Factors that encourage growth in wood furniture market
Global Insights, Inc. has recently published a research which shows that the wood furniture market is likely to reach US$ 580 billion by 2025. Increasing demand for branded and ready-made furniture is expected to have an impact on the wood furniture demand. Also, the fast expansion in the housing sector, caused by population and economic growth, foreign direct investment inflows and smart cities, is likely to boost the demand for furniture and positively affect the need for wood furniture.
Asia-Pacific dominates the market
The Asia-Pacific region currently dominates the market for wooden furniture: in 2018, the region accounted for more than 45% of the market share. China, India and Japan accounted for more than 75% of the regional share the same year. The reason for Asia-Pacific dominating the global market is rapid development of high rise buildings (commercial and residential). Consumers are also opting for high-quality products and different design options, which is affecting the demand for furniture in general.