Global wooden furniture market is poised to witness a tremendous growth over the projected timeframe of 2020 to 2026 on account of rising number of residential and commercial construction activities across the globe. Alongside, increasing consumer inclination towards home décor furniture backed by growing disposable income will also further help accelerate the demand for wooden furniture. The industrial growth is supported by advancements in material and technology which has provided more innovative and durable storage furniture to the consumers. According to Global Market Insights, Inc. report, wooden furniture market size is estimated to exceed USD 475 billion by 2026.
Referring to technological advancements, manufacturers in the industry are inclined on offering innovative solutions to provide enhanced customer experience. For instance, Klaussner Home Furnishings, in 2020, announced the addition of new concept of outdoor furniture that incorporates power motion. According to the company, this technology will enable the customers to convert a chair to a chaise with just a button touch. Reportedly, this new product launch will help the company strengthen its product portfolio and market presence in the overall industry.
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The overall wooden furniture market is bifurcated into segments based on residential applications, commercial applications and regional landscape.
In terms of applications, residential segment is projected to register a CAGR of 5.5% over the analysis timeframe on account of increasing product demand due to growing housing construction activities along with rising standards of living across developing economies. Besides, significant economic growth and increasing residential constructions driven by rising single household population is expected to positively influence non-upholstered furniture segment outlook.
Speaking of commercial applications, office wooden furniture segment is expected to witness a commendable growth considering the rising product adoption due to increasing establishments of several new offices, start-ups and corporate sectors. These establishments have significantly driven the demand for wooden furniture for individual workstations, meetings, lounges and cafeterias, thereby providing positive growth prospects for the segment.
In terms of regional landscape, North America wooden furniture market is estimated to register a CAGR of around 5.5% over the forecast period owing to increasing consumer spending on home furniture along with growing pallet lumber business. Speaking of consumers, joint families and nuclear families are the major end-users in the industry which has led to a considerable rise in product demand in residential segment, especially for kitchen furniture cabinets, dining tables and upholstered & non-upholstered components.
Considering the growing product demand for home furniture in North America, manufacturers in the region are introducing new offerings to cater to the growing demand. For instance, in 2019, Bernhardt Furniture Company launched its new lifestyle brand Bernhardt Loft, aimed at providing wide range of case goods and corresponding upholstery suitable for urban lifestyle, smaller homes and apartments. Apparently, this new launch will help the company gain a strong foothold in the regional market by offering products in line with modern living combined with urban aesthetics.
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Major industry players operating in wooden furniture market such as Kvist Industries A/S, Lifestyle Furniture, Casta, La-Z-Boy, Inc., Kinnarps AB, An Cuong, Klaussner Home Furnishing, Doimo and Bernhardt Furniture Company are focused on implementing effective strategies such as, partnerships, acquisitions, increasing the production capacity and expansion on geographical fronts to gain a strong presence in the market.
For instance, in 2017, An Cuong entered into a strategic investment and development partnership with Japan based Sumitomo Forestry Group, with the aim of strengthening their cooperation and business expansion. Also, in 2018, Ashley Furniture Industries opened its new outlet Ashley HomeStore in New York. Apparently, this new establishment will help the company expand its business across the region and serve large customer base.
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