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Wooden Furniture Market 2020 | Industry Developments, Outlook, Current Trends by 2026

Author : Rahul Varpe | Published Date : 2020-08-20 

Urbanization trends and associated rise in residential and commercial projects across the globe is poised to drive wooden furniture market outlook. Wood is a robust, durable and versatile material and is one of the top choices for consumers looking for longevity in furniture. Wooden furniture offers a unique combination of peerless structural integrity and aesthetic appeal. Along with its durability, comes ease of maintenance; oiling, waxing and polishing of wood is an undemanding process and is only needed to be carried out occasionally.

Increasing demand for unique furniture designs and manufacturers growing focus on incorporation of innovative materials supported by advanced manufacturing technologies is resulting in heavy product adoption. Easy availability of a wide range of furniture with customization options as per consumer taste and requirements will fuel wooden furniture industry expansion worldwide.

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As consumers are increasingly opting for smart-designed furniture offering enhanced strength, durability and functionality, manufacturers are focusing on expanding distribution channels. For instance, Ashley Furniture Industries started its 8th Homestore location in Indonesia in 2019 to cater to the growing demand for unique wooden furniture.

Increasing consumer preference towards readymade and branded furniture is fueling consumption of commercial and residential wooden products. Rapid expansion of the housing sector with population and income growth have driven furniture sales in recent years. As per the U.S. Census Bureau, construction sector across the nation in 2017 accounted for USD 1,246 billion, with the residential sector contributing for more than 40% of the total construction spending.

Favorable regulatory scenario for furniture imports has increased the production of wood & wood-based products globally. As per FAO estimates, global wood-based panels production has increased by 125% over 2000-2017 and countries including the Germany, France, UK, and the U.S. together accounted for 50% of the global furniture import share.

Wooden furniture industry gained maximum profit from residential applications in 2018. The growth can be attributed to growth in GDP of several countries supported by the rise in private and government investments in residential construction. Growing consumer inclination towards wooden tables, bed frames, chairs, shelves, drawers and cupboards due to product durability may foster industry outlook. Bedroom and upholstered furniture accounts for a major share in the residential wooden furniture market. Ease of availability variety of wood species such as walnut and oak finishes will bolster the adoption of upholstered furniture and other wooden home décor products.

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In 2018, APAC wooden furniture market accounted for over 45% of the global share. Leading countries like India, Japan and China together account for over 75% of the regional share. Expanding population base, rise in disposable incomes, increasing commercial and construction sector supported by favorable FDI policies are some of the key factors influencing regional product demand. Moreover, expansion of distribution network of global players in the region will further aid business growth across Asia.

Key manufacturers and providers of wooden furniture in the global market include Steel Case, IKEA, Herman Miller, Haworth, Ashley Furniture Industries, Williams-Sonoma, USM Holding AG, Kinnarps Holding AB, Vitra Holding AG and Rooms To Go.

 

 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. [email protected] | https://twitter.com/varperahul

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