Home Office Furniture Global Market Report 2024

"The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Home Office Furniture Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:
The home office furniture market size has grown strongly in recent years. It will grow from $31.58 billion in 2023 to $34.37 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to emerging markets growth, increase in e-commerce activities, growth in home remodeling sector, increased demand for eco-friendly furniture, increase in adoption of work from home, growth in world population and covid-19 pandemic.

The home office furniture market size is expected to see strong growth in the next few years. It will grow to $47.57 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to the increasing office spaces, growth of construction industry, growth in freelancing and rising urbanization. Major trends in the forecast period include use of natural materials in making furniture products to reduce its carbon footprint, merger and acquisition deals to broaden their product and services portfolios, focus on developing innovative products and solutions to enable their businesses to remain relevant in their markets while also growing and improving over time, focus on moving towards sustainable, eco-friendly materials in furniture design with new innovative products to strengthen their position in the market, developing smart furniture products to expand their product portfolio and to grow in the market, focus on a universal fixture system that uses 3d printed parts to simplify adjustments between product changeovers, and providing portable home office furniture to offer ease of mobility.

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Key Market Players:
Major companies operating in the home office furniture market report are HNI Corporation, Ashley Furniture Industries Inc, Steelcase Inc, MillerKnoll Inc, KOKUYO Furniture, Haworth Inc, OKAMURA Corporation, Godrej & Boyce Mfg. Co. Ltd., Ethan Allen Interiors Inc., Bernhardt Furniture Company Inc, Ntuple Furniture Co. Ltd., Bazhou Dowell Furniture Co. Ltd., Zhejiang Haoqiang Furniture Co. Ltd., Ceoffice Concepts, Epic Office Furniture, Khan & Co Furniture, Godrej Interio, Aspect Furniture Pty Ltd., Kokuyo Co. Ltd, BFX Furniture, Zeitraum, Dauphin HumanDesign Group, Dare Studio Ltd., Bisley Staverton Ltd., Elite Office Furniture UK Limited, Rosehill Furnishings, Ligne Roset, Gautier, Meble Vox Akimo Mebel, Art-Mat Meble, Des Sofa Line Sp. Z O.O., Felix, Slavonic Furniture Company, Chairry Contract Furniture Askia Furniture Brw, The Nowy Styl Group, Forte, Szynaka, Wojcik, Geometry Furniture, Alfa Vega, Unik Design SRL, Ralph Lauren Home, Knoll Inc., Bassett Furniture Industries, Inter Ikea Systems BV, Kimball International Inc., Ronbow, Kaemark, Manoir Llc, Berkshire Hathaway, Ashley HomeStores, Deeram Custom Furniture, Lil Angels Furniture Inc, Interoffice Argentina S.R.L., IKEA Chile, Boke Furniture, Merint Furniture Factory LLC, Intermetal Limited, Habitat Furniture Co. Ltd, Tajheezat, AlMukmal Furniture, National Furniture Manufacturing Co. Ltd., Marwan Services, Abu Torab Furniture, Al Maarifa Furniture Industry, Etalco International, Al Huzaifa Furniture, Steinhoff Manufacturing Ltd., Motani Lounge Ltd, Cantoni Lounge Pty Ltd, Cre8ive Interiors, DECOLAM (South Africa), Ausken International, Alno Associate Ltd, Karo Manufacturing (Pty) Ltd, Lifemate Group, Poltrona Frau.

Market Drivers:
The rising demand for office spaces will support the growth of the home office furniture market. The increased demand for the products/services of expanding companies and businesses refers to an organization's efforts to expand or widen its range of operations and boost revenue. The organization's growth will increase the demand for new workers to complement their expanded operations, which further requires additional office space and office furniture to accommodate the new employees. For instance, according to a study conducted on 500 UK-based small and medium-sized enterprises (SMEs) in October 2022 conducted by Airwallex, a UK-based fintech company, in 2023, 70% of businesses plan to expand into or even further expand into foreign markets. Out of the polled numbers, two-thirds (64%) will focus on Europe and North America, while one-third (34%) are getting ready to grow into the Middle East, Latin America, Africa, and Asia Pacific. Therefore, the demand for expanded office spaces from companies will drive the growth of the home office furniture market.

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The home office furniture market covered in this report is segmented -
1) By Product: Seating, Storage Units, Desks And Tables, Other Products
2) By Material: Wood, Metal, Plastic, Other Materials
3) By Price: Premium, Mid-Range, Economic
4) By Distribution Channel: Flagship Stores, Specialty Stores, Online, Other Distribution Channels

The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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