The Outdoor Furniture Market Growth driven by rise in use of Multipurpose Outdoor Furniture and Growing Preference for Aesthetic Furniture.
Pune, India, April 14, 2021 (GLOBE NEWSWIRE) -- Outdoor Furniture Market: Key Insights
According to our new research study on “Outdoor Furniture Market to 2027 – Global Analysis and Forecast – by Material, Product, and End User,” the Outdoor Furniture Market was valued at US$ 17,843.73 million in 2018 and is projected to reach US$ 26,598.51 million by 2027; it is expected to grow at a CAGR of 4.5% from 2019 to 2027. Rising trend of travelling and changes in lifestyle are the key factors driving the market growth; however, the high cost and long replacement cycle impede the market growth.
In 2018, North America dominated the outdoor furniture market with a share of 32.5%. The market growth in this region is mainly attributed to the emphasis on investments in the construction and real estate sectors, rapid growth of economies backed by rise in urbanization, and increase in income levels. Outdoor furniture includes chairs, tables, seating sets, daybeds, and so on. Thus, the expansion in the hospitality sector and rise in number of outbound trips are also contributing to the regional market growth.
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The outdoor furniture market, by material, is segmented into wood, metal, plastic, and others; the wood segment accounted for 58.0% of the market in 2018. The outdoor furniture market, by product, is segmented into chairs, tables, seating sets, loungers and daybeds, and dining sets; the seating sets segment dominates the market in terms of share, and it is further expected to register the highest CAGR during the forecast period. The outdoor furniture market, by end user, is segmented into residential and commercial; the residential segment is anticipated to hold a major market share during 2019–2027.
Outdoor Furniture Market: Competition Landscape & Key Developments
Agio International Company, Ltd.; Ashley Home Stores, Ltd;, Barbeques Galore; Brown Jordan; Century Furniture LLC; Home crest Outdoor Living LLC; Inter Ikea Systems B.V.; Keter Group; Florida Patio Furniture Inc.; and Polywood are key companies operating in the global outdoor furniture market. The market leaders are continuously looking forward to tapping prevailing business opportunities by expanding and diversifying their market presence and acquiring new customer bases.
With the rise in investments in research and development activities and increase in the adoption of customized designs patterns of outdoor furniture, the use of multipurpose outdoor furniture has gained traction among consumers. These contemporary furniture products ensure convenient handling. They facilitate space-saving by serving multiple purposes. These furniture products include multipurpose yard lamps, extensible dining tables, stackable chairs, convertible benches, foldable tables, or multifunctional tables, and so on.
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Several manufacturers have redirected their attention on the development of multipurpose outdoor furniture to cater to the growing consumer demand. For instance, Linak is providing a wide range of dining table sets that can be adjusted to the multiple height options by using batteries and actuators. Several other multipurpose outdoor furniture products available on the market include yard extensible table, clever made folding chair, shine stackable sunbed, eucalyptus round folding deck table, and Devoko space-saving patio furniture. With the rapid expansion of the residential sector in the developed countries, along with the growing preference for vertical apartments and luxurious housing facilities, consumers are taking special interest in decorating their houses and balconies with modern and space-saving outdoor furniture. Further, the growing trend of miniaturization in this sector also promotes the use of the outdoor garden furniture having multiple functionalities.
The COVID-19 outbreak pandemic is adversely affecting economies and industries in various countries due to government-imposed lockdowns and travel bans, and business shutdowns. The consumer goods is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East and Africa has restricted the global supply chain and negatively impacted the manufacturing activities, delivery schedules, and product sales. Furthermore, various companies have already predicted possible delays in product deliveries and slump in future sales of their products. The travel bans imposed by countries in Europe, Asia, and North America are hindering the business collaborations and partnerships opportunities. All these factors are hampering activities in the consumer goods industry, which are restraining the growth of various markets related to this industry
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Outdoor Furniture Market: Segmental Overview
In terms of material, the plastic segment is anticipated to register the highest CAGR in the market during the forecast period; this is credited to the rise use of plastic in the manufacturing of outdoor furniture such as garden chairs, folding chairs, tables, and seating sets; siding; shower curtains; and clamshell packaging, due to its lighter weight and convenient handling. In terms of product, the seating sets segment accounted for 36.4% share in the outdoor furniture market in 2018. The segment is further estimated to register a CAGR of 4.8% in the market during the forecast period. People nowadays prefer spending leisure time in open air—maybe in the garden, at a pool site, or on the rooftop—for relaxation after hectic daily schedule. Moreover, the attraction toward luxurious and unique outdoor furniture is growing. These factors are anticipated to fuel the outdoor furniture market for the seating sets segment in the coming years. In terms of end user, the commercial segment is estimated to register at a CAGR of 4.7% in the outdoor furniture market during the forecast period. Demand for dining and seating sets is surging rapidly owing to their necessity in commercial spaces such as restaurants, motels, guest house, some corporate offices, resorts, and hotels.
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