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The Wooden Furniture market size is forecast to increase by USD 108.09 billion at a CAGR of 5.56% between 2022 and 2027. 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. Wooden 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.
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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, it is expected that this segment will continue to rule the market in focus. Furniture is used for the purpose of 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 254.76 billion in 2017. 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, 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.
Our researchers analyzed the data with 2022 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 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 be the growth of the global market 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 eco-friendly furniture. The demand for eco-durable furniture has increased despite the fact that 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 the growth of the global market during the forecast period.
The cost hikes faced by manufacturers and vendors of are a major challenge for the 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. 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 the growth of the global market during the forecast period.
The market research 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Players 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 research report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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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 in countries like 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 use of modular furnishing allows for flexibility in design and layout, catering to various needs and preferences. Moreover, the emphasis on energy efficiency and employee satisfaction in commercial applications has led to the incorporation of wooden elements, promoting a conducive work environment. With advancements in technological tools like 3D modeling and VR visualization, personalization of their spaces with innovative wooden products that reflect their unique style and preferences. As the economy continues to grow and consumer confidence remains strong, the wooden home decor products market is poised for further expansion.
The Internet of Things (IoT) is revolutionizing the furniture industry, particularly for furniture manufacturers focusing on modular and modern designs. With the rise of urbanization, there's a growing demand for hybrid seating options that blend style with functionality, catering to both office furniture needs and the residential sector. Wardrobes, living room furniture, home decor, sofa sets, dining sets, beds, and chairs are all being integrated with IoT technology to offer enhanced features and connectivity. Whether it's adjusting seating arrangements or controlling ambient lighting, IoT-enabled furniture is reshaping how we interact with our living spaces, providing convenience and customization like never before.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Wooden Furniture Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.56% |
Market growth 2023-2027 |
USD 108.09 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.1 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ashley Furniture Industries 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. |
Market dynamics |
Parent market analysis,Market forecasting , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market research and growth 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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