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The wooden furniture market size is forecast to increase by USD 115.50 billion at a CAGR of 5.64% between 2024 and 2028. The growth of the market depends on several factors such as the growth of the real estate and construction industry, the rising demand for luxury furniture, and the replacement of wood with composite. Home decor has become increasingly popular due to its versatility and timeless appeal. With the rise in demand for modular and modern furniture, homeowners are turning to wooden pieces to enhance their living spaces. This trend extends beyond residential settings, as wooden furnishings are also making waves in hospitality infrastructure and modern office interiors.
The wooden furniture market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The home segment is estimated to witness significant growth during the forecast period. In 2022, in terms of application, the home segment of the global market occupied the majority share in the global market. During the forecast period, this segment will continue to dominate the market in focus. Furniture is used for its suitability and aesthetics within housing units. In particular, the trend towards moving homes has led to a growing demand for transportable furniture made of wood.
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The home segment was the largest segment and was valued at USD 263.60 billion in 2018. The home segment includes furniture that is used in living rooms, bedrooms, kitchen spaces, dining rooms, bathrooms, and other areas. Decorative pieces are also in high demand in residential spaces. Product innovation and product differentiation have been encouraged by the growing demand for premium and multi-functional furniture. The increasing demand for premium home furniture and bedroom furniture, which is driven by the construction of new homes with varied interiors, is expected to boost the growth of the home segment during the forecast period.
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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In 2022, the market in APAC dominated the global market. In the forecast period, the growth of the market should be facilitated by development in economics and population explosion in developing countries such as China and India. Increased disposable income levels and globalization are expected to contribute to the increased demand for premium furniture in countries such as India, China, Malaysia, and South Korea during the forecast period. The increase in office space owing to the rise in the number of corporate offices is expected to drive sales in APAC.
The market thrives on the diversity of hardwood and softwood offerings, catering to both commercial and mass market players through avenues like furniture store and monobrand furniture stores. Large scale manufacturers meet the demand for various applications, including outdoor furniture sought by hospitals and commercial establishments alike. The market sees growth in modular furnishing and premium home interiors, spurred by investments in remodeling services and renovation. Trends in outdoor furniture drive innovation, while new residential construction fosters demand for chairs, tables, and cabinets crafted from mango wood, sheesham wood, and rubber wood, often enhanced with lamination and medium-density fiberboard. Specialty stores cater to discerning customers, offering unique pieces tailored to diverse preferences.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. The market forecast report includes an in-depth analysis of market trends and analysis, market growth analysis, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
The growth of the real estate and construction industry is notable driving the market. The increase in the number of office spaces, shopping centers, and homes is a result of growth in the real estate sector. The global increase in the number of single-person and two-person households has contributed to an increased number of home constructions. The corresponding demand for customized wood furniture is driven by the prolonged lifespan of baby boomers, growing urbanization, and millennials' lifestyle patterns.
However, the demand for multifunctional furniture is increasing as a result of space constraints in urban areas. The global wood furniture market has substantially grown over the last ten years, thanks to an increase in property investments around the world. During the forecast period, the real estate industry is anticipated to witness substantial growth. Developing economies (such as India and China), are witnessing expanding real estate sectors. The global market is strongly influenced by developments in the property sector, as well as a corresponding regeneration of the construction industry. Therefore, the growth of the real estate and construction industry is expected to drive wooden furniture market growth during the forecast period.
The increasing adoption of eco-friendly furniture is a primary trend in the market. The adoption of eco-friendly furniture has increased as a result of the growing concern about climate change. Several vendors are involved in the manufacture of outdoor furniture and eco-friendly furniture. The demand for eco-durable furniture has increased even though it is linked to premium prices. Vendors offer an extensive range of artistically designed furniture manufactured using eco-friendly materials.
The preference of the consumer is to choose eco-friendly furniture, namely those manufactured from Moso bamboo, which is harder and lasts longer than oak furniture. Several non-profit trade associations have introduced guidelines for suppliers and manufacturers of eco-friendly furniture. In order to ensure that their activities, and those of their companies, are conducive to the promotion of health, ecological balance as well as welfare for humans, these guidelines help them. Therefore, the growing demand for eco-friendly furniture is expected to influence wooden furniture market growth during the forecast period.
