Wooden Furniture Market Offers Good Growth Opportunities by End of 2027
Wooden furniture market size is expected to exceed USD 550 billion by 2027, according to a new research report by GMI Inc. The increasing consumer preference toward branded & readymade wooden furniture is positively influencing the industry statistics.
Wooden furniture market size is expected to exceed USD 550 billion by 2027, according to a new research report by GMI Inc. The increasing consumer preference toward branded & readymade wooden furniture is positively influencing the industry statistics. The rising disposable income in conjunction with improving living standards is prominently impacting product penetration. For instance, according to the Bureau of Economic Analysis (U.S. Department of Commerce) in 2018, personal income rose to USD 17,835 billion in the fourth quarter with an increase of over 4.2% when compared to 2017 in the U.S.
The number of residential buildings and commercial complexes has increased due to rising real estate investments around the world, opening up new opportunities for the growth of the wooden furniture market. Additionally, the demand for the product is likely to be supported by rapid urbanisation and an expanding construction sector in line with smart city initiatives. The International Data Corporation estimates that investments in global smart city initiatives exceeded USD 81 billion in 2018 and will top USD 158 billion by 2022.
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Commercial application to register strong growth
The commercial segment is likely to witness around 6% CAGR through 2027. The availability of numerous products including filing cabinets, desks, chairs, and meeting tables will significantly propel the commercial wooden furniture market share. The growing prominence of retailers & distributors providing high-quality and cost-effective wooden furniture in large volumes will further impact the segment demand. Additionally, the rising consumption rate of the ready-to-assemble, eco-friendly, premium furniture, and designer furniture will contribute to the business expansion.
Presence of the well-established wood processing industry and favorable government initiatives in Europe
Europe wooden furniture market revenue is poised to observe growth rate of above 5% through 2027. Germany held the largest share in Europe in terms of volume & revenue. Restructuring its business models, such as establishing collaborations and partnerships with raw material supplying countries, is a major driver fueling market statistics. In addition to this, favorable macroeconomic conditions, such as higher disposable income and colder climates, have provided an impetus to consumers to buy wooden furniture as opposed to other material types.
The abundance of raw materials and the presence of a well-established wood processing and metallurgy industry will supplement the regional market size. However, globalization and liberalization have positively influenced the market as large manufacturers have outsourced processing activities to Eastern Europe due to its cost-effective production sector. For instance, Romania and Bulgaria offer low-cost labor while the Czech Republic and Poland have abundant raw materials and advanced economies including Germany, Italy, and France that offer technological endowment and unique know-how.
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Some of the key wooden furniture industry participants include Doimo, Hafele, Century Furniture, Dorel Industries Inc., Ethan Allen Global Inc., EuroStyle, Hoang Moc Furniture, Inter IKEA Systems B.V., Hooker Furniture Corporation, and Hulsta Group.
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