LONDON, Jan. 19, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the home office furniture market, use of eco-friendly and recycled products in the manufacturing process is amongst rising home office furniture market trends. Players in the home office furniture market are trying to become environment friendly with increasing awareness by adopting sustainable practices in production. For example, in 2018, Humanscale, a US-based designer and manufacturer of high-performance ergonomic products, launched chairs made out of recycled ocean plastic (in the form of nylon fishing nets). The company also made chairs with aluminum which is recycled to begin with and then can be recycled again at its end of life. In order to make sustainable use of materials, Humanscale dissemble the items, refurnish the ones that are reusable, and sell those as used items. However, for those that cannot be resold, the company breaks down the components and turn them into “new” material on-site.
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The global home office furniture market size grew from $58.74 billion in 2020 to $64.08 billion in 2023 at a compound annual growth rate (CAGR) of 9.09%. The growth in the home office furniture market is mainly due to the space constraint in the developed and developing, shift towards homeworking, increasing preference for comfortable and effective home furniture, and rising home businesses. The market is expected to reach $81.45 billion in 2025 at a CAGR of 6.18%.
Companies in the home office furniture industry are focusing on mergers and acquisitions to improve their product portfolio, as well as to expand their growth. For example, In July 2023, Herman Miller completed the acquisition of Knoll, Inc. (Knoll), creating the preeminent leader in modern design. The combined company comprises 19 leading brands with a presence in over 100 countries worldwide, with 64 showrooms globally, in more than 50 physical retail locations, and global multi-channel e-commerce capabilities. After completing the acquisition of Knoll, the combined company moved forward as MillerKnoll. Herman Miller and Knoll, along with their legacy brands, continue forward as part of MillerKnoll.
The global home office furniture market is fragmented, and the market has a large number of players. The top ten competitors in the market made up to 11.90% of the total market in 2020. The market fragmentation can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. HNI Corporation was the largest competitor with 2.88% share of the market, followed by Ashley Furniture Industries Inc, Steelcase Inc, Herman Miller, KOKUYO Furniture, Haworth Inc, OKAMURA Corporation, Godrej & Boyce Mfg. Co. Ltd., Ethan Allen Interiors Inc. and Kimball International Inc.
TBRC’s global home office furniture market report is segmented by product into seating, storage units, desks and tables, others; by material into wood, metal, plastic, others; by price into premium, mid-range, economic; by distribution channel into flagship stores, specialty stores, online, others
North America was the largest region in the home office furniture market, accounting for 38.8% of the total in 2023. 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 11.2% and 10.5% respectively. These will be followed by South America, and North America.
Home Office Furniture Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide home office furniture market overviews, home office furniture market analyze and forecast market size and growth for the whole market, home office furniture market segments and geographies, home office furniture market trends, home office furniture market drivers, home office furniture market restraints, home office furniture market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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