Wooden Furniture Market Size - By Application (Residential [Upholstered Furniture, Non-Upholstered Furniture, Bedroom, Kitchen Cabinet, Dining Room], Commercial [Business/Office, Educational, Healthcare, Hospitality]), Competitive Market Share & Forecast, 2021 - 2027

Industry Trends

Wooden Furniture Market size exceeded USD 370 billion in 2020 and is projected to expand at a steady CAGR of over 5.6% from 2021 to 2027. The rise in investments in the development & construction of new offices, hospitals, and hospitality infrastructure will prominently augment industry growth.
 

The increasing need for modern office interiors offering a comfortable & productive working environment will also contribute to an increasing demand for wooden furniture in the commercial application. The rapid commercialization across developing economies coupled with the need for cutting?edge modular furnishing to generate a better learning atmosphere in operational spaces will also enhance the market revenue.
 

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The necessity to replace the aging infrastructure supported by high income per capita and willingness to spend on premium home interiors will drive advancements in the market. The expansion of global companies providing remodeling services within a stipulated time and budget period, supported by enhanced availability of new furniture designs, will propel the regional market growth. Major advantages of office remodeling are increase in energy-efficiency, improved employee performance, and employee satisfaction, supporting the industry.
 

Expanding construction industry and technological advancements to fuel furniture demand

The rising disposable income, proliferating economic growth, and easier availability of land at cheaper costs will foster market opportunities. Improving living standards and healthy economic conditions are escalating the wooden furniture market share. Moreover, advanced interior designs for modern residential buildings along with the availability of low-cost labor are supporting the industry expansion.
 

Manufacturers are highly focused on gaining consumer confidence and offering differentiated services by investing in technological advancements such as 3D modeling tools, VR headset visualization, and other digital services. For instance, IKEA offers 3D kitchen planning services and home planners to gain consumer interest. Also, Ashley Furniture Industries offers ‘Room Planner’ to spur its revenues.
 

Favorable government policies, such as the implementation of free trade agreements, are positively influencing the market demand. Rising foreign direct investments coupled with improving economic conditions are expected to further boost the market size.
 

The rising preference for compact apartments and increasing property prices is also contributing to the rising demand for multi-functional & affordable furniture. Furthermore, the increasing demand for imported furniture accompanied by the rising penetration of foreign brands in the domestic furniture market will augment industry statistics. These markets are influenced by many factors including consumer confidence, changing consumer preferences, spending in durable goods, inflation, interest rates, turnover in housing, availability of credit, and the overall strength of the economy.
 

Residential applications to dominate the wooden furniture market growth

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The residential segment is set to cross more than USD 355 billion revenue by 2027 on account of increasing urbanization and healthy economic conditions. The ready-to-assemble and multi-functional wooden products are contributing to home interior enhancement. The use of innovative, aesthetic, and unique products comprising integrated wooden furniture across residential applications including upholstered & non-upholstered furniture, bedroom, kitchen cabinet applications, and dining rooms will also drive the market demand. However, socio-economic development and favorable housing schemes & subsidies offered by the governments will positively impact industry expansion.
 

The upholstered furniture segment is likely to hold around 15% of the residential wooden furniture market revenue share by 2027. Increasing exports & imports of comfortable and luxurious wooden furniture owing to the changing lifestyles and increasing consumer spending are enhancing the demand for upholstered furniture. An upsurge in the reupholstering trend of the furniture is gaining popularity among consumers led by certain factors such as high quality, cost-efficiency, available customization, and increased environmental awareness.
 

Asia Pacific to emerge as the fastest-growing region

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Asia Pacific wooden furniture market is poised to account for 20 million tons demand by 2027 impelled by the strong presence of manufacturers. Surging outsourcing activities of semi-finished wooden furniture products are majorly contributing to the regional growth. Increasing consumer preferences toward personalization & customization of home decor products will also provide strong growth prospects.
 

Expansions and mergers & acquisitions to increase industry rivalry

Large-scale manufacturers have focused on forward integration by establishing or expanding their own retail stores to gain a competitive advantage. Also, the development of online sales network is generating new growth opportunities for the existing as well as new wooden furniture manufacturers.
 

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

This market research report on wooden furniture includes in-depth coverage of the industry with estimates & forecasts in terms of volume in thousand tons and revenue in USD billion from 2017 to 2027, for the following segments:

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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