Wood furniture market to reach $ 580 billion by 2025: GMI
The size of the wood furniture market is expected to exceed $ 580 billion by 2025, according to a new research report from GMI. Rising per capita income as well as residential and commercial projects are expected to boost the wood furniture market.
The increased production of complex designs and the incorporation of innovative materials supported by advanced manufacturing technologies are expected to boost sales. In addition, the availability of a wide range of furniture with customizable capabilities according to the needs of consumers further supports the expansion of the industry.
According to the US Census Bureau, the country’s construction sector accounted for $ 1,246 billion in 2017, with the residential sector accounting for over 40% of total construction spending.
Growing awareness of product benefits, such as longevity and affordability, further drives business expansion. Consumers are opting for smartly designed furniture that offers improved functionality, strength and durability.
The study suggests that furniture makers have introduced innovative furniture designs by adopting sustainable practices in their manufacturing processes. See https://www.gminsights.com/industry-analysis/wooden-furniture-market.