- Unfinished wood furniture are ready to finish products. It comes full or half assembled, quality crafted, and finish sanded. Sometimes consumers need to add colored stains, and protective coatings or paints to make it ready to use.
Key Drivers of the Global Unfinished Wood Furniture Market
- Increasing consumer spending on home décor products is a driver of the unfinished wood furniture market. It has been observed that in urban areas, furniture is a part of the lifestyle. Unfinished wood furniture are available at a lower cost which encourages consumers to purchase the product.
- Governments of different countries are expanding their hospitality industry. For instance, the Saudi Arabia government is promoting investment in education, healthcare, and tourism sectors which is expected to create a platform for the unfinished wood furniture industry.
- Rising growth of e-commerce is likely to significantly boost product demand in the furniture market. E-commerce companies are offering unfinished furniture at high discounts. They provide home delivery as well as easy installation options. Furthermore, increasing usage of smartphones at the global level will work as a positive factor for the growth of the unfinished wood furniture market.
Rising Investment in Real Estate to Create Market Opportunity
- Rising real estate investment in developing countries is expected to generate demand for unfinished wood furniture in the coming years. In developing countries, real estate expenditure in the commercial and residential segment is increasing at a higher pace. Companies offer furnished and unfinished residential apartments which is set to create a new avenue for the unfinished wood furniture market.
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Assembly Issue to Work as a Market Restraint
- Many consumers face assembly related problems with unfinished wood furniture. Loose joinery in the product restricts a large number of users from purchasing unfinished wood furniture.
Asia Pacific Expected to be the Fastest Growing Global Unfinished Wood Furniture Market
- The Asia Pacific market is expected to be the fastest growing as a result of increasing consumer spending on home décor products. Furthermore, increasing disposable income in developing economies such as China, India, Sri Lanka, and Bangladesh is expected to drive the market.
- Key companies from North America and Europe are investing in the Asia Pacific market by gauging the market opportunity.
Key Players Operating in the Global Market
The global unfinished wood furniture market is moderately fragmented with numerous small and large players. Companies adopt several strategies including product innovation & development, geographical expansion, and merger and acquisition to increase their market revenue. In June 2018, Inter IKEA Systems B.V. signed a partnership with Adidas Group to increase its product portfolio in the home décor segment.
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