The cost hikes faced by manufacturers and vendors pose a major challenge to market growth. The price of an end product or is the sum of its suppliers' costs for manufacturing, packing, and storage, as well as those relating to inventory management and furniture logistics. High transportation costs restrain the manufacturing processes and limit the activity rates of manufacturers and vendors. The product costs are influenced by the complexity involved in transporting raw materials and furniture components. Typically, transportation costs comprise the costs associated with the supply of raw materials to manufacturing facilities, the supply of transitional goods to production sites, the transportation of end-products to warehouses, and the delivery of finished goods to end-users.
Moreover, an upsurge in transportation costs directly increases the cost of the product. The safety of the product is a concern to manufacturers in the worldwide market. Increasing raw material costs and labor costs increase the overall manufacturing cost, which is another operational challenge for the global market. The product's costs have a direct effect on the increase in complexity of transport, higher transportation costs, and other operating problems. As a result, the sales and vendor income of products are negatively affected. Therefore, factors like cost challenges faced by manufacturers and vendors are expected to hinder wooden furniture market growth during the forecast period.
The wooden furniture market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the wooden furniture market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ashley Furniture Industries LLC - The company offers such as Clare View Nuvella Outdoor Sofa, Cariton Coffee Table, Havalance Coffee Table, and Gerianne Outdoor Coffee Table.
The wooden furniture market research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The wooden furniture market experiences strong demand for outdoor furniture, showcasing impeccable joinery and high-quality furniture. From flooring to wood-based materials like plywood and particleboard, the market focuses on durability and aesthetic appeal for both residential interiors and commercial interiors. Amidst rising housing demand, the market witnesses growth in online furnishings demand, particularly in traditional urban dwellings. Interior design trends favor natural materials and sustainability, driving interest in reclaimed wood and sustainably sourced wood.
Furthermore, minimalist design principles underscore responsible wood sourcing, while furniture repair, refinishing, and upcycling gain traction. Alongside metal and plastic furniture, engineered wood furniture finds favor in commercial applications and renovation and remodeling investments. The market embraces compact apartments with offerings like ready-to-assemble products and multi-functional wooden products, catering to diverse needs in the residential segment. Personalization and customization thrive in retail stores and online sales networks, complementing the evolving housing market trends with street furniture and craftsmanship and cutting-edge designs in oak, maple, mahogany, and cherry wood furniture.
The wooden furniture market is witnessing significant growth driven by rising housing demand and furnishings demand for both residential and commercial applications. Interior design trends are shifting towards eco-friendly materials like sustainably sourced wood and reclaimed wood, aligning with sustainability goals. Popular wood-based materials such as plywood, hardwood, particleboard, and engineered wood are being used for their durability, versatility, and aesthetic appeal in residential interiors and commercial interiors. High-quality furniture like oak tables, maple wood furniture, and office furniture collections are in demand for traditional urban dwellings and modern spaces. The construction sector and online retail channels, including furniture stores, are boosting sales, with outsourcing activities and imports further expanding the market. Outdoor furniture trends also emphasize natural materials, contributing to the sector's sustainability efforts.
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Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.64% |
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Market growth 2024-2028 |
USD 115.5 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.25 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 41% |
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Key countries |
US, China, Germany, Japan, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ashley Global Retail LLC, Danube Group, Duresta Upholstery Ltd., Durian Pvt. Ltd., FABRYKI MEBLI FORTE SA, Global Furniture Group, Godrej and Boyce Manufacturing Co. Ltd., Haworth Inc., HNI Corp., Hooker Furniture Corp., Inter IKEA Holding BV, Kinnarps AB, LaZBoy Inc., MillerKnoll Inc., Natuzzi SpA, Nilkamal Ltd., Okamura Corp., Pan Emirates Home Furnishings, Samson Holding Ltd., and Steelcase Inc. |
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Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our wooden furniture market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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