Wooden Furniture Market Report By Key Companies, Regional Analysis And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Wooden Furniture Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The wooden furniture market size has grown strongly in recent years. It will grow from $106.17 billion in 2023 to $113.13 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to housing market trends, consumer preferences for natural materials, economic conditions, craftsmanship and design trends, urbanization and population growth.

The wooden furniture market size is expected to see strong growth in the next few years. It will grow to $144.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to sustainable and eco-friendly practices, customization trends, smart furniture integration, health and wellness considerations, collaborations and partnerships. Major trends in the forecast period include digital transformation in retail, customization and personalization, influence of Scandinavian and minimalist designs, emphasis on handcrafted and artisanal piece, innovation in wood finishes and textures.

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Market Drivers and Trends:

The growing construction sector is expected to boost the growth of the wooden furniture market going forward. The construction sector refers to the commercial area of industry and trade concerned with constructing, maintaining, and repairing infrastructures. Due to its natural cellular structure, wood is a better insulator than steel and plastic which keeps heating and cooling in homes and workplaces and consumes less energy. Wood furniture also helps to control humidity levels. Hence, the growing construction sector is expected to boost the wooden furniture market. For instance, according to the U.S. Census Bureau report on monthly construction spending in 2022, the construction spending is expected to be $1,744.8 billion in April 2022, a 0.8% rise from the revised March estimate of $1,740.6 billion. Moreover, in March 2022, according to the Indian Brand Equity Foundation (IBEF) report, the India-based promotion organization for the sale and distribution of Indian goods, India allocated $ 130.57 billion to enhance the country's infrastructure. Therefore, the growing construction sector is driving the growth of the wooden furniture market.

Product innovation is the key trend gaining popularity in the wooden furniture market. Major companies operating in the wooden furniture market are focusing on developing new products to sustain their market position. For instance, in December 2022, Fancyarn, a US-based manufacturer of furniture, launched 100% eco-friendly oak tables and benches. These tables and benches have a unique feature in that they are built entirely of oak wood. The bench's fabric gives it a sophisticated appearance that works well with rustic surroundings. The end table has formaldehyde-free paint and is painted with only natural, certified solid oak wood.

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Major Key Players of the Market:

AVY Interior Pvt Ltd., Kingfisher plc, Masco Corporation, NITORI Co Ltd., Kohler Co, Ashley Home Stores Ltd., Steelcase Inc., Herman Miller Inc., Haworth Inc., HNI Corporation, Okamura Corporation, Heritage Home Group LLC, Dorel Industries Inc., Knoll Inc., Ethan Allen Global Inc., Kimball International Inc., Bassett Furniture Industries, Inter IKEA Systems B.V., Bush Furniture, Bernhardt Furniture Company, Durham Furniture Inc., An Cuong Wood Working Materials, King Hickory Furniture Company, Good's Home Furnishings., Doimo Salotti, FAVOURITE DESIGN SDN. BHD., Stickley Furniture Inc., Great Veca Vn Co LTD., King Jade Industrial Co Ltd., San Lim Furniture Co Ltd.

Wooden Furniture Market 2024 Key Insights:

• The wooden furniture market size is expected to see strong growth in the next few years. It will grow to $144.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Construction Sector Surge Propels Growth In The Wooden Furniture Market
• Wooden Furniture Market Trends Shift Towards Sustainable Solutions
• Asia-Pacific was the largest region in the wooden furniture market in 2023

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