The furniture includes items such as tables, chairs, or beds used in a sitting area and laying on them. Rapid economic growth, more disposable income, and decreased land availability will offer plenty of chances for the growth of the wood furniture sector. Wood is regarded as the most sturdy, lasting material and is hence extensively utilized in furniture building. Wooden furniture offers numerous benefits over other furniture kinds. The wooden furniture is very durable and requires less upkeep. The wooden furniture can be refurbished and renovated multiple times. In addition, the demand for wooden furniture has increased markedly by rising living standards and economic situations. The COVID-19 pandemic had an adverse impact on the wood furniture market. The enforcement of lockdown by the government had restricted the consumers from moving out resulting in the complete closure of the corporate and educational sector. Therefore, the demand for wood furniture has eventually decreased.
COVID-19 Impact Analysis
- As a result of the COVID-19 pandemic, the supply and distribution system had interrupted countries to apply a lockdown. The shift in operations and seller's actions affected output. Hypermarkets and convenience stores have been closed resulting in a gap in demand and supply.
- With restricted work availability, a renewed supply of raw material and a logistic difficulty, the production process for wood furniture has become an obstacle for enterprises.
- The customer with a high disposable income and a high interest in high-quality wood furniture turned their interest into necessary comforts to support the survival of the lockdown era. Day-to-day food goods and medicinal products replaced the individual need for luxury wood furniture.
Top Impacting Factors
- The need for wooden furniture would be fueled by the increasing growth of buildings, whether mobile or commercial and a gradual change in taste for imported high-end furniture. The aim is to encourage business development in the healthcare industry through higher investments.
- High manufacturing expenses might hinder the expansion of the sector. Changes to labour legislation and limited access to skilled workers resulted in higher pay and higher production costs. Wood fuel also depends heavily on changing housing trends, which influence the total growth of the industry. A limitation of supply owing to lack of trained employees affects the increased need for furniture.
- Rapid economic expansion, increased disposable income, and restricted access to land will give several chances for the growing wood furniture sector. In addition, there has been significant growth in demand for wooden furniture due to increasing living standards and economic conditions.
The rise in demand for wooden furniture from the residential sector
The demand for wood furniture is increasing in the residential sector. The contribution of the residential sector to the requirement for wooden furniture is high compared to the commercial sector. The elevated demand is because people are utilizing wooden furniture in homes for many purposes such as cupboards, decorating, and other purposes. Due to the rising population and increased need for cheap housing, there has been a phenomenal expansion in the residential property sectors in these last several years, as the demands for wooden furniture should further increase.
An Omni-channel strategy is beneficial for the growth of the wood furniture market
Customers are opting for more convenient ways of buying wood furniture by shifting to e-commerce purchases. Lack of transparency of details and inconsistent pricing is affecting the consumer to make a buying decision. As the world is moving towards digital business and mostly all transactions are occurring on the digital platform. It's an opportunity for the companies to interact with the consumers recognize their wants. A clear message about the product detail and proper mentioning of the price without any hidden charges will motivate the customer to approach the purchase.
The increasing adaptation by consumers toward furniture rental services is fueling the growth of the wood furniture market
The expansion of the rental market is predicted to have a favorable result from higher rental furniture expenditure and the rising acceptance of rental furniture due to low prices and lower maintenance and costs. In addition, the rise of mobile rental services is expected to have a significant influence such as the increasing number of internet subscribers, the increased mobile phone penetration and the rapid expansion of electronic commerce. The growth of furniture rental services is boosting the sale of wood furniture.
Key Benefits of the Report
- This study presents the analytical depiction of the wood furniture industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the wood furniture market share.
- The current market is quantitatively analyzed to highlight the wood furniture market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed wood furniture market analysis on the basis of competitive intensity and how the competition will take shape in coming years
Questions Answered in the Report
- Who are the leading market players active in the wood furniture market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Wood Furniture Market Report Highlights
By Wood Type
By Price range
By Distribution Channel
Key Market Players
HNI Corp, Steelcase, Inc., Herman Miller, Inc., KOKUYO Co. Ltd., Haworth, Inc., Knoll, Inc., Omega HNI Corp, Kimball International, Inc, IKEA Holding, BV., OKAMURA Corp