Companies in the home office furniture market are adopting
LONDON, Jan. 19, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the home office furniture market, the use of eco-friendly and recycled products in the manufacturing process is among the growing trends. of the home office furniture market. Players in the home office furniture market are trying to become eco-friendly by increasing awareness by adopting sustainable production practices. For example, in 2018, Humanscale, an American designer and manufacturer of performance ergonomic products, launched chairs made from recycled ocean plastic (in the form of nylon fishing nets). The company has also made chairs with aluminum which is recycled first and then can be recycled again at the end of its life. In order to use materials sustainably, Humanscale conceals items, refurnishes those that are reusable, and sells them as used items. However, for those that cannot be resold, the company breaks down the components and turns them into “new” material on site.
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The size of the global home office furniture market has grown from $58.74 billion in 2020 to $64.08 billion in 2021 at a compound annual growth rate (CAGR) of 9.09%. The growth of home office furniture market is mainly driven by space constraint in both developed and developing countries, trend towards working from home, increasing preference for comfortable and efficient home furniture and to the growth of home-based businesses. The market should reach $81.45 billion in 2025 at CAGR of 6.18%.
Companies in the home office furniture sector are focusing on mergers and acquisitions to improve their product portfolio, as well as to accelerate their growth. For example, in July 2021, Herman Miller completed the acquisition of Knoll, Inc. (Knoll), creating the preeminent leader in modern design. The combined company includes 19 leading brands present in more than 100 countries around the world, with 64 showrooms around the world, in more than 50 physical points of sale and global multi-channel e-commerce capabilities. After completing the acquisition of Knoll, the combined company became MillerKnoll. Herman Miller and Knoll, along with their legacy brands, continue to grow within 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 consisting of 11.90% of the total market in 2020. The fragmentation of the market can be attributed to the presence of a large number of players in different geographies. Leading players acquire the products and enter into partnerships with the other companies to consolidate their market positions throughout the world, while others distribute the products. HNI Company was the biggest competitor with 2.88% market share, 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 & Tables, etc. by material wood, metal, plastic, others; by price in premium, mid-range, economy; by distribution channel in flagship stores, specialty stores, online, other
North America was the greater region in the home office furniture market, representing 38.8% of the total in 2021. It was followed by Western Europe, then the other regions. In the future, the fastest growing regions in the home office furniture market will be Africa and Asia-Pacific where growth will be CAGR of 11.2% and 10.5% respectively. South America and North America will follow.
The Global Home Office Furniture Market Report 2022: Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide insights into the office furniture market at Home, Analyze Home Office Furniture Market and Forecast Market Size and Growth for Overall Market, Home Office Furniture Market Segments & Geographies, Home Office Furniture Market Trends, Drivers of the Home Office Furniture Market, Home Office Furniture Market Constraints, Revenues, Profiles and Market Shares of the Home Office Furniture Market Top Competitors in 1000+ Industry Reports, covering more than 2,500 market segments and 60 geographical areas.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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