Global wood furniture market to exceed $ 74 billion by 2023

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.

View Report: https://www.arizton.com/reports/market-analysis/wood-furniture-market

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, Steelcase, Target Corporation, Tesco, Walmart, Wayfair.



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.

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.

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.
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Source: https://www.arizton.com/reports/market-analysis/wood-furniture-market

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