The wood furniture manufacturers industry competes with International companies and also with local companies. China is the king of the wood furniture industry in the whole world and also has one of the biggest revenue markets. Many countries import furniture from China due to good quality and cheap manufacturing prices.
A Coronavirus outbreak in China on December 19, and spread in all over the world and the World Health Organization (WHO) declared this virus as a public health emergency and Pandemic Covid-19. Some companies turned into bankrupt.
Many business are facing crises due to COVID-19, including the furniture industry. According to the updates, the Covid-19 has put shutdown 4000 markets of furniture all over the world.
Covid-19 impacts the economy in many ways such as:
- It affects the production
- It affects the demands
- Financially impact on the firms
- Effect the supply chain (import and export)
- Flight operation
- Hotels and restaurant
- Stock Market
According to the survey growth rate of the Wood furniture industry decrease in 2020, but it’s expected to rapidly increase in the coming years. Now the growth rate in 2020 is 2% all over the world, in the 2019 year growth rate was 4% and in digits 221400 US dollars. From 2020 to 2023 the market size of the wood furniture industry in Compound annual growth rate (CAGR)
will almost hit 10% as expected.
The key players and the stakeholder in the wood furniture market use this survey and report as a powerful resource to grow their business in the future and gain the upper hand by taking this report in a positive way. This report provides an authentic analyzing the growth rate of countries, in the wood global furniture market.
The Analyses of Growth rate from 2019 to 2023:
The annual growth rate in the whole world is expected by 10% from 2019 to 2023. In digits or volume, it will be $290.89 billion in 2023.
According to country wise:
- China is the Lead of the furniture industry, the growth rate in 2019 was almost $80.1 Billion. In 2023 the growth rate will be over $115.6 billion and it’ll be a huge turnover for china.
- USA furniture industry growth rate in digits was $44 Billion. In 2023 the growth rate will be 59.1$ billion.
- Japan’s growth rate was $15.8 Billion. In 2023 the rate will be $18.2 billion.
- South Korea’s growth rate was $8 Billion. In 2023 the rate will be $10.7 billion.
These are the top countries in wood furniture markets. The key industries in wood furniture market are:
- Dorel Industries
- La-Z-Boy Inc
- Yihua Timber
- Man Wah Holdings
- Ashley Furniture Industries
- Sauder Woodworking
- .Huafeng Furniture