The outdoor furniture market is the most affected with a CAGR of 4.97% by 2028
The report is an in-depth research study that provides competitive analysis of size, segmentation, competition, trends and prospects.
NEWARK, USA, October 13, 2022 /EINPresswire.com/ — According to 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 in hotels has become a major source of revenue, with private pergolas, poolside daybed rentals, sofa areas and outdoor massage pergolas prompting all customers to stay longer. While restaurants have various strategies to attract consumers, throughout the spring and summer months, individuals frequently choose to eat out, resulting in a strong revenue stream for the market. Rooftop dining, garden dining, and sidewalk seating are some of the most popular outdoor seating styles. Many homeowners focus on improving the look of their gardens and balconies by adding inviting seating areas. The furniture you choose is heavily influenced by the weather outside. When selecting outdoor furniture, weather resistance, crack protection, insect resistance, and better tensile strength are important considerations. The majority of manufacturers focus their efforts on creating environmentally friendly lighting fixtures. Additionally, an improvement in the exterior appearance to signal to complement the architectural themes and styles of living spaces and backyards of homes plays a significant influence in purchasing choice. Resorts and hotels attract manufacturing companies because of their increased profitability.
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Rapid urbanization in emerging countries and the increase in urban population have a significant impact on lifestyles. Migrant consumers are flocking to metropolitan centers in search of better lifestyles and living conditions. The development of private residential structures in rural and semi-urban areas has improved with the growth of the urban population. The need for outdoor furniture is driven by contemporary lifestyle and growing socializing trends such as outdoor dining in backyards, social gatherings, grilling and backyard barbecue activities.
The COVID-19 outbreak has had a wide range of consequences, including flight cancellations, travel bans and quarantines, restaurant closures and restrictions on all indoor events in more than forty countries where the a state of emergency was declared, leading to a massive slowdown in market trends, declining business confidence, mounting panic among the population and uncertainty about the future.
Major players operating in the outdoor furniture market include Plaisir Du Jardin Ltd., Ace Hardware, Century Furniture, Dedon, The Home Depot Inc., EMU Group SpA, Haworth Inc., Unopiu, Hartman UK, and IKEA. To gain significant market share in the outdoor furniture market, major players are now focusing on adopting product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In August 2017, Ace Hardware, a major player in the industry, announced the opening of its 5,000th store in the United States. The company intends to expand its retail network by opening more outlets.
The wood segment dominated the market and held the largest market share of 43.19% in 2020
On the basis of materials, the outdoor furniture market is segmented into plastic, wood, and metal. The wooden materials segment dominated the outdoor furniture market and held the largest market share of 43.19% in 2020. External climate variables have a significant impact on furniture. It has a substantial effect on the exterior appearance of architectural designs and the interior of living spaces. Wood (both hardwood and softwood) is an essential product material in furniture making as it increases its longevity while enhancing its beauty. Environmentally friendly materials such as MOSO bamboo, sturdier and more resistant than oak, are used by manufacturers. Due to its natural look, wooden furniture is the most popular among its counterparts. Additionally, attractive designs that glorify outdoor spaces are expected to boost the market growth. Furniture is typically made from mahogany, redwood, teak, cedar, pine, eucalyptus, and composite materials.
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The wood segment dominated the market and held the largest market share of 63.27% in 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 fueling product buying trends in residential and non-residential. The increased demand for outdoor seating arrangements and other furniture components is driven by many factors, one of which is urbanization. Traditional and cultural patterns differ in several countries, influencing product demand. Due to the greater use of products in gardens or outdoor spaces, North America and Europe are among the most revenue-generating regions.
Regional segment of the outdoor furniture market
North America (United States, Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, rest of APAC)
South America (Brazil and rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the outdoor furniture market is classified into North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America led the outdoor furniture market with 38.71% in 2020, followed by Asia-Pacific. The United States 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, is enhancing market dominance. Market growth is driven by companies such as Brown Jordan and Forever Patio, along with market advances and customer willingness to pay. The fastest growing region is Asia-Pacific. Important drivers of market development in the region include developing countries like India and China and the tourism boom in Singapore, Malaysia and Thailand. Thailand is a popular tourist destination in the region. Due to the increase in tourism activity, sales of outdoor furniture are increasing in the region, enabling 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 (million USD). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, and Competitor Position Grid Analysis.
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