North American wood furniture market to reach USD 580 billion by 2025: GMI
The size of the wood furniture market is estimated to surpass USD 580 billion by 2025, according to a new research report by GMI. Rising per capita income along with residential and commercial projects is expected to drive the wood furniture market.
Increasing production of complex designs and the incorporation of innovative materials supported by advanced manufacturing technologies are expected to boost sales. Moreover, the availability of a wide range of furniture with customizable capabilities based on consumer requirements is further supporting the industry expansion.
According to the U.S. Census Bureau, the country’s construction sector accounted for USD 1,246 billion in 2017, with the residential sector accounting for over 40 percent of the total construction spending.
Rising awareness regarding product benefits such as longevity and affordability are further driving the business expansion. Consumers are opting for smart-designed furniture offering enhanced functionality, strength, and durability.
The study suggests that furniture manufacturers have introduced innovative furniture creations by adopting sustainable practices in their manufacturing processes.