The Wooden Furniture Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wooden Furniture Global Market Report 2024, The wooden furniture market size has grown strongly in recent years. It will grow from $106.17 billion in 2023 to $113.13 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to housing market trends, consumer preferences for natural materials, economic conditions, craftsmanship and design trends, urbanization and population growth.
The wooden furniture market size is expected to see strong growth in the next few years. It will grow to $144.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to sustainable and eco-friendly practices, customization trends, smart furniture integration, health and wellness considerations, collaborations and partnerships. Major trends in the forecast period include digital transformation in retail, customization and personalization, influence of Scandinavian and minimalist designs, emphasis on handcrafted and artisanal piece, innovation in wood finishes and textures.
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.
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The wooden furniture market covered in this report is segmented –
1) By Product: Chairs, Tables, Cabinets, Other Products
2) By Wood Type: Mango Wood, Sheesham Wood, Rubber Wood, Other Wood Types
3) By Material: Lamination, Plywood, Medium Density Fiberboard (MDF), Other Materials
4) By Distribution Channel: Hypermarkets, Specialty Stores, Online Retail, Other Distribution Channels
5) By Application: Residential, Commercial
Major companies operating in the wooden furniture market are focusing on advanced solutions, such as cutting-edge designs of furniture, to meet evolving consumer demands. Cutting-edge designs of furniture refer to innovative and avant-garde styles that incorporate the latest trends and technologies in the field of furniture design. For instance, in July 2023, Knock on Wood, an India-based furniture design and state-of-the-art manufacturing company, launched an office furniture collection that transforms workplaces and redefines how individuals collaborate in modern office settings, showcasing outstanding craftsmanship and cutting-edge designs. This collection seamlessly blends functionality, practicality, style, and ergonomics to craft an inspiring workspace for modern professionals, featuring meticulously designed sleek desks, workstations, and meeting tables that enhance productivity and elevate the aesthetic appeal of any office setting.
The wooden furniture market report table of contents includes:
1. Executive Summary
2. Wooden Furniture Market Characteristics
3. Wooden Furniture Market Trends And Strategies
4. Wooden Furniture Market – Macro Economic Scenario
5. Global Wooden Furniture Market Size and Growth
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31. Wooden Furniture Market Other Major And Innovative Companies
32. Global Wooden Furniture Market Competitive Benchmarking
33. Global Wooden Furniture Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wooden Furniture Market
35. Wooden Furniture Market Future Outlook and Potential Analysis
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