New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wooden Household Furniture Global Market Report 2023" - https://www.reportlinker.com/p06464075/?utm_source=GNW
, Knoll Inc., Kimball International Inc., Ashley Furniture Industries, NITORI Co. Ltd., Dalian Huafeng Furniture Group Co. Ltd., Dorel Industries Inc., Sauder Woodworking Company, Suofeiya Home Collection Co. Ltd, La-Z-Boy Inc., Hooker Furnishings, Natuzzi Group, Kinnarps AB, Klaussner Furniture Industries, and Samson Holding Ltd.
The global wooden household furniture market is expected to grow from $153.77 billion in 2022 to $160.18 billion in 2023 at a compound annual growth rate (CAGR) of 4.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The wooden household furniture market is expected to reach $188.26 billion in 2027 at a CAGR of 4.1%.
The wooden household furniture market consists of sales of maple wood furniture, oak wood furniture, solid wood furniture, cedar wood furniture, and plywood furniture.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Wooden household furniture refers to furniture items that are made primarily or entirely from wood and are intended for use in a home or domestic setting, including sofas, shutters, tables, chairs, and bath and vanity cabinets.
Asia-Pacific was the largest region in the wooden household furniture market in 2022. The regions covered in wooden household furniture report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of wooden household furniture are chairs, tables, cabinets and others.Chairs are seats, particularly for one person, that typically have four legs for support, a backrest, and often armrests.
The various kinds of wood involved are hardwood and softwood which consists of plywood, laminates, medium-density fiberboard (MDF), and others. These are distributed through online and offline distribution channels for residential and commercial applications.
The rising demand from the residential sector is expected to propel the growth of the wooden household furniture market going forward.The increasing global population and urbanization are leading to the construction of more residential buildings and homes, which in turn is driving up the demand for furniture.
Wooden household furniture is a popular choice among homeowners due to its durability, versatility, and aesthetic appeal. For instance, in December 2022, according to a report shared by iProperty Management Com LLC., a US-based real estate management company, in the US, there were 1.60 million new home starts in 2021, a 16.0% increase from 2020, and 70.4% of the new housing was single-family homes. Furthermore, the beginnings of new homes grew by 6.9% between 2019 and 2020. And global real estate reached $326.5 trillion in 2020. Therefore, the rise in demand from the residential sector is driving the growth of the wooden household furniture market.
Product innovation is a key trend gaining popularity in the wooden household furniture market.Many customers are seeking wooden furniture built utilizing ecologically friendly production techniques and materials from sustainably derived sources as environmental concerns continue to rise.
As a result, major companies operating in the market focus on developing sustainable and eco-friendly wooden furniture.For example, in January 2022, Silk & Snow, a Canada-based bedding company, launched a sustainable furniture line for bedrooms.
This collection is handcrafted using organic and non-toxic ingredients and is constructed using a simple, tool-free method of Japanese joinery.
In August 2021, Trademark Global LLC., a US-based company that provides a wide selection of high-quality, company-branded and licensed products to top online retailers, acquired Bolton Furniture Inc. for an undisclosed amount. With this acquisition, Trademark Global Inc. hopes to broaden the scope of its services by taking advantage of Bolton’s distinctive supplier network and research and development resources. Bolton Furniture Inc. is a US-based home furniture company.
The countries covered in the wooden household furniture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The wooden household furniture market research report is one of a series of new reports that provides wooden household furniture market statistics, including wooden household furniture industry global market size, regional shares, competitors with wooden household furniture market share, detailed wooden household furniture market segments, market trends, and opportunities, and any further data you may need to thrive in the wooden household furniture industry. This wooden household furniture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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