Wooden Furniture Market Size by Product, by Application, and by Geography | Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2024

Technavio has been monitoring the wooden furniture market and it is poised to grow by USD 44.86 billion during 2020-2024, progressing at a CAGR of over 2% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Impact of COVID-19 on Wooden Furniture Market 2020-2024

The COVID-19 pandemic continues to transform the growth of various industries. However, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the wooden furniture market. The market growth in 2020 is likely to increase compared to the market growth in 2019.

Frequently Asked Questions-

What are the major trends in the market?

Rising demand for luxury furniture is one of the major trends in the market.

At what rate is the market projected to grow?

Growing at a CAGR of over 2%, the incremental growth of the market is anticipated to be USD 44.86 billion.

Who are the top players in the market?

Ashley Furniture Industries Inc., Duresta Upholstery Ltd., Herman Miller Inc., HNI Corp., Inter IKEA Holding BV, Laura Ashley Holdings Plc, Okamura Corp., Steelcase Inc., Williams-Sonoma Inc., and Yihua Enterprise (Group) Co. Ltd. are some of the major market participants.

What are the key market drivers and challenges?

The growth of the real estate and construction industry is one of the major factors driving the market. However, the cost challenges faced by manufacturers and vendors restraints the market growth.

How big is the APAC market?

The APAC region will contribute to 47% of market growth.

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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Ashley Furniture Industries Inc., Duresta Upholstery Ltd., Herman Miller Inc., HNI Corp., Inter IKEA Holding BV, Laura Ashley Holdings Plc, Okamura Corp., Steelcase Inc., Williams-Sonoma Inc., and Yihua Enterprise (Group) Co. Ltd. are some of the major market participants. The growth of the real estate and construction industry will offer immense growth opportunities. In a bid to help players strengthen their market foothold, this wooden furniture market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.