The report is an extensive research study that provides a competitive analysis of the size, segmentation, competition, trends, and outlook.
NEWARK, UNITED STATES, October 13, 2022 /EINPresswire.com/ — As per the report published by Fior Markets, the outdoor furniture market is expected to grow from USD 18.21 billion in 2020 to USD 26.84 billion by 2028, at a CAGR of 4.97% during the forecast period 2021-2028.
Public gardens, restaurants, hotels, resorts, and residential areas all have outdoor furniture. Outdoor furniture at hotels has evolved into a significant source of revenue, with private pergolas, poolside daybed rentals, couch spaces, and pergolas for outdoor massages all enticing guests to stay longer. While restaurants have various strategies to attract consumers, throughout the spring and summer months, individuals frequently choose outside dining, resulting in a solid income stream for the market. Rooftop dining, dining in the garden, and sidewalk seating are some of the most popular outdoor seating styles. Several homeowners are concentrating on improving the appearance of their gardens and balconies by adding inviting seating spaces. The furniture you choose is strongly influenced by the weather outside. When selecting outdoor furniture, weather resilience, crack proofing, insect resistance, and better tensile strength are important considerations. The bulk of manufacturers are concentrating their efforts on creating environmentally friendly fixtures. Furthermore, an improving outside appearance to signal to complement architectural themes and styles of living spaces and backyards of houses plays a significant influence in the buying choice. Beach resorts and hotels are attracting manufacturing businesses due to their increased profitability.
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Rapid urbanization in emerging nations and a rising urban population is having a significant impact on lifestyle patterns. Migrant consumers are flocking to metro centers in search of better lifestyles and living conditions. The development of private residential structures in rural and semi-urban areas has improved as the urban population has grown. The need for outdoor furniture is being driven by a contemporary lifestyle and increasing socializing trends such as outside eating in gardens, social gatherings, grilling, and barbecue activities in the backyard area.
The outbreak of COVID-19 has had a wide range of consequences, including flight cancellations, travel bans, and quarantines, restaurants are closing, and all indoor events being restricted in over forty countries where a state of emergency has been declared, resulting in a massive slowing of market trends, falling business confidence, rising panic among the population, and uncertainty about the future.
Key players operating in the outdoor furniture market are Plaisir Du Jardin Ltd., Ace Hardware, Century Furniture, Dedon, The Home Depot Inc., EMU Group S.p.A., Haworth Inc., Unopiu, Hartman UK, and IKEA. To earn a significant market share in the outdoor furniture market, the key players now focus on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In August 2017, Ace Hardware, a significant industry participant, has announced the opening of its 5,000th shop in the United States. The firm intends to expand its retail network by opening more locations.
Wood segment dominated the market and held the largest market share of 43.19% in the year 2020
On the basis of material, the outdoor furniture market is segmented into Plastic, Wood, and Metal. The wood material segment dominated the outdoor furniture market and held the largest market share of 43.19% in 2020. External climatic variables have a significant impact on the furniture. It has a substantial effect on the exterior look of architectural motifs and the inside of living spaces. Wood (hardwood and softwood) is an essential product material in furniture manufacture, as it increases its longevity while also improving its beauty. Environmentally friendly materials such as MOSO bamboo, which is more robust and tougher than oak, are being used by manufacturers. Because of its natural look, wood furniture is the most popular among its equivalents. Furthermore, appealing designs that glorify outdoor spaces are anticipated to drive market growth. Furniture is commonly made from mahogany, redwood, teak, cedar, pine, eucalyptus, and composite materials.
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Wood segment dominated the market and held the largest market share of 63.27% in the year 2020
On the basis of end-user, the outdoor furniture market is segmented into commercial and residential. The residential end-user segment dominated the outdoor furniture market and held the largest market share of 63.27% in 2020. Rising income levels are fuelling product buying trends in both residential and non-residential settings. Increased demand for outside seating arrangements and other furniture components is being driven by many factors, one of which is urbanization. Traditional and cultural patterns differ in several nations, influencing product demand. Because of the more significant product employment in gardens or outdoor areas, North America and Europe are among the top revenue-generating regions.
Regional Segment of Outdoor Furniture Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of APAC)
South America (Brazil and Rest of South America)
The Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the outdoor furniture market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The North America dominated the outdoor furniture market with 38.71% in 2020, followed by Asia-Pacific. The US is the largest user of outdoor furniture in North America, contributing to the region’s growth. The expansion of different industries, such as hospitality, public gardens, recreational sports areas, and open restaurants, bolsters the market’s dominance. Market growth is aided by companies like Brown Jordan and Forever Patio, as well as market advancements and client willingness to pay. The fastest-growing region is the Asia Pacific. The significant drivers of market development in the area include developing countries like India and China and rising tourism in Singapore, Malaysia, and Thailand. Thailand is a popular tourist destination in the region. Due to increased tourist activity, outdoor furniture sales are rising in the area, allowing the commercial sector to gain market share.
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About the report:
The outdoor furniture market is analyzed on the basis of value (USD million). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insights into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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