Wooden Furniture Global Market Report 2024

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, and 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 anticipated growth in the forecast period is driven by the adoption of sustainable and eco-friendly practices in the furniture industry, increasing customization trends, the integration of smart furniture technologies, a growing focus on health and wellness considerations, and collaborative partnerships within the industry. Major trends expected in this period include the digital transformation of retail experiences, a continued emphasis on customization and personalization in furniture design, the influence of Scandinavian and minimalist design aesthetics, a growing demand for handcrafted and artisanal pieces, and ongoing innovation in wood finishes and textures for furniture products.

The burgeoning construction sector is anticipated to propel the growth of the wooden furniture market in the foreseeable future. The construction sector encompasses the commercial domain involved in erecting, upkeeping, and repairing infrastructures. Wood, owing to its natural cellular structure, serves as a superior insulator compared to materials such as steel and plastic. This quality aids in regulating heating and cooling within homes and workplaces, leading to reduced energy consumption. Additionally, wooden furniture contributes to controlling humidity levels in indoor spaces. For instance, based on the U.S. Census Bureau's report on monthly construction spending in 2022, the projected construction spending in April 2022 is estimated to reach $1,744.8 billion, reflecting a 0.8% increase from the revised March estimate of $1,740.6 billion. Furthermore, the Indian Brand Equity Foundation (IBEF) reported in March 2022 that India allocated $130.57 billion toward enhancing the country's infrastructure. Consequently, the robust growth in the construction sector stands as a driving force behind the expansion of the wooden furniture market. The increased focus on infrastructure development and construction activities globally is anticipated to further fuel the demand for wooden furniture.

The anticipated increase in the global population is poised to propel the wooden furniture market. A rising population signifies a surge in the overall number of individuals residing in specific areas, regions, or countries, contributing to demographic expansion. With a growing populace, wooden furniture remains a preferred choice due to its durability, versatility, and aesthetic appeal, catering to diverse needs across homes, offices, and public spaces. For instance, as per the United Nations' November 2022 projections, the world's population is expected to witness an increase of nearly 2 billion individuals over the next 30 years, climbing from the current 8 billion to an estimated 9.7 billion by 2050. Consequently, the anticipated surge in the global population is foreseen as a driving force behind the growth of the wooden furniture market.

Product innovation is a leading trend in the wooden furniture market, with major companies focusing on developing new products to maintain their market position. For example, in December 2022, Fancyarn, a US-based furniture manufacturer, introduced 100% eco-friendly oak tables and benches. These products are noteworthy for being constructed entirely from oak wood. The benches feature fabric that enhances their sophisticated appearance, complementing rustic environments. Additionally, the end table is painted with formaldehyde-free paint, using only natural, certified solid oak wood, further highlighting its eco-friendly nature.

Prominent companies in the wooden furniture market are emphasizing advanced solutions, such as cutting-edge furniture designs, to meet the evolving demands of consumers. Cutting-edge furniture designs encompass innovative and avant-garde styles that integrate the latest trends and technologies in furniture design. For example, in July 2023, Knock on Wood, an India-based furniture design and manufacturing company, unveiled an office furniture collection aimed at transforming workplaces and redefining collaboration in modern office settings. This collection showcases exceptional craftsmanship and cutting-edge designs, seamlessly blending functionality, practicality, style, and ergonomics. It features meticulously designed sleek desks, workstations, and meeting tables that enhance productivity and elevate the aesthetic appeal of any office environment, creating an inspiring workspace for modern professionals.

In February 2022, Ethan Allen Global Inc., a US-based manufacturer of high-quality furniture, acquired Dimension Wood Products Inc. for an undisclosed sum. This strategic acquisition is expected to help Ethan Allen enhance its control over the costs of raw materials, purchased parts, and labor while maintaining its high standards. Dimension Wood Products Inc. is a US-based manufacturer specializing in wood frames and machined parts used in upholstered furniture manufacturing.

Major companies operating in the wooden furniture market report are 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.

Asia-Pacific was the largest region in the wooden furniture market in 2023. The regions covered in the wooden furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wooden furniture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Wooden furniture encompasses products such as chairs, tables, cabinets, and others. A wooden chair typically consists of a seat with four legs and a backrest, crafted from wood. Various types of wood used include mango wood, Sheesham wood, rubber wood, among others, which are utilized for lamination, plywood, medium-density fiberboard (MDF), and other applications. These wooden furniture products are distributed through channels such as hypermarkets, specialty stores, online retail, and others, catering to both residential and commercial applications.

The wooden furniture market research report is one of a series of new reports that provides wooden furniture market statistics, including wooden furniture industry global market size, regional shares, competitors with wooden furniture market share, detailed wooden furniture market segments, market trends, and opportunities, and any further data you may need to thrive in the wooden furniture industry. This wooden furniture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The wooden furniture market consists of sales of maple wood furniture, mahogany wood furniture, oak wood furniture, cherry wood furnitures. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.