Home Office Furniture Global Market Opportunities and Strategies to 2032

This report describes and explains the home office furniture market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global home office furniture market reached a value of nearly $29,001.6 million in 2022, having grown at a compound annual growth rate (CAGR) of 10.4% since 2017. The market is expected to grow from $29,001.6 million in 2022 to $43,165.4 million in 2027 at a rate of 8.3%. The market is then expected to grow at a CAGR of 8.4% from 2027 and reach $64,750.6 million in 2032.

Growth in the historic period resulted from 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. Factors that negatively affected growth in the historic period were the increasing raw material costs, political uncertainties, termite infestations and forest fires.

Going forward, the increasing office spaces, growth of construction industry, growth in freelancing and rising urbanization will drive the growth. Factors that could hinder the growth of the home office furniture market in the future the Russia-Ukraine war and availability of alternatives.

The home office furniture market is segmented by product into seating, storage units, desks and tables and other products. The sitting market was the largest segment of the home office furniture market segmented by product, accounting for 43.9% of the total in 2022. Going forward, the sitting segment is expected to be the fastest growing segment in the home office furniture market segmented by product, at a CAGR of 8.5% during 2022-2027.

The home office furniture market is segmented by material into wood, metal, plastic and other materials. The wood market was the largest segment of the home office furniture market segmented by material, accounting for 55.5% of the total in 2022. Going forward, the plastic segment is expected to be the fastest growing segment in the home office furniture market segmented by material, at a CAGR of 8.7% during 2022-2027.

The home office furniture market is segmented by price into premium, mid-range and economic. The mid-range market was the largest segment of the home office furniture market segmented by price, accounting for 42.9% of the total in 2022. Going forward, the premium segment is expected to be the fastest growing segment in the home office furniture market segmented by price, at a CAGR of 8.4% during 2022-2027.

The home office furniture market is segmented by distribution channel into flagship stores, specialty stores, online and other distribution channels. The specialty stores market was the largest segment of the home office furniture market segmented by distribution channel, accounting for 46.8% of the total in 2022. Going forward, the online segment is expected to be the fastest growing segment in the home office furniture market segmented by distribution channel, at a CAGR of 11.0% during 2022-2027.

North America was the largest region in the home office furniture market, accounting for 38.7% of the total in 2022. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the home office furniture market will be Africa and Asia Pacific where growth will be at CAGRs of 11.7% and 11.1% respectively. These will be followed by South America and Eastern Europe where the markets are expected to grow at CAGRs of 9.1% and 8.5% respectively.

The global home office furniture market is highly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 11.65% of the total market in 2021. HNI Corporation was the largest competitor with 2.72% of the market, followed by Ashley Furniture Industries Inc with 2.50%, Steelcase Inc with 1.94%, MillerKnoll, Inc with 1.87%, KOKUYO Furniture with 0.94%, Haworth Inc with 0.83%, OKAMURA Corporation with 0.48%, Godrej & Boyce Mfg. Co. Ltd. with 0.18%, Ethan Allen Interiors Inc. with 0.13% and Bernhardt Furniture Company Inc with 0.06%.

The top opportunities in the home office furniture market segmented by product will arise in the sitting segment, which will gain $6,387.7 million of global annual sales by 2027. The top opportunities in the home office furniture market segmented by material industry will arise in the wood segment, which will gain $7,881.1 million of global annual sales by 2027. The top growth potential in the home office furniture market segmented by price will arise in the mid-range segment, which will gain $6,045.4 million of global annual sales by 2027. The top opportunities in the home office furniture market segmented by distribution channel will arise in the specialty stores segment, which will gain $6,205.8 million of global annual sales by 2027. The home office furniture market size will gain the most in the USA at $4,708.6 million.

Market-trend-based strategies for the home office furniture market 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.

Player-adopted strategies in the home office furniture market include focus on expanding operational capabilities through strategic acquisitions, focuses on enhancing its business operations through the launch of new products and focus on launching new home office products through its ecommerce sites for comfortable work and life.

To take advantage of the opportunities, the analyst recommends the home office furniture companies to focus on product innovations, focus on development of smart furniture, increase in use of mobile home office furniture, expand in emerging markets, continue to focus on developed markets, focus on merger and acquisitions, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on urban population.