Wooden Furniture Market To Register 5.5% CAGR by 2025? Companies include Ashley Furniture Industries, Bernhardt Furniture Company, Bush industries Inc., Century Furniture, Inter IKEA Systems, Sauder Woodworking

Residential applications dominated the global wooden furniture industry 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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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.

Top Industry Players -

o Ashley Furniture Industries,
o Bassett furniture Industries Inc.,
o Bernhardt Furniture Company,
o Bush industries Inc.,
o Century Furniture,
o Hooker Furniture Corporation,
o Inter IKEA Systems B.V.,
o Kinnarps AB,
o Sauder Woodworking Co.,
o Anh Home Interior,
o Zhejiang Huafeng Furniture Co. Ltd.,

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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.
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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