Growth Prospects, Leading Vendors, Future Scenario Forecasts to 2027
The size of outdoor furniture market was registered at USD 15.7 billion in the year 2020 and is anticipated to cross USD 23.8 billion by 2027. Between the period 2021-2027, the market is expected to register a CAGR of 5.9%.
Global outdoor furniture market share is slated to witness prolific growth by 2027, due to the mounting product adoption in residential buildings and the surging global population. In addition, the high consumer spending, alongside the escalating number of gardens and lawns in urban areas, will also amplify the need for outdoor furniture in the years ahead.
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Considering product, the loungers and daybeds segment will grow at a CAGR of 6.5% in the outdoor furniture market through 2027, given the commercial use of loungers for cafes, beach resorts, poolside, and backyards. Strong focus on decorating backyards, balconies, and open spaces like gardens and terraces will also add impetus to industry expansion from the segment over the forecast spell.
Medium price range segment is likely to hold around 75% volume share in the outdoor furniture industry by 2027, which is due to the strong product demand from urban and rural areas. Good quality and attractive outdoor furniture pieces are becoming increasingly available in recent years at moderate prices, encouraging their usage in various commercial and residential applications.
The outdoor furniture market from the metal segment is set to exhibit a CAGR of 4.9% through 2027. This is a result of the increasing use of aluminum, stainless and galvanized steel, and other metals in designing outdoor furniture. This outdoor furniture material is also highly preferred for gardens and lawns, due to its anti-rust coating and varnishing, and lightweight characteristics. Meanwhile, the wood segment will depict over 6.5% CAGR through 2027 and account for a considerable share in the outdoor furniture industry by 2027.
Based on application, the residential segment will account for over 55% share in the outdoor furniture market by 2027, on account of the surging residential construction activities in the APAC and the U.S. Rising initiatives to create open public spaces, along with the mounting installation of outdoor furniture on patios, porches, and gardens, will also add impetus to the product adoption in the residential sector.
On the regional front, the Europe outdoor furniture industry accounted for an over 30% share of the global industry in 2020, which was attributable to the growth of sun and beach tourism. Increased demand for garden and patio furniture in countries such as France, Spain, Italy, Germany, and the UK will also assert a positive influence on the outdoor furniture brands in the region.
Investments in building and construction activities have increased considerably in the Asia Pacific, mainly due to the rising per capita income. There has also been a significant rise in popularity of Scandinavian and European designs and styles for outdoor furniture in recent years, prompting regular upgrades in outdoor restaurants and outdoor hotels, which will also boost industry growth.
The competitive landscape of the global outdoor furniture market consists of companies such as Knoll, Inc., Sun Garden GmbH, IKEA, Herman Miller, Inc., Ashley Furniture Industries, Amisco, Hartman UK, B&B Italia SpA, Royal Botania NV, The Home Depot, Inc., Dedon, Haworth, Inc., Tuuci, and Century Furniture, among others. Strategic product launches and business expansions are the key initiatives being undertaken by the market players to reinforce their presence across the global market.
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Some Point from Table of Contents:
Chapter 5 Outdoor Furniture Market, By Product
5.1 Global outdoor furniture market share by product, 2020 & 2027
5.2.1 Market estimates and forecast, 2017 - 2027
5.2.2 Market estimates and forecast, by region, 2017 - 2027
5.3.1 Market estimates and forecast, 2017 - 2027
5.3.2 Market estimates and forecast, by region, 2017 – 2027
5.4 Seating sets
5.4.1 Market estimates and forecast, 2017 - 2027
5.4.2 Market estimates and forecast, by region, 2017 - 2027
5.5 Dining sets
5.5.1 Market estimates and forecast, 2017 - 2027
5.5.2 Market estimates and forecast, by region, 2017 - 2027
5.6 Loungers & daybeds
5.6.1 Market estimates and forecast, 2017 - 2027
5.6.2 Market estimates and forecast, by region, 2017 – 2027
5.7.1 Market estimates and forecast, 2017 - 2027
5.7.2 Market estimates and forecast, by region, 2017 - 2027
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