LONDON, July 27, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s report on the wooden furniture market identifies the expanding construction sector to drive future growth in the wooden furniture market. The construction sector is the commercial industry and trade associated with the construction, maintenance, and repair of infrastructures. Because of its inherent cellular structure, wood is a better insulator than steel and plastic, allowing heating and cooling in homes and workplaces to be maintained while using less energy. Wooden furniture also aids in humidity control. As a result, the expanding construction sector is likely to drive the wooden furniture market. For example, according to the United States Census Bureau's projection on monthly construction spending in 2022, construction spending in April 2022 is estimated to be $1,744.8 billion, a 0.8% increase over the revised March estimate of $1,740.6 billion. As a result, the expanding construction sector is propelling the expansion of the wooden furniture market.
The global wooden furniture market size is expected to grow from $99.1 billion in 2022 to $105.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The global wooden furniture market share is expected to reach $133.8 billion in 2027 at a CAGR of 6%.
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Major players in the wooden furniture market are Ashley Home Stores Ltd., Bassett Furniture Industries, Bernhardt Furniture Company, AVY Interior, An Cuong Wood Working Materials, Okamura Corporation, Dorel Industries, Ethan Allen Global Inc., Knoll Inc., Herman Miller Inc., Bush Furniture, Haworth Inc., Good's Home Furnishings., Doimo Salotti, and Inter IKEA Systems B.V.
Product innovation is a crucial trend that is gaining traction in the wooden furniture market. To maintain their market position, major players in the wooden furniture market are focusing on introducing new items. For example, in December 2022, Fancyarn, a furniture company based in the United States, will introduce 100% eco-friendly oak tables and benches. These tables and benches are one-of-a-kind in that they are made completely of oak wood. The fabric of the bench gives it a classy aspect that complements the natural surroundings. The end table is coated with only natural, certified genuine oak wood and formaldehyde-free paint.
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Asia-Pacific was the largest region in the wooden furniture market in 2022.
The global wooden furniture market is segmented by product into chairs, tables, cabinets, other products; by wood type into mango wood, sheesham wood, rubber wood, other wood types; by material into lamination, plywood, medium density fibreboard (MDF), other materials; by distribution channel into hypermarkets, specialty stores, online retail, other distribution channels; by application into residential, commercial.
Wooden Furniture Global Market Report 2023 by The Business Research Company provides insights on the wooden furniture market size, wooden furniture market segments, wooden furniture market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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