Home Office Furniture - Sri Lanka

In Sri Lanka, the revenue generated in the Home Office Furniture market is estimated to be US$9.58m in 2024.
It is projected to experience an annual growth rate of -5.87% (CAGR 2024-2029).
When compared globally, United States leads the market with a revenue of US$19bn in 2024.
Taking into account the total population, the per person revenue in Sri Lanka is US$0.44 in 2024.
This highlights the significance of the Home Office Furniture market in the country.
The demand for ergonomic home office furniture is on the rise in Sri Lanka, as more people adapt to remote work setups.

Definition:

The Home Office Furniture segment focuses on furniture found in the home that provide a comfortable and motivating work space. The purpose of home office furniture is to ensure a good working environment similar to that of a traditional office as working from home has become more popular in recent years. This segment includes objects such as swivel seats and office tables; however, furniture such as dining tables and chairs are not included. Consumer electronics and lamps & lighting are also excluded from this segment.

Structure:

The segment is divided into two subsegments:

The Desk & Chairs subsegment covers home office furniture designed to provide comfort, functionality, and ergonomic support to enhance productivity and improve the overall working experience.
The Bookcases & Filing Cabinets subsegment covers furniture pieces designed for storage and organization of books, files, documents, and other materials. These products are available in various sizes, styles, and materials to suit different needs and preferences.

Additional Information:

The Home Office Furniture segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Office chairs and swivel seats
Office desks and tables
Filing Cabinets and drawers
Bookcases
Office stools

Consumer electronics
Household appliances
Lamps and lighting
Dining and bar tables

The Home Office Furniture market in Sri Lanka has experienced significant growth in recent years, driven by changing customer preferences and the increasing number of people working from home.

Customer preferences: in the Home Office Furniture market have shifted towards more functional and ergonomic designs. With the rise of remote work, individuals are looking for furniture that not only provides comfort but also supports their productivity. This has led to an increased demand for adjustable desks and chairs that can be easily customized to suit individual needs. Additionally, customers are also seeking furniture that is compact and space-saving, as many people are setting up their home offices in limited spaces. Trends in the Home Office Furniture market in Sri Lanka reflect global market trends, with a focus on sustainability and eco-friendly materials. Customers are increasingly conscious of the environmental impact of their purchases and are opting for furniture made from sustainable materials such as bamboo or recycled wood. This trend is also driven by the growing awareness of the importance of sustainable practices and the desire to support local artisans. Local special circumstances in Sri Lanka have also contributed to the growth of the Home Office Furniture market. The country has a high literacy rate and a well-educated workforce, which has led to an increase in the number of professionals working remotely. Additionally, the cost of living in Sri Lanka is relatively lower compared to other countries, making it an attractive destination for remote workers and digital nomads. As a result, there is a growing demand for home office furniture to create a comfortable and productive workspace. Underlying macroeconomic factors, such as the growth of the it and technology sectors, have also played a role in the development of the Home Office Furniture market in Sri Lanka. The country has seen a significant increase in the number of it companies and startups, which has led to a higher demand for home office furniture. Furthermore, the government's focus on promoting digitalization and remote work has further fueled the growth of the market. In conclusion, the Home Office Furniture market in Sri Lanka is experiencing growth due to changing customer preferences, global market trends,

Local special circumstances: and

Underlying macroeconomic factors:. As more individuals opt for remote work and seek comfortable and functional home office furniture, the market is expected to continue to expand in the coming years.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.