Selbyville, Delaware, Sept. 09, 2020 (GLOBE NEWSWIRE) --
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Increasing requirements for customizing home décor products coupled with rising consumer spending will predominantly spur wooden furniture market size. Augmenting investments in residential & commercial buildings supported by material & technological advancements offering durable & innovative storage solutions are bolstering the industry growth.
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The residential segment is projected to register a substantial CAGR of around 5.5% owing to rising housing construction activities coupled with improved standards of living in emerging economies. Augmenting economic growth and surging residential construction activities owing to the growing single household population will drive the non-upholstered wooden furniture application scope.
The office segment is projected to register a healthy growth rate owing to rapid growth of urbanization and globalization. Office wooden furniture includes furniture specifically designed for office applications including lounges, individual workstation, meetings, and cafeterias. Establishment of start-ups, new offices, and corporate sectors is expected to spur the product demand in the office sector.
The North America wooden furniture market will register around 5.5% CAGR. The growth is mainly driven by the dynamics in the industrial pallet lumber segment and significant consumer spending on housing furniture. Increased consumer spending is also attributed to the economic recovery after recession. Among consumers, end-users of particular interest are joint families and nuclear families. In the residential segment, wooden furniture, such as dining tables, kitchen furniture cabinets, and upholstered & non-upholstered components, observe considerable demand in the region.
Browse key industry insights spread across 260 pages with 131 market data tables & 17 figures & charts from the report, “Wooden Furniture Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/wooden-furniture-market
Capacity expansion is a widely adopted strategy by various companies to capture the growth opportunities in a highly competitive market. In 2018, An Cuong announced to set up a new manufacturing plant equipped with advanced machinery in 100,000 sq. mt. area. In September 2018, Ashley Furniture Industries introduced its new Ashley HomeStore in Poughkeepsie, New York. Through this new store, the company can expand its wooden furniture and shopping business across the region and draw a large customer base.
Some major findings of wooden furniture market report include:
- The residential segment dominated the industry due to significant housing construction activities coupled with increasing purchasing power.
- Asia Pacific is the largest and fastest-growing region for wooden furniture on account of improved lifestyles, rapid urbanization, and rising government investments on housing activities.
- Capacity expansions, partnership agreements, acquisitions, and product launches are some of the key strategies adopted by wooden furniture companies.
La-Z-Boy, Inc., An Cuong, Ashley Furniture Industries, Inter IKEA Group, Okamura Corporation, Kvist Industries A/S, Herman Miller, Inc., Steelcase, Natuzzi S.p.A., Casta, the Home Depot Inc., Klaussner Home Furnishing, Samson Holding Ltd., and Bush Industries Inc. are some of the key players governing the wooden furniture industry.
Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/wooden-furniture-market
Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Wooden furniture industry 360° synopsis, 2016 – 2026
2.1.1. Business trends
2.1.2. Application trends
2.1.3. Regional trends
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, 2016 – 2026
3.10.1. Regional pricing
3.10.2. Cost structure analysis, 2019
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, 2019
3.13. Competitive landscape, 2019
3.13.1. Company market share analysis, 2019
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
Browse related report:
Furniture Market Size By Material (Plastic, Wood, Metal), By Application (Residential [Upholstered Furniture, Non-Upholstered Furniture, Bedroom, Kitchen Cabinet, Dining Room, Blinds & Shades, Mattresses], Commercial [Business/Office, Educational, Healthcare, Hospitality]) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026
https://www.gminsights.com/industry-analysis/furniture-market
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