North America Wooden Furniture Market Value was USD 59.3 billion in 2019 and will grow at a CAGR of 5.5% up to 2026.
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The substantial growth in the construction industry coupled with improved customer expenditure is expected to propel the wooden furniture industry growth over the coming years. The increasing number of homeowners in North America is primarily augmenting the demand for wooden furniture products. Attractive garden designing showcases improved compatibility with aesthetic objects such as chairs, lounges, tables, couches, and other furnishing accessories, propelling market growth and penetration. This will directly result in the advancement of the market by 2026.
Changing consumer preferences for residential private houses and commercial buildings are primarily driving wooden furniture demand. The residential sector growth is mainly credited to the improved demand for building construction. The key selling point of housing projects includes attractive furniture designs and well-developed furnishing quality that enhance the house or building’s aesthetic appeal. Wooden furniture is among the most preferred materials due to its natural appearance and extremely attractive designs that glorify the furniture product range. Mahogany, teak, redwood, cedar, eucalyptus, pine, and other wooden materials are widely used in furniture making. Furthermore, coating with a wooden primer and varnishing enhances the finishing of the teak, redwood, and other raw woods.
The product life cycle of furniture is highly dependent on external climatic conditions. Wooden materials used in the making of furniture are less durable under extreme climates such as rainy and winter seasons. Wooden furniture is susceptible to water and is a key restraint in the development of the North America market. Furthermore, the coronavirus pandemic has affected the construction industry negatively, directly affecting furniture sales in the near future.
The market from the residential sector is estimated to witness a considerable growth rate of over 5% by 2026. Improved disposable incomes in numerous countries are powering the purchasing of wooden furniture in residential spaces. Urban expansion is among the major drivers augmenting the demand for designer furniture in living spaces and residing areas. Residential spaces including backyard, balcony, and outer seating places will improve the demand for furnishing components, supporting market expansion. Improved socializing trends from the past few years are also fueling the demand for wooden furniture products.
The North America market is heavily competitive; the crucial players present in the market are Ashley Furniture Industries, Avy Interior Limited Company, Bernhardt Furniture Company, Bassett Furniture Industries, Inc., Bush Industries Inc., Century Furniture, Casta, Doimo, Ethan Allen Global, Inc., Dorel Industries, Inc., Moc Furniture, Hooker Furniture Corporation, Hafele, IKEA Systems B.V., and several more.