Wood furniture dominates the global furniture market with more than a 60 percent share in 2017 and is expected to continue its dominance. Global furniture market size is estimated to surpass $750 billion by 2024; according to a new research report by Global Market Insights, Inc.
Superior product finishes along with availability of extensive wood options including mahogany, teak, redwood, fir, cedar, and others are among the key factors driving the wooden furniture market growth. Preference in green buildings will positively influence the product sales.
Rapid urbanization supported by high private and government spending on residential construction to accommodate the increasing population will boost the global furniture market share. Increasing remodeling service demand in the developed economies of Europe and North America will stimulate the industry development.
The trend towards outdoor living and garden dining supported by rise in social gatherings are augmenting the outdoor furniture market demand. Escalating outdoor restaurants demand will strongly support the business development globally. Increasing eco-friendly and smart furniture product launches will create new growth opportunities over the forecast timeframe.
Commercial application is projected to be the fastest growing segment in the global furniture market. Commercial application majorly includes offices, educational institutions, hospitality, and healthcare sector. Hospitality and educational institutions are among the key contributors to the commercial furniture segment growth. Rising count of tourists in Middle East and Asia Pacific supported by increasing number of luxury hotels are stimulating the business expansion.
Rapid commercialization along with rising household spending is driving the furniture business demand in emerging economies. Increasing service sector in developing countries is propelling the office furniture demand. Geographic expansion of multinational companies along with growth in retail network will boost the industry share.
Asia Pacific is expected to dominate the global furniture market, accounting at over USD 400 billion by 2024. China, India, Japan, and South Korea are the leading furniture markets in the region. Easy availability of raw material and economical labor supported by booming real estate sector are fueling the business revenues.