Technavio analysts forecast the global wooden furniture market to grow at a CAGR of almost 5% during the period 2018-2022, according to their latest market research report. Source: Business Wire
The increasing adoption of eco-friendly furniture is one of the major trends being witnessed in the global wooden furniture market. Increasing concerns regarding global warming have led to the adoption of ecofriendly furniture.
Though eco-friendly furniture is associated with premium prices, the demand for such furniture is increasing.
Technavio analysts highlight the growth of the real estate and construction industry as a key factor contributing to the growth of the global wooden furniture market.
The global increase in the number of single-person and two-person households has contributed to the increased number of home constructions.
There exists a specifically high demand for portable and compact furniture. According to a senior analyst at Technavio for research on furniture and home furnishing,
According to the report, increased investments in the global real estate market during the past decade have driven the global wooden furniture market significantly.
During the forecast period, the real estate industry is anticipated to witness substantial growth. Developing economies are also witnessing expanding real estate sectors.
The hardwood furniture segment leads the market. Hardwood furniture is characterized by smooth finishing properties and is highly durable, it is darker in color when compared with softwood.
Hardwood furniture contributes to the majority sales of the global wooden furniture market. APAC was the leading region for the global wooden furniture market in 2017. It accounted for a market share of approximately 40%. APAC is expected to post the fastest growth during the forecast period.
