NEW YORK – The wooden furniture market size is projected to grow by $49.3 billion, progressing at a CAGR of 2.73% from 2021 to 2026, according to a new report from Technavio.
Based on region, the global wooden furniture market is segmented into North America, South America, Europe, APAC, and MEA. APAC is estimated to contribute 46% to the growth of the global market over the forecast period. The increase in office space owing to the rise in the number of corporate offices will facilitate the wooden furniture market growth in APAC over the forecast period.
The growth of the real estate and construction industries is driving the wooden furniture market growth. The number of single-person and two-person households has increased, which has contributed to the rise of home construction. Moreover, the increase in investments in the global real estate market during the past decade has significantly fueled the global wooden furniture market. Developing economies are also witnessing the expansion of the real estate sector. Thus, the growth of the real estate and construction industry will drive the wooden furniture market growth during the forecast period.
The increasing adoption of eco-friendly furniture is a key trend in the market. Concerns regarding global warming have led to the adoption of eco-friendly furniture. Hence, consumers are purchasing eco-friendly furniture, such as furniture made from Moso bamboo. Moreover, several non-profit trade associations have introduced guidelines for the suppliers and manufacturers of eco-friendly furniture to promote health, environmental equilibrium, and well-being. Such factors will support the growth of the global wooden furniture market during the forecast period.
Have something to say? Share your thoughts with us in the comments below.