Wooden Furniture Market Detailed information on Top players, Industry Size, Trends and forecast

The wooden furniture market is set to register considerable growth by 2027 on account of increasing focus on residential construction activities across the globe. Moreover, growing prevalence of small establishments is expected to further support market growth over the forecast timeline.
The ongoing COVID-19 outbreak has pushed companies to shift their operations to e-commerce platforms to make their offerings more accessible to consumers worldwide. Moreover, increasing emphasis on furniture hygiene has urged enterprises to focus on wooden furniture as they possess natural anti-bacterial properties that keep pollutants at bay and curb the chances of the furniture collecting germs.
In addition, as wooden surfaces dry quickly, it prevents the furniture against bacteria and harmful microbes as they are unable to thrive in dry conditions. These advantages of wooden furniture have propelled consumer interest in recent years.
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Notably, key industry players are implementing lucrative strategies to expand their consumer base, which has positively impacted the overall business landscape. For instance, in March 2021, Ashley Furniture Industries, a leading furniture company, announced its plans to open a new production facility near Pottsville, Pennsylvania. The company intended to equip the facility with updated machinery to boost its manufacturing and distribution capabilities.
To cite another instance, in July 2021, Herman Miller, a prominent furnishings company, completed the acquisition of Knoll, Inc., a global manufacturer of office furniture. The combination of the expertise and production capacities of the two companies was purposed to enable Herman Miller to realize greater growth potential and expand to new regions.
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Similarly, July 2021, Inter IKEA Systems B.V., the global IKEA franchisor, invested in a Germany-based deep tech start-up company, Nyris, with the aim to enhance customer purchasing experience. The innovative technology by Nyris helped improve home-furnishing shopping experience at IKEA, enabling customers to be up to date about the latest home furnishing content. The technology also allowed the management to keep track of the inventory as well as support daily operations.
The wooden furniture market has been segregated on the basis of application and region. With respect to application, the wooden furniture market has further been categorized into commercial and residential.
The commercial application segment is anticipated to showcase significant growth by 2027, expanding at a CAGR of around 6% over the projected period. Mounting number of start-ups and small establishments are bolstering the demand for office wooden furniture, which is likely to impel segmental growth in the coming years.
From the regional point of view, the Middle East & Africa wooden furniture market is expected to garner substantial gains, registering a CAGR of more than 5.5% over the review period. MEA is one of the most rapidly developing construction markets, which is slated to foster revenue growth of the market through 2027. The United Arab Emirates, Saudi Arabia, and South Africa are the key contributors to the development of the MEA wooden furniture market and are foreseen to stimulate industry expansion in the future.