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..
Technavio has announced its latest market research report titled Global wooden furniture market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Wooden Furniture Market Scope |
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Report Coverage |
Details |
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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 2022-2023 (%) |
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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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.
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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.
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Segment Overview
This wooden furniture market report extensively covers market segmentation by
Application
1.1 Home
1.2 Office
Distribution Channel
2.1 Offline
2.2 Online
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.
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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
Home
Office
Distribution Channel
Offline
Online
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
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Website: www.technavio.com/
SOURCE Technavio