Assessing Wood Furniture Market Opportunities to Disclose Lucrative Revenue Prospects for Players

The wood furniture market is expected to witness notable growth owing to the ongoing urbanization and changing consumer preferences in emerging economies. The gradually increasing number of housing construction activities has fueled the demand for wooden furniture with aesthetic storage features. Changing the buying behavior and enhancing the purchasing power of consumers could broaden the business horizon of manufacturers in the wood furniture market. A research report by Global Market Insights, Inc., lists that the wood furniture market could reach USD 475 billion by 2026.

Growing demand for custom home decor products at competitive prices could boost the adoption of wooden furniture. Rising investment in commercial and residential buildings could accelerate the demand for smart furniture that is durable and offers innovative storage solutions.

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Some of the ongoing trends that are likely to advance the growth of the wood furniture industry are mentioned below:

Proliferating demand from the residential sector –

A considerable improvement in the standard of living in emerging countries as well as an increasing number of housing construction activities could stimulate the demand for wooden furniture in residential establishments. Estimates suggest the segment could rack up a CAGR of nearly 5.5% during the scheduled period.

Steady economic growth supported by the expanding population of single-family households could drive the demand for unpolished wood furniture. Encouraged by the increase in demand, several companies are launching new innovative ranges of residential furniture. In August 2020, for example, Pinch, the London-based design studio, introduced three new offerings to its wooden bedroom furniture collection, which includes wooden furniture for living rooms and bedrooms.

Promising opportunities in North America –

Rising spending on home furnishings coupled with changing dynamics in the pallet wood industry sector may bolster the wood furniture market share in North America. Reports suggest that the regional market could show a compound annual growth rate of nearly 5.5% by the end of 2026.

Wood furniture like kitchen furniture cabinets, dining tables, and unupholstered and upholstered components are seeing high demand from the residential sector in North America. The growing presence of furniture retailers in the region could improve business prospects in the coming years. In May 2020, Ingka Group, the parent company of IKEA, announced plans to open new retail outlets in US cities including Los Angeles, New York, Chicago and San Francisco.

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Adoption of lucrative business strategies –

Industry leading players such as Kinnarps AB, Lifestyle Furniture, La-Z-Boy, Casta, An Cuong, Kvist Industries A/S, Bernhardt Furniture Company, Doimo and Klaussner Home Furnishing are focused on expanding their capabilities to seize growth opportunities in untapped markets. . For example, earlier in 2018, An Cuong revealed plans to build a new manufacturing plant equipped with advanced equipment on 100,000 square meters. region.

Table of contents (ToC) of the report:

Chapter 1. Methodology and scope

1.1. Market definitions

1.2. Basic estimate and labor

1.2.1. North America

1.2.2. Europe

1.2.3. APAC

1.2.4. LATAM

1.2.5. AEM

1.3. Forecast calculation

1.3.1. Calculations of the impact of COVID-19 on industry forecasts

1.4. Information source

1.5. Primary

1.6. Secondary

1.6.1. Paid sources

1.6.2. Public sources

Chapter 2. Wood Furniture Market Summary

2.1. 360° summary of the wood furniture industry, 2016 – 2026

2.1.1. Business trends

2.1.2. Application Trends

2.1.3. Regional trends

Chapter 3. Wood Furniture Market Overview

3.1. Industry segmentation

3.2. Analysis of the industry ecosystem

3.2.1. raw material suppliers

3.2.2. Manufacturers

3.2.3. Suppliers and distributors

3.2.4. wood furniture assemblers

3.2.5. Potential customers

3.2.6. Distribution channel analysis

3.2.7. Profit Margin Trends

3.2.8. Analysis of value chain disruptions (COVID-19 impact)

3.2.9. Vendor Matrix

3.3. Technological landscape

3.4. Commodity Trends

3.5. Overview of the global construction industry

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. AEM

3.7. Industry Best Practices and Key Buying Criteria

3.8. Consumer buying behavior

3.8.1. Unmet needs

3.8.2. Forces of social and cultural impact

3.8.3. Seeking information

3.8.4. Assessment of alternatives

3.8.5. Purchase decision

3.8.6. Behavior after purchase

3.9. Innovation & sustainability

3.10. Price Analysis, 2016 – 2026

3.10.1. Regional pricing

3.10.2. Cost structure analysis, 2019

3.10.3. Impact of COVID-19 on prices

3.11. Industry impact forces

3.11.1. Growth drivers, by region North America Europe Asia Pacific LATAM AEM

3.11.2. Industry pitfalls and challenges

3.12. Analysis of growth potential, 2019

3.13. Competitive landscape, 2019

3.13.1. Business Market Share Analysis, 2019

3.13.2. Main stakeholders

3.13.3. Strategic Dashboard

3.14. Porter’s analysis

3.14.1. Supplier Power

3.14.2. purchasing power

3.14.3. The threat of new entrants

3.14.4. The threat of substitutes

3.14.5. Industry rivalry

3.15. PESTEL analysis

3.16. Impact of COVID-19 on the furniture industry

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