NEW
YORK, June 28, 2024 /PRNewswire/ -- The
global wooden furniture market size is estimated to grow
by USD 115.5 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 5.64% during the forecast period. Growth of real
estate and construction industry is driving market
growth, with a trend towards increasing adoption of
eco-friendly furniture. However, cost challenges faced by
manufacturers and vendors of wooden furniture poses a
challenge. Key market players include 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..
Get a detailed analysis on regions, market segments, customer
landscape, and companies- View the snapshot of this
report
Wooden Furniture
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
5.64%
|
Market growth
2024-2028
|
USD 115.5
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
5.25
|
Regional
analysis
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 41%
|
Key
countries
|
US, China, Germany,
Japan, and India
|
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.
|
Market Driver
The global wooden furniture market is experiencing growth due to
rising consumer preference for eco-friendly furniture. Vendors are
meeting this demand by producing artistically designed pieces using
sustainable materials. Moso bamboo furniture, for instance, is
popular due to its durability and hardness. Non-profit trade
associations have established guidelines to ensure eco-friendly
furniture production aligns with health, environmental, and social
goals. This trend is particularly strong in North America and Europe. Despite premium pricing, the demand
for eco-friendly wooden furniture continues to increase.
The wooden furniture market is experiencing significant trends
with a focus on sustainability and unique designs. Companies are
using durable materials and eco-friendly processes to create modern
and functional pieces. Tables, chairs, and cabinets are popular
items, with many featuring clean lines and natural finishes. The
use of reclaimed wood and minimalist designs is also on the rise.
Additionally, customization and personalization are becoming
important factors in consumer decisions. Overall, the wooden
furniture industry is adapting to meet the demands of consumers who
value sustainability, style, and personalized pieces.
Research report provides comprehensive data on impact of trend.
For more details- Download a Sample Report
Market Challenges
- The global wooden furniture market faces challenges from
increasing costs in various stages of production. These costs
include supplier fees, manufacturing expenses, storage, and
inventory management. High transportation costs, driven by fuel
prices and taxes, significantly impact the final product price. Raw
material and finished goods transportation add to these expenses.
Safety concerns and rising manufacturing and labor costs further
increase operational challenges, ultimately affecting product sales
and vendor revenues.
- The wooden furniture market faces several challenges in today's
business environment. Durability and demand for sustainable
products are key concerns. Consumers prefer long-lasting pieces,
leading to increased pressure on manufacturers to produce
high-quality products. Additionally, the trend towards eco-friendly
and minimalist designs calls for the use of natural materials. This
can be a challenge for some manufacturers as they may need to
source responsibly-sourced wood and adhere to strict production
standards. Furthermore, competition from mass-produced furniture
and changing consumer preferences can impact sales. To stay
competitive, companies must focus on innovation, quality, and
customer service. They can also explore new markets and
distribution channels to expand their reach. Overall, the wooden
furniture industry requires a strategic approach to address these
challenges and thrive in the market.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This wooden furniture market report extensively covers market
segmentation by
- Application
- Distribution Channel
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Home- The home segment of the global wooden
furniture market held the largest share in 2023, driven by the
trend of shifting homes and demand for portable, space-saving
furniture. Innovative designs, premium and multifunctional
products, and rustic styles are popular. Key drivers include new
home construction, increased disposable income, and e-commerce
growth. Products in demand include sofa sets, tables, chairs, and
decorative pieces. The forecast period is expected to see continued
dominance and growth for the home segment.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The wooden furniture market encompasses a wide range of products
and applications, including Hardwood and Softwood in Residential
and Commercial settings. Mass Market Players and Specialty stores
cater to various sectors such as Furniture Stores, Offices,
Hospitals, and Hospitality infrastructure. Commercial applications
of wooden furniture include Modular furnishing for Premium home
interiors and Remodeling services. New residential construction
projects often incorporate Chairs, Tables, Cabinets made from Mango
wood, Sheesham wood, Rubber wood, and materials like Lamination and
Medium-density fiberboard.
Market Research Overview
The wooden furniture market is a significant sector in the
global furniture industry, known for its unique aesthetic appeal
and durability. This market encompasses a wide range of products,
including tables, chairs, cabinets, and decorative items, all
crafted from various types of wood. The demand for wooden furniture
is driven by factors such as its timeless design, sustainability,
and the perception of quality. Consumers are increasingly seeking
out eco-friendly and sustainable options, making the wooden
furniture market an attractive proposition for businesses. The
market is also influenced by trends, such as the rise of minimalist
and rustic designs, and the integration of technology, like smart
home integration and modular designs. The market is expected to
grow steadily in the coming years, driven by these factors and
increasing consumer awareness.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Distribution Channel
-
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio