PORTLAND, OREGON, UNITED STATES, October 12, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global home office furniture market generated $3.03 billion in 2020, and is expected to reach $7.61 billion by 2030, witnessing at a CAGR of 8.8% from 2021 to 2030. The report offers a detailed analysis of changing market dynamics, key investment pockets, top segments, value chain, regional scenario, and competitive landscape.
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The rise in work-from-home businesses, urbanisation, and consumer preference for multi-functional furniture are all factors driving the growth of the worldwide home office furniture market. However, rising raw material costs and environmental regulations related to deforestation limit industry expansion. The development of environmentally friendly raw materials and the rise in e-commerce sales, on the other hand, present fresh potential in the coming years.
The market for home office furniture is predicted to grow due to consumers’ increased preference for multi-functional home office furniture, according to the CXOs of the leading companies. Employees who work from home frequently experience space issues in their residences. As a result, finding high-quality wooden home office furniture is challenging for them. They typically choose furniture that is lightweight, foldable, multi-functional, and strong to fully address the space-constrained requirements of the customers. Additionally, the rise in the popularity of modular constructions, super couches, and other furniture products as well as increased collaboration between fashion and design firms all contribute to the market’s expansion. In addition, the smaller home size and expanding population are predicted to increase demand for multi-purpose furniture that conserves space.
The CXOs continued by stating that the introduction of mobile devices for internet access and the shopping habits of the millennial generation are anticipated to spur market expansion. The expansion of the internet market has been aided by the growing penetration of different web portals in developing nations. As a result, it is projected that the e-commerce market for home office furniture products would expand soon.
Detailed Market Study
This factor has fueled the demand for home office furniture among working population in the majority of countries. Even, the manufacturers of such furniture attained a steady growth in terms of revenue and sales. This trend is most likely to continue post pandemic as well.
The Milan Furniture Fair got on the go recently, and the subject of the event was getting used to life during the pandemic. A pool counter that coins into a dining slab, a bookstand that transmutes into a shaving breakfront and noise-canceling sheets to expedite working from home were a quite few ideas that were on the minds of displayers at the fair. After months mewed up at home, a lot of people have started renovating their apartments and houses into office spaces and schools, which eventually has bleared the lines between private and public spaces.
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Principal results of the study
The market for home office furniture was worth $3,032.6 million in 2020, and it is anticipated to increase to $7,615.2 million by 2030, at a CAGR of 8.8%.
According to product type, the plastic category is anticipated to develop at the quickest rate, with a CAGR of 10.1% over the course of the projection period.
Depending on the kind of material, the wood market sector had a value of $1,469.3 million in 2020 and held 48.4% of the market for home office furniture.
The U.S., which dominated North America’s market in 2020, is anticipated to reach $691.2 million by 2030, expanding at a CAGR of 8.3% throughout the forecast period.
North America Luxury Furniture Market : https://www.alliedmarketresearch.com/north-america-luxury-furniture-market
Furniture Rental Market : https://www.alliedmarketresearch.com/furniture-rental-market
Kids Furniture Market : https://www.alliedmarketresearch.com/kids-furniture-market-A06492
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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