplifies product changeovers using 3D printed parts, are expected to open new avenues for growth.
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What is accelerating the growth of the home office furniture market?
As per a survey conducted by UK-based fintech company Airwallex, nearly 70% of small and medium-sized enterprises SMEs plan to expand into, or further their existing presence in, foreign markets in 2023. This desire for expansion will necessitate additional staff and subsequently, more office space, fueling the demand for home office furniture.
Which companies are shaping the home office furniture industry?
Major industry players include HNI Corporation, Ashley Furniture Industries Inc, Steelcase Inc, MillerKnoll Inc, and KOKUYO Furniture, to name a few. Continued technological advancements and strategic partnerships will likely catalyze the industry’s growth in the coming years.
Are there emerging trends in the home office furniture market that may disrupt the industry?
Innovative technologies like 3D modeling, virtual reality, and augmented reality are fast reshaping the furniture landscape. This digital transformation affects all stages, from planning and prototype development to marketing and sales, adding a unique touch to the look and feel of the furniture while allowing for better understanding of customer requirements.
How is the home office furniture market segmented?
The market is segmented by product into seating, storage units, desks, and tables, among others. Material segmentation includes wood, metal, plastic, and other materials. Also, the market is categorized by price into premium, mid-range, and economic segments. Based on the distribution channel, the market is divided into flagship stores, specialty stores, online, and other distribution channels.
What is the geographical distribution of the home office furniture market?
In 2022, North America emerged as the largest region in the market, with Asia-Pacific anticipated to witness rapid growth in the following years. The report also covers other regions including Western Europe, Eastern Europe, South America, Middle East, and Africa.
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