The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 24, 2023 /PRNewswire/ -- As per The Business Research Company's Home Office Furniture Global Market Report 2023, the global home office furniture market size will grow from $28.6 billion in 2022 to $31 billion in 2023 at a compound annual growth rate (CAGR) of more than 8%. The home office furniture market size is then expected to grow to $42 billion in 2027 at a CAGR of more than 7%. The market is expected to grow due to factors such as the increasing office spaces, growth of construction industry, growth in freelancing and rising urbanization.
The global home office furniture market is highly fragmented, with a large number of small players in the market. HNI Corporation was the largest home office furniture manufacturer with 2.7% share of the market, followed by Ashley Furniture Industries Inc., Steelcase Inc., MillerKnoll, Inc., KOKUYO Furniture, Haworth Inc., OKAMURA Corporation, Godrej & Boyce Mfg. Co. Ltd., Ethan Allen Interiors Inc. and Bernhardt Furniture Company Inc.
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Sustainable furniture is shaping the home office furniture market. Companies in the market are moving towards sustainable, eco-friendly materials in furniture design with new innovative products to strengthen their position in the market. For instance, in March 2023, DSM Engineering Materials, a Netherlands-based company that designs, manufactures and supplies engineering thermoplastics products, launched its first collaboration with New Zealand-based direct-to-consumer furniture brand Noho, lightly stackable chairs. The chair comprises 71% EcoPaXX and 28% recycled post-consumer waste materials. EcoPaXX is 70% biobased, with castor bean plants providing renewable content. This renewable resource captures CO2 and thus EcoPaXX has a reduced carbon impact compared to fossil-based alternatives. EcoPaXX contributes to Noho's mission of developing better furniture for people and the world by combining exceptional practical performance, optimal durability, and excellent aesthetics with a significantly decreased environmental effect.
Furthermore, in March 2022, Steelcase Inc, a US-based furniture manufacturer, introduced Personality Plus, the manifestation of a redesign process using fewer materials to deliver more performance. The Personality Plus delivers best-in-class, high-quality seating at an accessible price point with a 12-year warranty. The new range is designed with sustainability and the environment in mind and is made to reduce its overall carbon footprint. The Personality Plus is eco-friendly with a base made of 100% recycled materials and thermoplastic polyurethane arm pads that are 100% biodegradable and 90% recyclable by weight without compromising product quality and strength.
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According to the home office furniture market analysis, North America was the largest region in the home office furniture market and was worth $11.2 billion in 2022.
The home office furniture market in North America is supported by the high level of disposable income of the American population and by government initiatives by the countries of the region. For instance, in Canada, the government announced its decision to provide funding of $8.5 million to help strengthen the country's wood product industry including exports, thus supporting the growth of the home office furniture market.
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