Wooden furniture – favorable global trends
Wooden furniture – favorable global trends
Over the past few years, furniture has earned its reputation as an integral part of human life. Especially in the last 6 years, the demand for different types of furniture has registered a major evolution due to the growth of real estate worldwide. In terms of wood furniture, different wood varieties are used to produce furniture. We also talk about softwood and hardwood. Furniture is increasingly used both for commercial purposes and for residential purposes. At present, there is a large variety of furniture, which includes: tables, beds, chairs, cabinets, desks, etc.
The global furniture market includes home and office furniture. It seems that the key factors of the market are: the growing population and the expansion of the real estate industry. There is also a growing demand for premium and innovative furniture. The main competitors must always come with a variety of products to meet the specific needs of their customers.
In the previous year, Asia was the largest region in terms of furniture production, accounting for a 40% market share. The main reason for this: the growth of emerging markets from disposable income, such as China and India, which has influenced the demand for furniture products. Asia was followed by America (second), with a market share of 36% and Europe (with a market share of 22%).
In the future, according with Credence Research, urbanization and changing lifestyle, increasing population and affordability due to the increase in the available personal income (especially in Asian countries such as China and India), along with the growing trend towards smartphones, all of which will lead to an increase in global business in the furniture industry. Besides, the variety of the increasingly stylish furniture range will propel its demand all over the globe.
In 2015, the residential segment reached the largest market share in total revenues, at the world market. It is expected that in the period 2016-2023, this sector will dominate the market further. Increasing Internet exposure across the globe will greatly increase online furniture sales. Wood has the largest share in the global furniture market, followed by plastic and metal. In the future, a strong increase in furniture made from plastics is expected.
According to another reserch (Arizton – Advisory and Intelligence), the increased demand for luxury furniture and the Millennials generation (digital generation) are other top trends that will drive growth in the market. This adds to the ability of sellers to increase their marketed budgets and the rapid growth of the urban population. The use of low-cost wood, the preference of wood compared to other materials, the construction of small houses, the growth of the tourism industry - are factors that are going to boost global wood furniture market.
WoodBusinessPortal.com team, one of the largest European B2B timber market, with thousands of offers and demands for wood and wooden products.
