Jul 25, 2023
Wood Furniture Market Size, Growth & Forecast 2023
IMARC Group, a leading market research company, has recently released a report titled “Wood Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The
IMARC Group, a leading market research company, has recently released a report titled “Wood Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the wood furniture market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Wood Furniture Market?
The global wood furniture market size reached US$ 262.24 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 358.31 Billion by 2028, exhibiting a growth rate (CAGR) of 5.12% during 2023-2028.
What is Wood Furniture?
Wood furniture refers to furniture fundamentally crafted from wood in its natural or processed state. It includes furniture made from a single type of wood, such as oak or mahogany, and composite wood furniture combining wood with materials such as medium-density fiberboard (MDF), particleboard, and plywood. It is known for its natural warmth and texture, improved durability, and long lifespan. It can also be crafted into numerous styles and designs and finished with paints, stains, or other treatments to achieve different aesthetics while protecting against wear and tear. Additionally, it is easy to maintain and repair and offers sustainability as a renewable resource. Nowadays, wood furniture finds extensive applications in commercial, residential, and institutional sectors across the globe.
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What are the growth prospects and trends in the wood furniture industry?
The market is primarily driven by the significant expansion in the building and construction sector. Additionally, the escalating demand for wood furniture materials in residential applications and the surging need for compact and multi-functional furniture to optimize space in smaller homes and apartments are contributing to the market growth. In line with this, the growing environmental awareness among consumers led to the rising demand for renewable and eco-friendly wood furniture. Moreover, wood furniture is a better insulator than plastic and steel due to its natural cellular structure that keeps cooling and heating in homes and workplaces, and consumes less energy while assisting in controlling humidity levels which is providing a positive thrust to the market growth. Besides this, the availability of customization and personalization options for consumers seeking furniture that adds a unique touch to their homes represents another major growth-inducing factor. Along with this, favorable government regulations, including the implementation of free trade agreements, increasing foreign direct investment, and enhancing economic conditions, are propelling the market growth. Apart from this, the wood furniture market is growing at different rates in numerous regions, with Asia Pacific being the largest market due to rising disposable income, surging need for compact and multi-functional furniture, and the presence of numerous key players. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, Cisco Home introduced eco-friendly furniture across various categories, including seating, bedroom, lighting, and other essential pieces that provide all furniture with non-toxic components and FSC-certified wood. Furthermore, the expanding e-commerce and online distribution channels offering several wood furniture options to a larger customer base, rapid urbanization, significant growth in the hospitality and commercial sectors, the emerging trend of do-it-yourself (DIY), continuous technological advancements in wood furniture manufacturing processes, and extensive research and development (R&D) activities among key market players are other factors creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Wood Type Insights:
Distribution Channel Insights:
End User Insights:
Market Breakup by Region:
Who are the key players operating in the industry?
The report covers the major market players including:
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