The global home office furniture market is expected to reach $7,615.2 million by 2030, growing at a CAGR of 8.8% from 2021 to 2030. The market was valued at $3,032.6 million in 2020.
The growth of the market is driven by factors such as the surge in entrepreneurship and work-from-home culture, growth in urbanization, and rise in inclination of customers toward multi-function furniture. However, the increase in the cost of raw materials and environmental restrictions related to deforestation hinder the market growth.
Key Findings of the Study:
– The global home office furniture market size is expected to reach $7,615.2 million by 2030, growing at a CAGR of 8.8% during the forecast period.
– The plastic segment is estimated to witness the fastest growth, registering a CAGR of 10.1% during the forecast period.
– In 2020, the wood segment was valued at $1,469.3 million, accounting for 48.4% of the home office furniture market share.
– The U.S. was the most prominent market in North America, and is projected to reach $691.2 million by 2030, growing at a CAGR of 8.3% during the forecast period.
Segmentation:
The global home office furniture market is segmented on the basis of product type, material type, price range, distribution channel, and region. Based on product type, the table segment contributed to the highest share in 2020, accounting for more than two-fifths of the total share. However, the seating segment is expected to portray the highest CAGR of 9.8% from 2021 to 2030.
Key Players:
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.
Source: einpresswire.com
Image Courtesy: freepik.com
