Growth drivers and Market Value:
This report, from Stratview Research, studies the Home Office Furniture Market value and growth drivers over the trend period of 2021-26. According to the report -
Home office furniture market is likely to witness an impressive CAGR of 6.8% during the forecast period. Growing urbanization, rise in entrepreneurship and work from home culture, and development of multi-functional furniture are the prime factors contributing to the demand for home office furniture. Increasing popularity of smart furniture in urban areas is also one of the key factors driving the market growth.
By Distribution Channel Type
Based on the distribution channel type, the home office furniture market is segmented as flagship stores, specialty stores, online and others. The online segment was the fastest-growing segment of the market in 2020 and is likely to maintain its dominance over the forecast period. Policies such as secured transactions, cash on options, convenient return, and integrated and centralized customer service encourage consumers to purchase furniture online, which is driving the growth of the segment during the forecast period.
In terms of regions, North America is estimated to be the largest market during the forecast period, with the USA, Canada, and Mexico being the major countries with lucrative growth opportunities. The growth of the region’s market is mainly driven by the rising trend of work from home in the USA. A majority of employers are giving facility to their employees to work remotely, which in turn, is fueling the demand for home offices. People are also involving themselves in other entrepreneurial activities which lead to the high demand for home offices to greet their own personal clients in a safe and confined space. This new trend is also a key factor determining the growth of the market in the region. Europe and Asia-Pacific are also likely to offer promising growth opportunities during the forecast period.