Increasing trend of work from home and surging disposable income to drive United States work from home furniture market during the forecast period.
According to TechSci Research report, “United States Work From Home Furniture Market – By Region, By Company Forecast & Opportunities, 2026”, United States work from home furniture market was valued over USD2588 million in 2020 and is forecast to grow at CAGR of 9.11% to reach USD4300 million by 2026. Changing lifestyle, urbanization and emergence of work from home trend due to pandemic has pushed the demand for work from home furniture in United States. All the furniture components required to set up an office or an office-like setting at home are included in work from home furniture.
The major companies operating in the United States are increasingly opting for work from home for their employees. Several companies are also setting up a home office in employees’ homes or providing a certain amount of reimbursement to the employees for home office setup. For instance, in 2020, Google notified employees that they would get up to USD1000 in reimbursement for setting up home offices.
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United States Work From Home Furniture market is segmented into type, material, distribution channel, and company. On the basis of type, the market is segmented into chair, desk, cabinet, ottoman, pouffe, and others (stool, sofa, recliner, etc.). The desk segment is expected to register highest demand in the United States work from home furniture market.
The segment is projected to advance with a CAGR of 9.73% in the forecast period. The demand for the segment is characterized by increasing penetration of the organized sector, coupled with evolving consumer lifestyle and growing disposable income. Moreover, the COVID-19 pandemic situation acted as a major growth contributor to this sector in the United States.
Leading players operating in United States work from home furniture market include:
· Steelcase Inc.
· Herman Miller Inc.
· HNI Corporation
· Knoll Inc.
· Kimball International, Inc.
· Haworth Inc.
· Teknion Corporation
· IKEA North America Services, LLC
· Ashley Furniture Industries, Inc.
· Hickory Furniture Mart Inc.
In order to remain competitive and increase business, work from home furniture market players is continuously focusing on new product developments to cater to the changing needs of consumers. Many companies in the industry have resorted to innovating their current product line-up with upgraded product quality.
Companies are responding to consumer demand by devising new ways to give more of what they desire. For instance, in 2021, Steelcase introduced over 40 products designed to meet the emerging needs and expectations of workers based on new global research.
The industry is witnessing merger and acquisition activities quite often. The companies are collaborating with other furniture market players in order to enhance their position in the United States market. For instance, in 2021, Herman Miller acquired Knoll in a deal of USD1.8 billion, under the name ‘MillerKnoll’.
According to the deal, Herman Miller will own around 78% of the combined company, while Knoll shareholders will hold around 22%. The combined company will include 19 leading brands and has a presence across more than 100 countries across the world.
Similarly, in 2019, Knoll acquired Fully, an e-commerce furniture brand. The acquisition provides a digitally native platform for Knoll to enhance the reach of the consumer base. Such initiatives are likely to boost the work from home furniture market in the country during the forecast period.
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“The Southern region was the highest revenue-generating region in the United States work from home furniture market in 2020, accounting for around 35.90% of the market share. Furthermore, the region is estimated to remain the most dominating region in the forecast period as well and is expected to hold a market share of 35.15% in 2026, owing to factors such as high population density, increasing purchasing power, etc. Moreover, another major factor contributing to the growth of the work from home furniture market is increasing product innovation by market players. Companies are continuously coming up with innovative offerings to meet the dynamic consumer demand for comfortable furniture at affordable prices.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United States Work From Home Furniture Market By Type (Chair, Desk, Cabinet, Ottoman, Pouffe, and Others (Stool, Sofa, Recliner, etc.)), By Material (Wood, Plastic, Metal, and Others (Leather, Glass, etc.), By Distribution Channel (Furniture Outlets, Institutional Sales, Online, Others (Supermarket/Hypermarket, etc.)), By Region, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of United States work from home furniture market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of United States work from home furniture market.
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