- The key vendors in the global home office furniture market 2015-2019 are Ashley Furniture Industries Inc., Inter IKEA Holding SA, Sears Holdings Corp., and Steelcase Inc.
London, 11 June 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global home office furniture market 2015-2019. The development of multifunctional furniture is a key trend observed in this market. These multifunctional furnitures are streamlined and minimalistic in design, and are ergonomically enhanced to provide maximum comfort. To cope with the daily needs of a company, a multifunctional furniture must be able to accommodate computers, laptops, and switches while organizing and concealing cables. Thus, they help in reducing clutter and provide storage options. This market is expected to grow at a CAGR of 5.58% during the forecast period of 2014-2019.
Market growth is aided by the thriving real estate industry, increasing number of single-family dwellings, and the rising population. The growing demand for premium luxury furniture and the rising demand for new furniture styles and designs promote growth in the home office furniture market. As a result of the increasing preference of consumers to work from home, the demand for home office furniture in the form of space-saving modular units and prefabricated structures is increasing.
The improved sales and distribution channels of vendors help them to develop and deliver high-quality products to consumers efficiently, and is a primary driver that positively affects market growth. This change in focus towards consumer satisfaction by developing and delivering high-quality products help companies to retain their customers.
“Increased penetration of the Internet and a rise in the use of smartphones and consumer banking systems has led to the growth of e-commerce. Therefore, most furniture manufacturers feel encouraged to sell their products online as e-commerce is gaining traction worldwide,” says Faisal Ghaus, Vice President of Technavio Research.
“Online Retail stores are also available 24/7 and thus offer convenience to consumers in purchasing products over the Internet from anywhere. Vendors can also share digital catalogs of their products through this channel.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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