Wooden Furniture Market 2020 Trends by Top Players: Ashley Furniture Industries, Kinnarps Group, Nowy Styl Group, Natuzzi, Sunon Furniture

Residential applications dominated the global wooden furniture market share in 2018. The growth of this segment can be attributed to strong a surge in GDP supported by the rising in government and private investments in residential construction. Upholstered and bedroom furniture accounts for a major share in the residential wooden furniture market. Availability of a wide range of wood species such as oak and walnut finishes has increased the penetration of high-quality home interior products.

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Asia Pacific dominates the global wooden furniture market accounting for over 45% of the share in 2018. Countries including China, India, and Japan account for over 75% of the regional share in 2018. Expanding residential and commercial construction sector owing to economic development, favorable FDI policies, and growing population are fueling the product demand. Additionally, expansion of distribution network along with the penetration of multinational industry players has reduced the share of unorganized sector in the region.

Increasing consumer preference towards branded and readymade furniture is likely to influence the market share over the projected timeframe. Rapid expansion of the housing sector owing to population & economic growth, growing FDI inflows, and government focus on smart cities is expected to augment product demand. According to the U.S. Census Bureau, the country's construction sector accounted for USD 1,246 Billion in 2017 with the residential sector accounting for over 40% of the total construction spending.

Rising per capita income along with proliferating residential and commercial projects is expected to drive the wooden furniture market. Increasing production of complex designs and the incorporation of innovative materials supported by advanced manufacturing technologies is expected to fuel product sales. Moreover, the availability of a wide range of furniture with customizable capabilities based on consumer requirements is further supporting the industry expansion.

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Rising awareness regarding product benefits such as longevity and affordability are further driving the business expansion. Industry players have also enhanced their focus eco-friendly furniture to meet consumer requirements and gain a competitive edge. Ongoing expansion of the distribution network by large scale manufacturers and retail chains will fuel the industry landscape. Further, consumers are opting for smart-designed furniture offering enhanced functionality, strength, and durability. For instance, in March 2019, Ashley Furniture Industries opened its 8th "Homestore" in Indonesia to cater to the growing product demand.

Favorable regulatory scenario has increased the production & trade of wood & wood-based products worldwide, leading to ready raw material availability. For instance, as per FAO, the global wood-based panels production has increased by 125% from 2000 to 2017, reaching 402 million m3. Countries including the U.S., Germany, UK, and France together accounted for around 50% share of the global furniture imports. However, limited availability of skilled labor in developed countries along with increasing production cost can hamper the business growth over the forecast timeframe.

Global wooden furniture market share is highly fragmented in nature owing to a large presence of manufacturers at the regional and global level. The key industry players include IKEA, Steel Case, Herman Miller, Ashley Furniture Industries, Haworth, Williams-Sonoma, Kinnarps Holding AB, USM Holding AG, Rooms To Go, and Vitra Holding AG. The key strategies observed in among the prominent manufacturers include expanding geographical presence, strategic mergers & acquisitions, design innovations, and increasing production capacity. For instance, in August 2018, IKEA opened a new 400,000 sq. ft store in India to gain market share.

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