Global Work from Home Furniture Market Gaining Impetus—Expected to Grow at a CAGR of 6.5% by 2027
Published | 08 October 2021
The growth of the global work from home furniture market can be attributed to the rising adoption of cloud-based technology. Furthermore, the surge in the number of cases of COVID-19 has propelled the growth of work from home furniture market…
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global work from home furniture market is growing at a CAGR of 6.5% during the forecast period (2021-2027). People typically utilize work-from-home furniture products in small business and household settings. Because of the COVID-19 pandemic, the global work from home furniture market has been rapidly expanding. Because of the global spike of COVID-19 cases, governments in both developing and developed countries declared a complete lockdown. As a result, most organizations declared a work-from-home culture by offering home furniture, driving the growth of the work-from-home furniture market.
Increasing Adoption of Cloud Technology Driving the Growth of Work from Home Furniture Market
Before the pandemic created havoc around the globe, many organizations required employees to come to the workplace daily. Due to COVID-19, organizations quickly adopted the work-from-home culture. Organizations started adopting cloud-based solutions and services to work remotely to accelerate the work-from-home culture trend. Cloud technology has revolutionized several services, including home delivery, remote medicine, and working from home. Thus, employees are looking for convenient and comfortable furniture to work remotely, which in turn is propelling the growth of the work from home furniture market.
Rental Furniture Has Driven the Growth of the Market
As work from home culture has become a new normal for the people, it has created ample opportunities for furniture market as well. As people are more accustomed to working on proper office setup, including desks and chairs, working people nowadays can opt for rental work-from-home furniture, thereby driving the market growth. In addition, the furniture industry is witnessing a spike in the sales of multifunctional furniture, which is considered the most important factor for the growth of the work from home furniture market.
Online Stores Segment to Hold the Largest Growth in the Distribution Segment
Based on distribution channels, work from home furniture market is segmented into showrooms, supermarket/hypermarket, retailers, and online stores. The online stores’ segment generates a good deal of revenue in the work from home furniture market. Globally, the online furniture industry has emerged as the most prominent and fastest-growing e-commerce sector. Changes in the online segment are primarily due to the increased digitalization and growing share of urban living millennials. Various market trends have been spawned by the pandemic, helping furniture manufacturers explore new business opportunities. Following the pandemic, the demand for home office furniture such as study tables, chairs, laptop tables, and other items nearly tripled as many corporate employees worked remotely and almost all students pursued their education online. These are some of the factors contributing to the growth of the online segment and thereby driving the development of work from home furniture.
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Impact of COVID-19
The pandemic has slowed various businesses around the world. Several supply chains, logistics, raw material suppliers, mining laborers, and others have been impacted by the COVID-19. The work from home furniture market, however, has experienced mixed growth as a result of the pandemic. Lockdown has caused several businesses and industries to shut down. On the other hand, most IT firms had announced a work-from-home culture. With home spaces converting into office spaces, furniture for work from home has become more common. To set up comfortable workspaces in their homes, customers are seeking ergonomic furniture. As of 2020, office furniture, recliners, bean bags for living rooms, and others were among the most popular types of furniture.
North America Holds the Largest Share in the Global Work from Home Furniture Market
Geographically, the global work from home furniture market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for the largest share in the work from home furniture market in 2020 and is likely to dominate during the forecast period. The growth in this region is majorly due to the large number of companies operating in North America. Tech giants such as Apple, Amazon, Google, Microsoft, Facebook, and others have headquarters in the U.S. In addition, Silicon Valley, where most IT companies have bases, is also situated in the U.S. Moreover, America was one of the first countries to announce lockdowns. This led several companies to offer employees the option to work from home. This resulted in a growth of the work from home furniture market.
Some of the key players in the work from home furniture market are Poltrona Frau, Herman Miller, Knoll, Inc., KOKUYO Furniture, Haworth Inc., Inter IKEA Group, Ashley Furniture Industries, Sears Holdings, Masco Corporation, Kimball International, Inc., Pepperfry, Nilkamal Limited, Godrej & Boyce Manufacturing Company Limited, La-Z-Boy Incorporated, Flexsteel Industries, Inc, Williams-Sonoma, Inc., and other prominent players. The key players are heavily investing in R&D to better optimize work from home furniture production. Meanwhile, competitors have been focusing on improving delivery and logistics capabilities, which were restricted by the lockdown.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global work from home furniture market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the work from home furniture market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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