The Business Research Company’s Home Office Furniture Global Market Report 2021: COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, July 21, 2021 /EINPresswire.com/ — The launch of 3D modelling and other technological innovations in the furniture world is a key trend in the home office furniture market. According to Xarpie Labs, a variety of technologies such as 3D modeling, virtual reality, and augmented reality are being used in most of its processes – beginning from planning and developing prototypes or products, right from the marketing, to the end of the value chain that is sales. Integrating these technologies assures the special effect on how the furniture looks and also helps to develop digital inventories to understand customer requirements. For instance, by May 2019, Ashley furniture incorporated two 3D printers and 700 3D printed parts in their manufacturing facility at Arcadia that helped them in supplementing labor and maximizing the value of the staff.
The main types of products for the home office furniture market are seating, storage units, desks and tables, and others. The storage unit includes shelves and cabinets, fits perfectly at the home office to store office files. The material used in home office furniture is wood, metal, plastic, and others. The prices for home office furniture include premium, mid-range, and economic, which are distributed by flagship stores, specialty stores, online, and others.
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The global home office furniture market size is expected to grow from $58.74 billion in 2020 to $64.08 billion in 2021 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%.
North America was the largest region in the home office furniture market in 2020. Asia-Pacific is expected to grow faster in the forecast period. The regions covered in the home office furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Major players in the home office furniture market are Ashley Furniture Industries, Herman Miller Inc., Inter IKEA Group, Sears Holdings, Steelcase Inc., Knoll Inc., Masco, Poltrona Frau, Hooker Furniture, and Kimball International.
In April 2021, Herman Miller, Inc., a US based furniture company offering office and home furniture products, announced acquisition of Knoll Inc. for $1.8 billion. Under this deal, Herman Miller shareholders will own approximately 78% of the combined company, while Knoll shareholders will own approximately 22%. Knoll is a US based manufacturer of chairs, tables and desks, and accessories for the office, home, and higher education settings.
Home Office Furniture Global Market Report 2021: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides home office furniture global market overview, forecast home office furniture global market size and growth for the whole market, home office furniture global market segments, and geographies, home office furniture global market trends, home office furniture global market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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