With the development of the times, society has entered the era of information technology. Public work and learning methods have gradually begun to change, they can work and study at home. Therefore, home office furniture is becoming more and more popular, and the market prospect is promising.
Home Office Furniture Industry Market can be divided into Seating or Chairs, Tables, Storage Units and others by type, of which Tables account for an important share. In 2019, the market value of tables has reached $1507.02 million, which is the highest market value among all home office furniture types.
According to the sales channels, Home Office Furniture Industry Market can be divided into Online Retail, Offline Retail and Others. Others mainly refers to the combination of online and offline. Order online, pick up in offline stores, and enjoy offline after-sales service. As a traditional sales model, offline sales still occupy an important market share. In 2019, offline sales have reached $2,235.55 million. With the continuous development of network and logistics transportation, the proportion of online sales will gradually expand.
North America Home Office Furniture Industry Market Status and Prospect Analysis
In North America, more and more people tend to work from home. This is because they are able to relax at home and avoid the physical and energy costs of going to the office every day. In many cities in North America, people are involved in other entrepreneurial activities in addition to their daily work. So many people choose to open home offices to meet their personal clients in a safe and cramped space, which increases the demand for home office furniture. Products such as comfortable chairs, file storage shelves and multifunctional furniture are increasingly entering the market.
The United States is the largest revenue market, accounting for the vast majority of the market share. As the largest developed economy in the world, it has political and social stability, a sound legal system, market system and well-developed infrastructure. In terms of consumer spending, the purchasing power of residents is strong. The home office furniture market value is expected to reach $4,077.71 million by 2025.
Canada is ranked second with 11.37% market share, with a market value of $407.31 million, which will continue to increase in the future. The home office furniture market in Mexico has reached $141.91 million in 2019 and is expected to expand from 3.96% to 4.02% market share by 2025. In the future, the demand for home office furniture will increase.
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The Outbreak of the Epidemic Will Further Promote the Development of the Home Office Furniture Market
According to research, the North America home office furniture industry market had total sales of $2926.95 million in 2015, increasing to $3676.68 million in 2020. It is expected to be $4791.32 million by 2025. The home office furniture industry market is expected to grow at a CAGR of 4.97% from 2019 to 2025.
Due to the outbreak of COVID-19, several governments have issued bans to prohibit people from going out in order to stop the spread of the epidemic. People were not able to travel freely and their commute was affected. In order to keep up with the work schedule, many companies started to let their employees work from home, which led to a sharp rise in the demand for home office furniture. In addition, online sales helped a lot in trading furniture during the epidemic, contributing to the boom in the home office furniture market. Over the past few years, online spending by customers has increased significantly. Most suppliers have adopted an online retail strategy to reduce the need for rental space and inventory in order to reduce costs and increase profitability. Some policies also encourage consumers to buy online, such as secure transactions, cash on delivery options, convenient return policies and comprehensive customer service. Some companies are also offering exchange offers for upgrading old office furniture. This phenomenon has offset the low replacement rate of office furniture and contributed significantly to the growth of the market.
In the long term, the impact on the North American home office furniture industry will gradually diminish as the outbreak gradually improves or ends. Production and sales will return to their original levels and gradually increase. The epidemic will promote the automated production in the industry, allowing manufacturers to hire more high-tech talent and multi-skilled composite workers, reduce reliance on labor, and better cope with labor fluctuations.
In addition, design innovation in the furniture sector has led to the launch of innovative products that have attracted consumer attention. Due to the preference for modern styles, consumers are looking for products with aesthetic appeal in addition to affordable prices. To meet this demand, manufacturers have introduced products with unique designs. Easy-to-install, folding and multifunctional office furniture is now becoming popular in the home office furniture market. Residential construction is also driving the growth of the home office furniture market in North America. As housing construction increases and people work from home more frequently, the demand for home office furniture has also risen. Therefore, the North American home office furniture market is likely to witness significant growth in the coming years.
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