Wooden Furniture Market Research Report - Forecast to 2029 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Wooden Furniture Market 
Industry / Sector Trends

Global Wooden Furniture Market size was valued at over USD 395 billion in 2018 and is anticipated to grow at over 5.5% in the forecast timespan.

North America
Market Segmentation, Outlook & Regional Insights: Wooden Furniture Market

Wooden Furniture Market, By Application, 2018 & 2025, (Thousand Tonnes)

Wooden furniture offers multiple benefits including improved aesthetic appearance, resilience, and structural integrity. Product innovations such as smart furniture to fit in limited space, provide enhanced functionality & durability is propelling the business expansion. Also, the availability of numerous customization options and modern designs is further enhancing the product penetration. Shifting preference for low maintenance, quick installation, and high-quality home interior products are generating new growth opportunities for the manufacturers.

Expansion of the residential and commercial construction sector accompanied by furniture design innovations is fuelling the wooden furniture market growth. Also, preference for home renovation & remodelling particularly in developed economies will drive the industry development.  Industry players are prominently focusing on developing eco-friendly products supported by favourable regulations to gain a competitive edge. Further, manufacturers are collaborating with technology companies to develop superior product designs. For instance, Steelcase is working with Microsoft to develop technologically integrated products.

Increasing demand for outdoor furniture supported by a rise in consumer spending on leisure & experiences, the trend towards outdoor cooking & family gatherings, as well as necessity to improve the sunlight exposure owing to higher climatic variations is providing potential growth prospects for the market advancement. Manufacturers are expanding their production capacity and optimizing their distribution channel to strengthen their presence in the industry. For instance, in May 2018, Rooms to Go announced to launch around 50 stores for the outdoor segment in the U.S.

Further, growing wood production coupled with favourable trade policies will create a long-term positive impact. As per Forest Research, Europe accounts for around 33% of the global sawnwood production in 2016. Whereas, Asia Pacific produces around 62% of the global wood-based panels. However, limited availability of skilled labour along with increasing manufacturing cost can hamper the market growth. Labour costs are projected to rise in developing regions owing to modification in regulations.

Wooden Furniture Market, By Application

Residential building applications dominated the global wooden furniture market share, accounting for over 66% of the global demand in 2018. Residential uses majorly include upholstered, non-upholstered, bedroom, kitchen cabinet, and dining room. Strong growth in the real estate sector, rapid urbanization, and rise in per capita incomes are among the key factors driving the industry share. As per the U.S. Census Bureau, the residential construction spending in the country is projected to increase from over USD 329 billion in 2013 to USD 546 billion in 2018. Further, design innovations such as antique finishes along with improved durability, and fire-resistance will generate notable gains over the forecast timeframe.

Global wooden furniture market size from commercial applications is projected to witness over 6.0% CAGR from 2019 to 2025. Increase in private and government investments toward the construction of offices and hospitals will prominently augment the product adoption over the study timeframe. The improved requirement for modern office interiors offering productive and comfortable working environment is further expanding the segment share over the study period. Economic growth supported by a rise in the tourism industry will drive the hospitality industry infrastructure, thus propelling the wooden furniture demand.

Crucial factors such as globalization, improved standard of living, GDP growth, and rise in real income per capita has fuelled the non-residential construction sector, particularly in emerging economies. For instance, according to the National Bureau of Statistics of China, the countrys sale of commercial building increased to around 1.94 trillion in 2017, an increase of 13.7% as compared to the previous year.

Analysis By Region

Europe accounts for more than 27% of the wooden furniture market share in 2018. Availability of superior designs & colour options accompanied by high consumer spending on the household is surging the business revenue. Presence of large-scale manufacturers accompanied by high raw material production is supporting the regional share. Increasing count of remodelling & renovation projects owing to technological advancements and enhanced consumer interest for improving the standard of living will boost product penetration. Europe is the largest remodelling market accounting for around 37% of the industry share.

Asia Pacific Wooden Furniture Industry, By Country, 2025

Asia Pacific is the fastest growing region, projected to witness over 6% CAGR from 2019 to 2025. Increase in preference for branded products owing to improved quality and availability at competitive costs is fuelling the business development. Countries including China, India, and Japan account for over 75% of the regional demand.  Expansion of distribution network by leading wooden furniture manufacturers to enhance their revenues will drive the regional share. For instance, in August 2018, IKEA launched its first store in India as part of its expansion strategy and has announced to launch multiple stores in Asia Pacific over the next few years. Growth in urban population along with sizeable investments in the construction sector will proliferate the industry development. Further, growing residential construction to accommodate the increasing population coupled will drive the product demand.

Key Players, Recent Developments & Sector Viewpoints: Wooden Furniture Market

Global wooden furniture market share is highly competitive owing to the presence of a large count of multinationals players along with regional manufacturers. The key industry players include Ashley Furniture Industries, IKEA, Williams-Sonoma, Steel Case, Rooms To Go, and Herman Miller. Other notable participants include Okamura, Kinnarps Holding AB, Vitra Holding AG, Haworth, and USM Holding AG. The key strategies observed in the industry include strategic mergers & acquisitions, design innovations, geographic expansion, and increasing production capacity. For instance, in June 2017, Ashley Furniture Industries invested around USD 30 million for expanding its Arcadia Facility.

Industry Viewpoint

The global furniture industry is labour-intensive and is highly fragmented in nature. The rapid expansion of the residential and commercial construction sector supported by government investments and favourable FDI policies in the construction industry are among the primary aspects surging business advancement. Manufacturers are anticipated to gain an advantage by entering into partnerships with construction companies over the forecast timeframe. The industry observes an increasing demand for smart, lightweight, and eco-friendly products along with a rise in consumer spending on superior wooden furniture designs supported by robust economic growth and rapid urbanization. Also, strong growth in the travel & tourism industry particularly in developing economies of the Asia Pacific and Latin America has fuelled the investments in the hospitality sector, thus enhancing the premium wooden furniture demand

Key Insights Covered: Exhaustive Wooden Furniture Market

1. Market size (sales, revenue and growth rate) of Wooden Furniture industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Wooden Furniture industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Wooden Furniture industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Wooden Furniture industry.

Research Methodology: Wooden Furniture Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.