Wooden Furniture Market Size By Application (Residential [Upholstered Furniture, Non-Upholstered Furniture, Bedroom, Kitchen Cabinet, Dining Room, Blinds & Shades, Mattresses], Commercial [Business/Office, Educational, Healthcare, Hospitality]), Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Russia, Belgium, Poland, China, India, Japan, South Korea, Indonesia, Malaysia, Vietnam, Brazil, Mexico, Saudi Arabia, Qatar, UAE, South Africa), Competitive Market Share & Forecast, 2019 – 2025

Published Date: Jul 2019  |  Report ID: GMI4107  |  Authors: Kiran Pulidindi, Soumalya Chakraborty

Report Format: PDF   |   Pages: 400   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Wooden Furniture Market size was valued at over USD 395 billion in 2018 and is anticipated to grow at over 5.5% in the forecast timespan.
 

North America Wooden Furniture Market, By Application, 2018 & 2025, (Thousand Tonnes)

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Wooden furniture offers multiple benefits including improved aesthetic appearance, resilience, and structural integrity. Product innovations such as smart furniture to fit in limited space, provide enhanced functionality & durability is propelling the business expansion. Also, the availability of numerous customization options and modern designs is further enhancing the product penetration. Shifting preference for low maintenance, quick installation, and high-quality home interior products are generating new growth opportunities for the manufacturers.
 

Expansion of the residential and commercial construction sector accompanied by furniture design innovations is fuelling the wooden furniture market growth. Also, preference for home renovation & remodelling particularly in developed economies will drive the industry development.  Industry players are prominently focusing on developing eco-friendly products supported by favourable regulations to gain a competitive edge. Further, manufacturers are collaborating with technology companies to develop superior product designs. For instance, Steelcase is working with Microsoft to develop technologically integrated products.
 

Increasing demand for outdoor furniture supported by a rise in consumer spending on leisure & experiences, the trend towards outdoor cooking & family gatherings, as well as necessity to improve the sunlight exposure owing to higher climatic variations is providing potential growth prospects for the market advancement. Manufacturers are expanding their production capacity and optimizing their distribution channel to strengthen their presence in the industry. For instance, in May 2018, Rooms to Go announced to launch around 50 stores for the outdoor segment in the U.S.
 

Further, growing wood production coupled with favourable trade policies will create a long-term positive impact. As per Forest Research, Europe accounts for around 33% of the global sawnwood production in 2016. Whereas, Asia Pacific produces around 62% of the global wood-based panels. However, limited availability of skilled labour along with increasing manufacturing cost can hamper the market growth. Labour costs are projected to rise in developing regions owing to modification in regulations.
 

Wooden Furniture Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 395 Billion (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period (2019 to 2025) CAGR: 5.5% 2025 Value Projection: 580 Billion (USD)
Pages: 400 Tables, Charts & Figures: 138
Geographies covered (22): U.S., Canada, Germany, UK, Italy, France, Russia, Belgium, Poland, China, India, Japan, South Korea, Indonesia, Malaysia, Vietnam, Brazil, Mexico, Saudi Arabia, Qatar, UAE, South Africa
Segments covered: Application, and Region
Companies covered (38): An Cuong, Ashley Furniture Industries, Avy Interior Limited Company, Bassett furniture Industries Inc., Bernhardt Furniture Company, Bush industries Inc., Casta, Century Furniture, Doimo, Dorel Industries Inc., Ethan Allen Global Inc., EuroStyle, Hoang Moc Furniture, Hafele, Hooker Furniture Corporation, Hulsta group, Inter IKEA Systems B.V., Kinnarps AB, Klaussner Home Furnishing, Kvist Industries A/S, La-Z-Boy, Inc., Lifestyle Furniture, Man Wah Holdings Limited, Meike International Household Products Co. Ltd. (Markor furniture), Natuzzi S.p.A, Nitori Holdings Co. Ltd., Nobilia, Nolte Group, Nowy Styl Group, QuanU Furniture Philippines, Samson Holding Ltd., Sunon Inc., Sauder Woodworking Co., Sophia Home Furnishing Co.,Ltd, THINH PHU Import Export Company Limited, Thu Anh Home Interior, Yihua Life, Zhejiang Huafeng Furniture Co. Ltd.,

