Wooden Furniture Market size to surpass $475 Bn by 2026
Published Date: September 8, 2020 Authors: Kiran Pulidindi, Akshay Prakash
Wooden Furniture Market size is expected to exceed USD 475 billion by 2026, according to a new research report by Global Market Insights, Inc.
Increasing preferences for outdoor furniture to enhance the sunlight exposure owing to higher climate variations and inclination toward outdoor gatherings are augmenting wooden furniture market expansion. Europe observes a significant demand for outdoor wooden furniture including patio sets and poolside furniture. Surging demand for high-end outdoor furniture among senior individuals, particularly in European countries, is influencing the industry expansion. An aging population coupled with higher purchasing power in the age group, mainly in developed economies, will fuel wooden furniture consumption in the outdoor sector.
Rising cost and lack of skilled labor are expected to hinder wooden furniture industry expansion. Fluctuating raw material prices and changing labor-related regulations have an adverse effect on the cost structure. As per the recent labor laws of 2018, around 18 states across the U.S. observed a minimum wage increase of USD 15 per hour due to which the workers are getting more leverage over contractors. Also, the COVID-19 pandemic has severely affected the value chain of the wooden furniture industry resulting in delay & cancellation of orders. Although, the trend of work-from-home in the corporate office sector has driven the demand for home-office furniture.
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Browse key industry insights spread across 260 pages with 131 market data tables & 17 figures & charts from the report, “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” in detail along with the table of contents:
Commercial application segment to register strong growth
The commercial segment is likely to witness over 6% CAGR during 2020 to 2026. Availability of numerous products including desks, meeting tables, filing cabinets, and chairs to avail sophistication and comfort will propel the segment demand. Growing prominence of distributors and retailers offering superior-quality and cost-effective wooden furniture in large volumes will augment the segment penetration. In addition, the growing consumption rate of eco-friendly, ready-to-assemble, designer furniture will positively contribute toward market expansion.
Presence of a well-established wood processing industry and favorable government initiatives to drive the European market
The European wooden furniture market share is estimated to grow at more than 5% through 2026 owing to a strong presence in the region employing over a million people in approximately 150,000 firms. Europe accounts for almost 35% of the global remodeling market. Germany, France, the UK, and Italy held around 65% of the region’s remodeling industry in 2019. The UK construction sector is estimated to witness over 2.5% CAGR, mainly driven by remodeling and new residential construction projects.
Germany, Italy, France, and the UK are the major consumers of wooden furniture while Poland has emerged as a potential producer. The regional growth is augmented by supportive government initiatives and rising exports. The EU flagship initiative on industrial policy launched within the Europe 2020 strategy will spur the financial & regulatory benefits offered to the industry. Abundance of raw materials and presence of the experienced wood processing industry will supplement the business growth in Europe.
Some of the key wooden furniture market participants include Hafele, Doimo, Century Furniture, Ethan Allen Global Inc., Dorel Industries Inc., Inter IKEA Systems B.V., EuroStyle, Hoang Moc Furniture, Hulsta group, and Hooker Furniture Corporation.
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