SELBYVILLE, Del., Sept. 13, 2021 (GLOBE NEWSWIRE) -- The wooden furniture market revenue is anticipated to record a valuation of USD 550 billion by 2027, according to the most recent study by Global Market Insights Inc. Growing consumer spending on luxury furniture will spur the industry statistics.
Limited storage space in average-sized homes in several countries along with the growing popularity of modular furniture will provide a positive outlook for the industry size. The bedroom segment plays an integral part in the overall wooden furniture market owing to the increased sales of fitted furniture, particularly in the sliding wardrobe doors type. The residential segment is projected to register over 5% CAGR.
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Emerging wooden furniture trends owing to the steady rise in the demand for natural textures and styles among consumers will propel the bedroom application scope. In addition to this, growing economic stability along with the surging number of independent dwellings is driving consumers to buy premium wooden furniture products. Hence, growing preferences for a luxurious lifestyle will augment the bedroom application business outlook over the projected timeframe.
Dining room furniture plays an integral part in the furniture category owing to its essential characteristics and the importance of food in various cultures. An increase in consumer demand for small case pieces, counter-height tables, and dining tables for catering to versatile & informal dining needs will augment the segment growth. Other accessories including wine, whiskey, and vodka racks along with dining furniture are propelling the wooden furniture market size. Along with this, a steady growth in the e-commerce segment will further boost product penetration.
North America wooden furniture market size will register around 5.5% CAGR through 2027. In residential segment, products, such as kitchen furniture cabinets, storage, dining tables, upholstered & non-upholstered components, play an important role in driving market growth. Also, with interior designing becoming mainstream, the focus on aesthetics has increased the demand for color and texture variants in wooden furniture. This is reflected through the rise in the modulation of the existing furniture, which resonates with current trends. This scenario has enabled a larger scope for innovations in the manufacturing sector of the wooden furniture market.
Companies are utilizing effective supply chain software in managing vital processes such as warehouse management, resource planning, and logistics. Businesses are also opting for forward-thinking strategies such as utilizing the suppliers' help in staging out unnecessary steps in the production process. This has helped the industry participants to prevent bottleneck formations and reduce the wastage of resources, thereby lowering the operating cost. The key manufacturers in the wooden furniture industry are La-Z-Boy, Inc., Ashley Furniture Industries, Steelcase, IKEA Group, Herman Miller Inc., Bush industries Inc., HNI Corporation, Haworth, Inc., Kohler Company, and Dorel Industries Inc.
Some major findings of the wooden furniture market report include:
- Proliferating consumer spending in conjunction with rapid urbanization is augmenting the wooden furniture market share over the study timeframe.
- Changing consumer lifestyles and increasing affordability are prominently contributing to increased product adoption.
- Rising demand for customization and personalization of home interiors with innovative wooden furniture products will further spur industry growth.
- Growing demand for multi-functional furniture that provides additional storage facility, innovative space design, and easy portability will drive the market.
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Partial chapters of report table of contents (TOC):
Chapter 3 Wooden Furniture Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Raw material suppliers
3.2.2 Manufacturers
3.2.3 Suppliers & Distributors
3.2.4 Wooden furniture assemblers
3.2.5 Potential customers
3.2.6 Distribution channel analysis
3.2.7 Profit margin trends
3.2.8 Value chain disruption analysis (COVID-19 impact)
3.2.9 Vendor matrix
3.3 Technology landscape
3.4 Raw material trends
3.5 Global construction industry overview
3.6 Regulatory landscape
3.6.1 North America
3.6.2 Europe
3.6.3 Asia Pacific
3.6.4 LATAM
3.6.5 MEA
3.7 Industry best practices & key buying criteria
3.8 Consumer buying behavior
3.8.1 Unmet needs
3.8.2 Social & cultural impact forces
3.8.3 Information search
3.8.4 Evaluation of alternatives
3.8.5 Purchase decision
3.8.6 Post purchase behavior
3.9 Innovation & sustainability
3.10 Pricing analysis
3.10.1 Regional pricing
3.10.2 Cost structure analysis, 2020
3.10.3 COVID-19 impact on pricing
3.11 Industry impact forces
3.11.1 Growth drivers, by region
3.11.1.1 North America
3.11.1.2 Europe
3.11.1.3 Asia Pacific
3.11.1.4 LATAM
3.11.1.5 MEA
3.11.2 Industry pitfalls & challenges
3.12 Growth potential analysis, 2020
3.13 Competitive landscape, 2020
3.13.1 Company market share analysis, 2020
3.13.2 Key stakeholders
3.13.3 Strategy dashboard
3.14 Porter's analysis
3.14.1 Supplier power
3.14.2 Buyer power
3.14.3 Threat of new entrants
3.14.4 Threat of substitutes
3.14.5 Industry rivalry
3.15 PESTEL analysis
3.16 COVID-19 impact on furniture industry
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Image 1: Wooden Furniture Market size to exceed $550 Bn by 2027
Wooden Furniture Market size is expected to exceed USD 550 billion by 2027, according to a new research report by Global Market Insights Inc.
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