Newark, NJ, Feb. 18, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global wooden furniture market is expected to grow from USD 214.18 billion in 2020 and to reach USD 309.99 billion by 2028, growing at a CAGR of 4.73% during the forecast period 2021-2028.
The increasing purchasing power of consumers around the globe has led to the growth of the housing sector. The rapid economic growth has raised the standard of living, especially in developing countries of Asia-Pacific such as China, Japan and India. With increasing disposable income, consumers are willing to opt for advance interior designs. Wooden furniture provides an aesthetic appearance to the entire place, which is why it is still preferred by the majority of the consumers. The development of better engineered and ready to assemble products has propelled the market growth. Further, the increasing investments in renovation and remodeling of outdoor furniture, especially in commercial spaces, is positively impacting the market.
Wood is considered the most robust, durable material and hence is used widely in the construction of furniture. Wooden furniture has several advantages over the other types of furniture. The furniture made from wood are incredibly resilient and thus requires minimum maintenance. The wooden furniture can be refinished and renovated multiple times. It is preferred to be used in most places such as the kitchen and dining room, as it has the capacity to withstand constant abuse. Some of the popular choice of wood for furniture includes mango wood, teak, Sheesham wood, rubberwood, oak, mahogany, plywood, satin, walnut oak, etc. Further, wood can be easily worked upon even with simpler hand tools.
The rising growth of the housing sector has propelled the regional governments to implement free trade policies, which are expected to provide lucrative opportunities to the market growth. The robust growth in the construction industry can be attributed to the increasing pace of urbanization. The growing investments in the hospitality sector are leading to business expansion of wooden furniture. However, the high initial cost for wood procurement is hampering the market growth.
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Key players operating in the wooden furniture market are Bassett Furniture Industries Inc, Avy Interior Limited Company, Godrej Interio, Zuari Furniture, Bernhardt Furniture Company, Ashley Furniture Industries, An Cuong, Herman Miller Inc., Inter IKEA Holding BV, Williams-Sonoma Inc., HNI Corp., Laura Ashley Holdings Plc, Okamura Corp., Yihua Enterprise (Group) Co. Ltd., Duresta Upholstery Ltd. and others. The major players in the wooden furniture market are focusing on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and thus strengthen their position in the global market. Godrej Interio and Herman Miller Inc. are some of the biggest manufacturers and suppliers of wooden furniture in the worldwide market.
The hardwood segment dominated the market and held the largest market share of 67.93% in the year 2020
On the basis of the product type segment, the global wooden furniture market includes softwood and hardwood. The hardwood segment dominated the market and held the largest market share of 67.93% in the year 2020. Hardwood is derived from angiosperms, which lose the leaves annually. Hardwood has more excellent resistance towards fire, and it contains low sap content, which is why it is widely used in flooring applications. The demand for kiln-dried hardwood has increased for the construction of wooden furniture. The softwood segment is expected to grow lucratively during the forecast period. Softwood is comparatively cheaper and has a lightweight structure.
The plywood segment dominated the market and held the largest market share of 38.81% in the year 2020
On the basis of the material segment, the global wooden furniture market includes laminates, plywood, MDF and others. The plywood segment dominated the market and held the largest market share of 38.81% in the year 2020. Plywood is used for the construction of various wooden furniture such as shelves, chairs, wardrobes, cabinets, etc. It provides a long-life to the furniture as it has a cross-grain structure. Plywood minimizes the moisture stress of the furniture and maintains structural integrity. Also, it provides a lot of scope for rendering the furniture with different finishes.
The residential application dominated the market and held the largest market share of 68.55% in the year 2020
On the basis of the application segment, the global wooden furniture market includes residential and commercial. The residential segment is further categorized into the kitchen, bedroom, non-upholstered furniture, upholstered furniture, dining room, others. The commercial segment includes educational, office/business, hospitality and healthcare. The residential application dominated the market and held the largest market share of 68.55% in the year 2020. The demand for modern housing has increased in recent years, the reason for which can be attributed to the increasing purchasing power of consumers. Also, consumers are shifting their preference towards customized furniture, which can be easily modified. Thus, wood has become a popular choice among these consumers due to its replenishing characteristics.
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The offline segment dominated the market and was valued at 153.82 billion in the year 2020
On the basis of the distribution channel segment, the global wooden furniture market includes online and offline. The offline segment dominated the market and was valued at 153.82 billion in the year 2020. The consumers in developing regions prefer to physically purchase wooden furniture in order to be ensured about the quality. However, the online wooden furniture distribution channel is more organized as compared to the offline segment, which will drive the growth of the former segment during 2021-2028.