PUBLISHER: The Business Research Company | PRODUCT CODE: 1282776
PUBLISHER: The Business Research Company | PRODUCT CODE: 1282776
“Wooden Furniture Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on wooden furniture market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for wooden furniture? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The wooden furniture market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the wooden furniture market are: Ashley Home Stores Ltd., Bassett Furniture Industries, Bernhardt Furniture Company, AVY Interior, An Cuong Wood Working Materials, Okamura Corporation, Dorel Industries, Ethan Allen Global Inc., Knoll Inc., Herman Miller Inc., Bush Furniture, Haworth Inc., Good's Home Furnishings., Doimo Salotti, and Inter IKEA Systems B.V.
The global wooden furniture market is expected to grow from $99.19 billion in 2022 to $105.92 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The wooden furniture market is expected to reach $133.86 billion in 2027 at a CAGR of 6.0%.
The wooden furniture market consists of sales of maple wood furniture, mahogany wood furniture, oak wood furniture, cherry wood furnitures. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Wooden furniture refers to things constructed of wood. Wood furniture is used for its strength and durability.
Asia-Pacific was the largest region in the wooden furniture market in 2022. The regions covered in wooden furniture report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of wooden furniture are chairs, tables, cabinets and others. A wooden chair refers to a seat with four legs and a back to lean against and made of wood. The various wood types involved are mango wood, Sheesham wood, rubber wood, others that are used for lamination, plywood, medium-density fibreboard (MDF) and others. The various distribution channels involved are hypermarkets, specialty stores, online retail, and others that are used for residential, and commercial applications.
The growing construction sector is expected to boost the growth of the wooden furniture market going forward. The construction sector refers to the commercial area of industry and trade concerned with constructing, maintaining, and repairing infrastructures. Due to its natural cellular structure, wood is a better insulator than steel and plastic which keeps heating and cooling in homes and workplaces and consumes less energy. Wood furniture also helps to control humidity levels. Hence, the growing construction sector is expected to boost the wooden furniture market. For instance, according to the U.S. Census Bureau report on monthly construction spending in 2022, the construction spending is expected to be $1,744.8 billion in April 2022, a 0.8% rise from the revised March estimate of $1,740.6 billion. Moreover, in March 2022, according to the Indian Brand Equity Foundation (IBEF) report, the India-based promotion organization for the sale and distribution of Indian goods, India allocated $ 130.57 billion to enhance the country's infrastructure. Therefore, the growing construction sector is driving the growth of the wooden furniture market.
Product innovation is the key trend gaining popularity in the wooden furniture market. Major companies operating in the wooden furniture market are focusing on developing new products to sustain their market position. For instance, in December 2022, Fancyarn, a US-based manufacturer of furniture, launched 100% eco-friendly oak tables and benches. These tables and benches have a unique feature in that they are built entirely of oak wood. The bench's fabric gives it a sophisticated appearance that works well with rustic surroundings. The end table has formaldehyde-free paint and is painted with only natural, certified solid oak wood.
In February 2022, Ethan Allen Global Inc., a US-based high-quality furniture manufacturer acquired Dimension Wood Products Inc. for an undisclosed amount. The acquisition is anticipated to assist Ethan Allen in further strengthening its control over the costs of raw materials, purchased parts, and labor while upholding its high standards. Dimension Wood Products Inc. is a US-based manufacturer of wood frames and machined parts used in upholstered furniture manufacturing.
The countries covered in the wooden furniture market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The wooden furniture market research report is one of a series of new reports from The Business Research Company that provides wooden furniture market statistics, including wooden furniture industry global market size, regional shares, competitors with wooden furniture market share, detailed wooden furniture market segments, market trends, and opportunities, and any further data you may need to thrive in the wooden furniture industry. This wooden furniture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.