Wooden Furniture Market Analysis

Wooden Furniture Market Analysis

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 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.