Pune, India, Oct. 13, 2021 (GLOBE NEWSWIRE) --
The global wooden furniture market size is estimated to witness a lucrative growth during the forecast period, as demand to own comfortable yet stylish pieces of furniture has grown steadily among the consumers in developing regions. Urbanization is another factor responsible for the high production and sales of wood-based products in regions such as Europe and North America. The regional trends responsible for the growth of market are discussed below:
Growing tourism sector in Europe:
European countries are major tourist destinations for many people across the world. In fact, the region witnessed a strong demand for sun and beach holidays which increased by around 7% to 9% in recent years. Italy, Germany, France, the UK, and Spain are among the major contributors to the demand for wooden furniture products in the region as the garden and patio furniture production has greatly improved.
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COVID-19 impact on wooden furniture production in Europe:
Europe wooden furniture market size is projected to be valued at over $127.7 billion by 2026. The COVID-19 pandemic had a major impact on the demand for the products in Europe as many construction activities came to a standstill. The sector suffered from severe shortage of raw materials and manpower due to the lockdowns and movement restrictions imposed by the regional governments.
Moreover, due to severe shortage of wooden raw materials, the price of wood shot up, leading to further decline in furniture manufacturing. However, as the situation in Europe is improving, the regional construction sector will pick up pace, and so will the production of wooden furniture products.
Wooden furniture finds high application across residential spaces in Europe:
Europe wooden furniture market size from the residential sector is predicted to record a steady CAGR of 5% through 2026. The regional population is increasingly demanding residential spaces replete with high-end and appealing furnishing. Wood is known to be used for a wide range of furniture as the material provides aesthetic appeal to the products. In addition to this, wooden furniture products are widely used in lawns, backyards, living rooms, bedrooms, and balconies.
Changing lifestyle trends in North America:
North America wooden furniture market size will cross $66.3 billion by 2026. Many customers in North America today are experiencing a drastic change in their lifestyle as they are steadily moving towards adopting modern amenities in their households.
The need for dining spaces in balconies or enclosed gardens, night parties, grilling and barbeque events are playing an important role in boosting the production of wooden furniture items in the region. People want to have large and open spaces for their backyard lawns and front yards, thereby driving the adoption of garden furniture. Many residential buildings in North America have large open spaces across living rooms and dining halls, which will enhance the use of wooden products to add an aesthetic appeal to empty spaces.
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Use of wooden furniture in the commercial sector of North America:
The commercial sector will hold more than 35% share of North America wooden furniture industry by 2026. The region is experiencing a robust rise in its tourism activities, which will augment the production of high-end wooden furniture products to elevate the tourist’s experience.
North America has large number of premium hotels, cafes, and restaurants to cater to many tourists and domestic population. This factor will fuel the manufacturing of high-quality and appealing wooden furniture products.
APAC construction sector witnesses significant progress:
The construction sector in Asia Pacific is progressing at an appreciable rate as most countries in the region are undergoing an economic transition. Industrialization and urbanization are picking up the pace in the region as many reputed companies are setting up their base in countries such as India and China, thereby increasing employment opportunities and income levels.
Development projects such as Pradhan Mantri Awas Yojana (India), Smart Cities Mission (India), and National Slum Upgrading Project (Indonesia), among others will stimulate the production and sales of good quality wooden furniture to offer attractive yet comfortable seating options.
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Outdoor furniture products gain traction in Asia Pacific:
Asia Pacific wooden furniture market will be worth more than $280 billion by 2027. Outdoor furniture is gaining immense popularity in the region as the income level of the regional population is growing at a substantial rate. They are willing to splurge on expensive poolside and patio furniture sets.
Wooden furniture manufacturers are giving customers the option of customization so that they can bring changes in their furniture to suit their needs. The demand for quirky yet appealing furniture sets will boost the manufacturing of wooden furniture in the region.
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