Wooden Furniture Market 2020 - Segments, Revenue Outlook and Key Players Analysis to 2026
Category: #headlines  By Rahul Varpe  Date: 2020-10-08
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Wooden Furniture Market 2020 - Segments, Revenue Outlook and Key Players Analysis to 2026

Wooden furniture like kitchen furniture cabinets, dining tables, and non-upholstered & upholstered components are witnessing heavy demand from the residential sector of North America. Growing presence of furniture retailers in the region could enhance wooden furniture market outlook over the forthcoming years. In May 2020, Ingka Group, the parent company of IKEA, revealed its plan to open new retail shopping outlets in U.S. cities such as Los Angeles, New York, Chicago and San Francisco.

Intensifying demand for customized home décor products at competitive price points might boost the adoption of wooden furniture. Rising investments in commercial & residential buildings could accelerate the demand for smart furniture that are durable and provide innovative storage solutions.

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Increasing spending on housing furniture coupled with shifting dynamics in the industrial pallet lumber sector might strengthen the North America wooden furniture market share. Reports suggest that the regional market could post a compound annual growth rate of nearly 5.5% by the end of 2026.

The wooden furniture market is anticipated to register noteworthy growth on account of ongoing urbanization and evolving consumer preference across emerging economies. Progressively increasing number of housing construction activities have fueled the demand for wooden furniture that offer aesthetic storage features. Shifting buying behavior and strengthening consumer purchasing power could broaden the business horizon for wooden furniture manufacturers. A research report, the wooden furniture market could reach USD 475 billion by the year 2026.

Mentioned below are some of the ongoing trends that may advance the wooden furniture market growth:

Proliferating demand from the residential sector -

Considerable improvement in the standard of living across emerging nations along with escalating number of housing construction activities could stimulate the demand for wooden furniture across residential facilities. Estimates suggest that the segment might rack up a CAGR of almost 5.5% during the predicted timeframe.

Constant economic growth supported by expanding single household population might drive the demand for unpolished wooden furniture. Incited by swelling demand, several companies are introducing new and innovative lineups of residential furniture. Taking August 2020 for instance, 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.

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Adoption of lucrative business strategies –

Prominent industry players like Kinnarps AB, Lifestyle Furniture, La-Z-Boy, Casta, An Cuong, Kvist Industries A/S, Bernhardt Furniture Company, Doimo and Klaussner Home Furnishing are focusing on expanding their production capacities to capture growth opportunities from untapped markets. For instance, earlier in 2018, An Cuong revealed its plan to build a new manufacturing facility that is equipped with advanced equipment in 100,000 sq. mt. area.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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