According to a recent research report by Global Market Insights, Inc., the wood furniture market is projected to surpass $580 billion by 2025. An increasing consumer preference for branded and ready-made furniture is likely to influence wood furniture market share over the projected timeframe. In addition, rapid expansion of the housing sector due to population and economic growth, growing foreign direct investment inflows, and government focus on smart cities is also expected to augment product demand.
With the rapid development of high-rise commercial and residential complexes, consumers are purchasing an increasing number of high-quality products and opting for diversified design solutions. The substantial availability of beautifully crafted pieces of furniture that also provide comfort is transforming the furniture products landscape globally, further driven by a surge in disposable incomes.
The Asia-Pacific region dominates the global wood furniture market, accounting for over 45% of market share in 2018. Countries including China, India, and Japan accounted for over 75% of the regional share last year.
A reputed studio recently designed new, innovative furniture solutions (including wood-based products) for social housing all across Mexico. The consistent need for residential furnishing across the world will sustain demand for affordable and reliable furniture over the next few years. Rising populations in emerging economies will further bolster product adoption, and novel designs and the introduction of modern residential projects supported by a thriving manufacturing sector will provide a massive push to global wooden furniture market share.
Additional details are available at www.gminsights.com.