Home Office Furniture Market Size IS Expected to Reach $7,615.2 Million By 2030 at a CAGR of 8.8%

The online retailers such as Amazon, Flipkart, Wayfair, and Pepperfry are contributing significantly toward the growth of the home office furniture market.

PORTLAND, PORTLAND, UNITED STATES, February 22, 2022 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “home office furniture market by product type, material type, price range, and distribution channel: global opportunity analysis and industry forecast, 2021–2030,” the global home office furniture market size is expected to reach $7,615.2 million by 2030 at a CAGR of 8.8% from 2021 to 2030.

The home office furniture market is driven by emerging new species of wood tree for furniture manufacturing and marketing through internet. Furthermore, the home office furniture market is driven by various factors such as rise in disposable incomes, growth of real estate, growth of SMEs (small and medium-sized enterprises), and increase in demand for luxury and premium furniture from certain consumer sections.

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COVID-19 impact on the home office furniture market

The recent COVID-19 outbreak impacted the growth of the home office furniture industry. The increase in reported cases has caused a global lockdown and restricted supply chains. Consumer discretionary spending has decreased, and businesses have noticed a behavioral shift toward safer and more durable products. Furthermore, through engagement campaigns, manufacturers are strengthening their e-commerce channel and increasing consumer engagement on their websites.

Pandemic has emphasis on “stay at home” and “work from home” that has gained immense traction in both the corporate and the government sectors. According to Fabrento, a furniture rental company, the work from home furniture segment has witnessed a growth of 200% during the pandemic.

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Growth in awareness regarding health, correct sitting posture, and negative effects of sitting for prolonged period is stimulating the consumers to opt for ergonomic home office furniture. Ergonomic means biotechnology or human engineering that involves designing or arranging objects that compliments safe human interaction. Ergonomic chair is especially designed to best support the human body, considering support, posture, comfort, and health. Sitting for extended hours can result in adverse physical and mental health effects such as obesity, heart attack, depression, back and neck troubles, muscle degeneration, leg disorders, and kidney disease. Therefore, to overcome these negative effects of sitting for long periods, ergonomic chairs have been proved to be a much effective tool. Ergonomic chairs, by providing improved posture and correct support to the human body while sitting, boost the growth of the home office furniture industry.

According to the home office furniture market forecast, on the basis of product type, the tables and seating segments were the highest contributor to the market, accounting for 82% of the market share in 2020, because the seating and tables are the most essential and basic furniture needed to set up an office at home.

On the basis of material type, the wood segment exhibited a market share of around 48.4% in 2020, as the wood and laminates (made of wood) are the most desirable material for making home office furniture due to its durability, recyclability, and strength. However, the plastic segment is anticipated to be the fastest-growing segment due to its features such as lightweight, corrosion resistance, durability, and strength.

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As per the home office furniture market trends, depending on price range, the medium segment dominated the market and accounted for $1,320.9 million in 2020 as the consumers get quality product with best features at a reasonable price. The high segment is expected to be the fastest growing segment due to the growing demand for luxurious and high-quality home office furniture in the developed markets.

Based on region, Europe held the highest share in terms of revenue in 2020, accounting for nearly two-fifths of the total share, and is expected to continue its lead position by 2030. However, the region across Asia-Pacific is projected to witness the fastest CAGR of 10.7% during the forecast period. The research also analyzes regions including North America and LAMEA.

Leading players of the global home office furniture market analyzed in the research include Steelcase, Inc., Masco Corporation, HNI Corporation, Haworth, Inc., Inter IKEA Systems BV, L & J.G. STICKLEY, Inc., Kimball International, Inc., Okamura Corporation, Basset Furniture Industries, and Durham Furniture, Inc.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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