WOOD FURNITURE MARKET SIZE WILL REACH OVER USD 74 BILLION BY 2023, GROWING AT A CAGR OF AROUND 2% DURING 2017-2023

Wood Furniture Market Size, Share, & Trends Analysis Report By Product Types (Hardwood and Softwood), by End-users (Residential and Commercial), by Distribution Channels (Retail (Mass market player, Furniture stores and Monobrand furniture stores) and Online) and by Geography (APAC, Europe, North America, and ROW) Global Analysis Report, Global Outlook, Market Trends, Competitive Landscape, Share, Growth Potential & Forecast, 2018 – 2023

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Most Exhaustive Report

113 Pages

14 Tables

54 Charts

4 Regions

6 Countries

20 Companies

4 Market Segment

WOOD FURNITURE MARKET REPORT SCOPE

Report Attribute Details
Market Size (Revenue) USD 74 BILLION (2023)
CAGR 2% (2017-2023)
Base Year 2017
Forecast Year 2023
Market Segments By Product Types (Hardwood and Softwood), by End-users (Residential and Commercial), by Distribution Channels (Retail (Mass market player, Furniture stores and Monobrand furniture stores) and Online)
Geographic Analysis APAC, Europe, North America, and ROW
Countries Covered Canada, China, France, Germany, India, and US

INDUSTRY INSIGHTS

The global wood furniture market research report provides detailed segmentation and market size of the market by wood furniture type (hardwood and Softwood) by distribution channels (retail, mass market players, furniture store, monobrand furniture stores, Online) by end-user (commercial and residential) by Geography (APAC, Europe, North America, and Rest of World)

The major leaders in this market are Ashley Furniture, IKEA, Laura Ashley, Duresta Upholstery, Giovanni Visentin, and Williams-Sonoma. Many players are expected to expand their presence worldwide during the forecast period, especially in the fast-developing countries in APAC to gain more market share. North America to remain the dominant market and revenue share of APAC region will cross the revenue of Europe competing for the second position. 

The global market is expected to witness growth during the forecast period in both residential and commercial end-user segment. Rise in number of people buying wood furniture can also be attributed to changing lifestyles that are backed by an increase in per capita GDP. The global wood furniture market is expected to cross $74 billion growing impressively at a CAGR more than 2.6% during 2016-2023. 

The market research report provides a holistic view of the global market, the companies involved in the market, and the factors driving its growth. It also provides information on some of the latest trends that have started to surface and are likely to become strong market driving forces over the next five years. This report also provides the Porter’s Five Forces analysis along with a description of each force and its impact on the market. Further, the report also provides complete value chain analysis of the global market.

WOOD FURNITURE MARKET: KEY VENDOR ANALYSIS 

High competition and raw material acquisition costs will intensify the price war among the vendors

The major leaders in this market are Ashley Furniture, IKEA, Sears Holdings, Steelcase, and Williams-Sonoma. There are other vendors providing products with similar specifications at low prices. High competition and raw material acquisition costs will intensify the price war among vendors during the forecast period. Major vendors continually compete among themselves for the leading position in the market, with occasional spurts of competition coming from other local vendors.

Major vendors profiled in the report are Ashley Furniture , Duresta Upholstery , IKEA, Giovanni Visentin, Laura Ashley, Williams-Sonoma,

Other vendors include Amazon.com, Allied Trade Group, Costco, Godrej & Boyce, Herman Miller, HNI, J.C. Penny, Kimball International, Seers Holdings, Target Corporation, Tesco, Walmart, Wayfair.

WOOD FURNITURE MARKET: DYNAMICS 

Advantages of wood furniture over traditional manufacturing to drive the growth

Rise in demand for luxury furniture, growth in real estate industry, and  increased in millennials population are the top trends that are going to propel the market growth during the forecast period. Furthermore, ability of vendors to increase their marketing budgets and rapidly growing urban population will boost the market growth.  Use of  low cost furniture in APAC, preference of wood due to several features as compared to other materials, growth in small-sized houses, growth in tourism and hospitality industry are the key factors that are going to boost global wood furniture market.

WOOD FURNITURE MARKET: SEGMENTAL OVERVIEW 

Residential Wood Furniture Market expected to be the major revenue contributor.

Hardwood is expected to continue to lead the global market during the forecast period as direct application of softwood has limited options. The softwood market segment is expected to post a healthy CAGR and grow at a fast pace during the forecast period 2016-2023.

High existing residential consumer base and promising growth in housing sector as a result of gain in consumer confidence is the reason that residential segment is the highest contributor to this market. The contribution from the commercial segment is also expected to rise as the working population increases as it would lead to the construction of new offices across the globe.

WOOD FURNITURE MARKET: GEOGRAPHICAL ANALYSIS 

APAC region to overtake Europe and become second largest market after North America

In 2016, North America was the largest market followed by Europe. The region will continue to be the dominant market accounting for more than 37% revenue share. However, the growth in wood furniture revenue is expected to decline in North America and Europe due to market saturation and APAC is expected grow at the highest rate during the forecast period. Revenue from APAC and RoW is expected to grow at higher compounded annual growth rate as compared to that of the global market.

The wood market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

Product Types

  • Hardwood
  • Softwood

End-users

  • Residential
  • Commercial

Distribution Channels

  • Retail
    • Mass market player
    • Furniture stores
    • Monobrand furniture stores
  • Online

Major Geography

  • APAC
  • Europe
  • North America
  • RoW

Key Countries

  • Canada
  • China
  • France
  • Germany
  • India
  • US

Frequently Asked Questions

The wood furniture market size to reach revenues of over $74 billion, growing at a CAGR of 2% during 2017-2022.
The global market is expected to witness growth during the forecast period in both residential and commercial end-user segment.
The key players in the wood furniture market are Ashley furniture, Duresta Upholstery, IKEA, Giovanni Visentin, Laura Ashley, and Williams-Sonoma.
The softwood market segment is expected to post a healthy CAGR and grow at a fast pace during the forecast period 2016-2023.
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