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Wooden Furniture Market, By Application

Residential building applications dominated the global wooden furniture market share, accounting for over 66% of the global demand in 2018. Residential uses majorly include upholstered, non-upholstered, bedroom, kitchen cabinet, and dining room. Strong growth in the real estate sector, rapid urbanization, and rise in per capita incomes are among the key factors driving the industry share. As per the U.S. Census Bureau, the residential construction spending in the country is projected to increase from over USD 329 billion in 2013 to USD 546 billion in 2018. Further, design innovations such as antique finishes along with improved durability, and fire-resistance will generate notable gains over the forecast timeframe.
 

Global wooden furniture market size from commercial applications is projected to witness over 6.0% CAGR from 2019 to 2025. Increase in private and government investments toward the construction of offices and hospitals will prominently augment the product adoption over the study timeframe. The improved requirement for modern office interiors offering productive and comfortable working environment is further expanding the segment share over the study period. Economic growth supported by a rise in the tourism industry will drive the hospitality industry infrastructure, thus propelling the wooden furniture demand.
 

Crucial factors such as globalization, improved standard of living, GDP growth, and rise in real income per capita has fuelled the non-residential construction sector, particularly in emerging economies. For instance, according to the National Bureau of Statistics of China, the country’s sale of commercial building increased to around 1.94 trillion in 2017, an increase of 13.7% as compared to the previous year.
 

Analysis By Region

Europe accounts for more than 27% of the wooden furniture market share in 2018. Availability of superior designs & colour options accompanied by high consumer spending on the household is surging the business revenue. Presence of large-scale manufacturers accompanied by high raw material production is supporting the regional share. Increasing count of remodelling & renovation projects owing to technological advancements and enhanced consumer interest for improving the standard of living will boost product penetration. Europe is the largest remodelling market accounting for around 37% of the industry share.
 

Asia Pacific Wooden Furniture Industry, By Country, 2025
Asia Pacific Wooden Furniture Industry, By Country, 2025

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Asia Pacific is the fastest growing region, projected to witness over 6% CAGR from 2019 to 2025. Increase in preference for branded products owing to improved quality and availability at competitive costs is fuelling the business development. Countries including China, India, and Japan account for over 75% of the regional demand.  Expansion of distribution network by leading wooden furniture manufacturers to enhance their revenues will drive the regional share. For instance, in August 2018, IKEA launched its first store in India as part of its expansion strategy and has announced to launch multiple stores in Asia Pacific over the next few years. Growth in urban population along with sizeable investments in the construction sector will proliferate the industry development. Further, growing residential construction to accommodate the increasing population coupled will drive the product demand.
 

Competitive Market Share

Global wooden furniture market share is highly competitive owing to the presence of a large count of multinationals players along with regional manufacturers. The key industry players include Ashley Furniture Industries, IKEA, Williams-Sonoma, Steel Case, Rooms To Go, and Herman Miller. Other notable participants include Okamura, Kinnarps Holding AB, Vitra Holding AG, Haworth, and USM Holding AG. The key strategies observed in the industry include strategic mergers & acquisitions, design innovations, geographic expansion, and increasing production capacity. For instance, in June 2017, Ashley Furniture Industries invested around USD 30 million for expanding its Arcadia Facility.
 

Industry Background

The global furniture industry is labour-intensive and is highly fragmented in nature. The rapid expansion of the residential and commercial construction sector supported by government investments and favourable FDI policies in the construction industry are among the primary aspects surging business advancement. Manufacturers are anticipated to gain an advantage by entering into partnerships with construction companies over the forecast timeframe. The industry observes an increasing demand for smart, lightweight, and eco-friendly products along with a rise in consumer spending on superior wooden furniture designs supported by robust economic growth and rapid urbanization. Also, strong growth in the travel & tourism industry particularly in developing economies of the Asia Pacific and Latin America has fuelled the investments in the hospitality sector, thus enhancing the premium wooden furniture demand.
 


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