Wooden Furniture Market Size By Application (Residential [Upholstered Furniture, Non-Upholstered Furniture, Bedroom, Kitchen Cabinet, Dining Room], Commercial [Business/Office, Educational, Healthcare, Hospitality]), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Sep 2020  |  Report ID: GMI4107  |  Authors: Kiran Pulidindi, Akshay Prakash

Report Format: PDF   |   Pages: 280   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Wooden Furniture Market size valued at USD 420.8 billion in 2019 and is projected to grow at a steady CAGR of 5.7% from 2020 to 2026. Expanding infrastructural development coupled with supportive funding for housing projects by the government sector is likely to create potential market growth opportunities. Rapid growth of population in conjunction with urbanization is positively influencing the adoption of wooden furniture. Easy availability of low-cost wooden furniture on account of intense competition is propelling the demand.

Rapid economic growth, increasing disposable income, and easier availability of land at lower cost will create ample opportunities for the wooden furniture market growth. Furthermore, improving living standards and economic conditions are prominently augmenting the demand for wooden furniture. Advanced interior designs for modern residential buildings along with availability of economical labor in emerging nations is bolstering the industry growth.

Wooden Furniture Market
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Favorable government policies, such as the implementation of free trade agreements are influencing the market growth trends. Rising foreign direct investments in growing economies is expected to boost the product demand. In June 2019, the Vietnam government, and European Commission (EC) signed a free trade agreement for tariff reductions on 99% goods between European Union countries and Vietnam. Similarly, Japan signed an Economic Partnership Agreement (EPA) with the EU to achieve a high degree of trade liberalization.

Wooden Furniture Market Report Coverage
Report Coverage Details
Base Year:2019
Market Size in 2019:420.79 Billion (USD)
Forecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:5.7%
2026 Value Projection:476.72 Billion (USD)
Historical Data for:2016 to 2019
No. of Pages:280
Tables, Charts & Figures:148
Segments covered:Application, Region
Growth Drivers:
  • Change in consumer buying behavior along with the presence of large-scale manufacturers
  • Growing renovation & remodeling investments along with outdoor furniture trends
  • Increasing spending on new residential construction and technological advancements
  • Rise in outdoor furniture demand
  • Robust growth in the construction sector
Pitfalls & Challenges:
  • Limited availability of skilled labor along with increasing manufacturing cost
  • Increasing cost and need to enhance supply chain visibility and efficiency

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Expanding construction industry to spur furniture demand

A significant development in the real estate and commercial construction due to positive economic outlook accompanied by gradual shifting of preference toward high-end imported furniture will stimulate the wooden furniture market demand. Rising investments in the hospitality industry are expected to propel the business expansion.

High manufacturing cost may restrict the industry proliferation. Modifications in labor regulations and limited skilled labor availability have resulted in increased wages, augmenting the overall production cost. Also, the wooden furniture is highly dependent on changeable housing trends, making the overall market growth uncertain. The rising furniture demand is affected by supply shortage due to lack of skilled labor.

The outbreak of COVID-19 has resulted in worldwide lockdown and shutdown of manufacturing facilities, disrupting the supply chain of wooden furniture. Strict ban on inter-state and international transportation of finished products has adversely affected the market size. Moreover, most of the exported furniture orders were canceled or delayed due to lockdown, further impacting the market growth.

Residential application to dominate the wooden furniture industry

Wooden Furniture Market Application Analysis

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The residential application segment size exceeded USD 275 Billion in 2019 owing to the rising economic growth, increasing purchasing power, and favorable government initiatives in the housing sector. Modern residential wooden furniture offering large storage spaces in entertainment consoles, tables, and beds are gaining traction. Shift in preference toward customized wooden furniture with additional modifications will also provide potential growth prospects.

The upholstered furniture dominated the residential wooden furniture market share with over 20% in 2019. Increasing import and export of luxurious and comfortable wooden furniture due to increasing consumer spending and changing lifestyles are fueling the demand for upholstered furniture. An upsurge in the reupholstering trend of furniture is gaining popularity among consumers due to the factors such as superior quality, easy customization, cost-efficiency, and increased environmental awareness. Additionally, the extension of furniture life, enhancement of the color appearance, and improvement of the comfort level will further impel the segment growth.

Asia Pacific to emerge as fastest-growing region

Asia Pacific wooden furniture market crossed USD 205 billion revenue in 2019 owing to high purchasing power, improving lifestyles and rapid urbanization. The increasing influence of western cultures & trends, shifting consumer trends toward multifunctional furniture, surging popularity for modular kitchen and lighting, and the availability of raw materials will drive the regional penetration. Furthermore, steady expansion and development in the real estate sector coupled with boom in technological advancements will act as a push-pull factor for the manufacturing sector growth.

The labor industry in Asia Pacific has the expertise to easily replicate the high-end expensive designs. It also has the advantage of a populous labor demographic, which enables relatively faster production process. Bolstering exports of wooden products will propel the industry growth. In 2019, exports of wooden products from Vietnam were valued over USD 10.5 billion with an increase of over 19.5% when compared to 2018.

Expansions, mergers & acquisitions to increase industry rivalry

The wooden furniture industry participants are adopting strategies, such as capacity expansions, product launches, partnership agreements, and mergers & acquisitions, to strengthen the market position and gain competitive edge. In June 2019, Hulsta inaugurated a new store in China. The store offers collections from German brand, increasing its presence to six cities in the greater Shanghai area. In addition, in 2019, Bernhardt launched Bernhardt Loft, a new lifestyle brand. This strengthened the company’s product portfolio for urban living and smaller homes or apartments segment.

Major players operating in the wooden furniture market are An Cuong, Bassett furniture Industries Inc, Avy Interior Limited Company, Bernhardt Furniture Company, and Ashley Furniture Industries, etc.

This market research report on wooden furniture includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion and volume in kilo tons from 2016 to 2026, for the following segments:

Market, By Application

  • Residential  
  • Upholstered furniture
  • Non-upholstered furniture
  • Bedroom
  • Kitchen cabinet
  • Dining room
  • Others
  • Commercial 
  • Business/office
  • Educational
  • Healthcare
  • Hospitality
  • Others

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • Italy
    • France
    • Russia
    • Belgium
    • Poland
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
    • Vietnam
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • Qatar
    • UAE
    • South Africa


Frequently Asked Questions (FAQ) :

Globally, wooden furniture industry share is expected to record more than 5.7% CAGR through 2026, owing to continuous economic growth worldwide and the support for housing projects by governments to meet urbanization demand.
Wooden furniture market share from residential applications was valued at more than USD 275 billion in 2019, with higher disposable income in developing nations, preference for customized furniture and need for large storage spaces.
Growing import & export activities, as well as the ability to provide enhanced furniture life and color appearance has fueled the demand for upholstered furniture, which accounted for 20% of residential wooden furniture industry share in 2019.
APAC industry crossed USD 205 billion in annual value during 2019 owing to urbanization trends, demand for modular kitchen, improved purchasing power and steady growth of the real estate sector.

Premium Report Details

  • Published Date: Sep 2020
  • Pages: 280
  • Tables: 131
  • Charts / Figures: 17
  • Companies covered: 44
  • Countries covered: 22

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