ID: MRFR/CO/1545-HCR | February 2021 | Region: Global | 111 pages
Outdoor Furniture Market is expected to grow at a 5.7% CAGR. The market is expected to be valued at 27 billion by the end of the global forecast period for the market.
The demand for the Outdoor Furniture Market has been experiencing a lot of demand in recent years. The market is witnessing an increase in the purchasing power of consumers. Also, the customers’ ability to spend on international travel is helping the global market gain momentum. The increase in the number of people showing interest in international travel is pushing the widening market’s demand. Tourist spots are the main areas where such factors are witnessed. People are demanding for visiting tourist destinations like gill stations also. This is increasing the demand for hotels, public gardens, open spaces along with resorts for comfort and convenience. Hotels and restaurants require the best kind of outdoor furniture to attract potential customers and propel them in the global tourism industry. This growing demand is helping the outdoor furniture market grow by the end of the global forecast period. Apart from the tourism industry, many homeowners are willing to enhance their gardens and balconies will sitting areas having an aesthetic appeal.
All these factors are contributing to a positive market outlook by the end of the global forecast period. As per the prevailing trends,
Covid 19 Analysis
The first case of the global coronavirus pandemic was reported in November 2019 and since then, most of the countries are dealing with the fatal effects of the same. With the unavailability of the appropriate treatment, the healthcare infrastructures of the world’s best economies are also collapsing. Due to the pandemic, the government is bound to impose various kinds of restrictions like temporary and permanent lockdowns, temporary suspension of the international travel ban, and imposing restrictions on the functioning of the essential and non-essential services in the market. This is further harming the businesses as they are unable to produce and manufacture and comply with the supply chain mechanism prevalent in the global market. Also, the unavailability of labor is having an impact on the market and hampering the production ability of the market.
However, to help the market cover up the losses due to the pandemic, the government along with the key market players are known to be taking strategic market steps. The growth of the tourism industry, for instance, is parallel to the growth of the outdoor furniture market. Also, the audience is demanding furniture aesthetics that have a long way to go owing to the market trends and changing lifestyles.
One of the major factors that are likely to have a positive impact on the global market is that the potential audience has an increase in their disposable income. Owing to these, they are opting for major lifestyle changes and investing in home decor and furniture to enhance the beauty of the location which aesthetics have a great role to play. Also, most of the tourist locations such as Maldives Singapore Malaysia have a lot of resorts and hotels near the beaches and the most beautiful thing in contrast to the beach and waters is wooden furniture used therein. Also, there are different quality of wood used in manufacturing the furniture, so the vendors of those different types of woods will play a major role in driving the outdoor furniture market growth.
However, most of the outdoor furniture items are available at an expensive rate which cannot be afforded by all the customers. With high quality there comes a high price which cannot be paid by everyone. So this price is one factor that may hamper the market growth. Also, matching the exact requirement of the customers is a major concern which the players are still working upon. Every person has a different way of looking at things and at times people explain a thing to someone but something else is understood by another and the same thing happens when a customer asks the vendor to design his furniture in a certain way but something else is designed. So the customer satisfaction with perfection is another factor that may slow the outdoor furniture market growth.
The market has been divided into various segments which have a major role to play in helping the market reach the predicted market valuation. The outdoor furniture options are huge and the customers can pick as per what suits their taste and preference the most. The outdoor furniture options have a luxurious and very stylish appearance. Apart from this, there are many other features like durability and superior comfort offered by wood furniture products. The market players are further bringing enhancements to these by implementing technologies that help in enhancing the product appeal. In this modern era companies are coming up with smart beds and tables that has in-built television and music system. Also, new types of designs are being engraved on such furniture to attract customers. This market growth is majorly derived from the locations that have tourists visiting them all around the year. A new type of furniture products are being designed on which either some historic event are engraved or some great leader’s picture and information have been written.
Outdoor furniture market share is anticipated to witness significant growth owing to the performance of different market segments. Among all segments, the wood segment will hold the largest market share of the outdoor furniture market during the forecast period. It will witness a rise in CAGR by 3% because of its features like high durability, superior comfort, and fashionable appearance. For an amplifying use the market is segmented into the following on different bases:
The outdoor furniture market industry movements are remarkably working in 6 major regions of the world Europe, Asia Pacific, Africa, North America, the Middle East, and South America. The North American region is anticipated to witness significant growth during the forecast period. The reason is attributed to its high-density population and rising demand for luxurious goods. Europe will be the second-largest market of outdoor furniture market during the forecast period because of suitable climatic conditions to develop wood. The availability of processed woods is another reason for the growth of the outdoor furniture market especially in places like Thailand, Mexico, and Singapore. Also in countries like India and China where the tourists’ activities are increasing day by day will be the most demanding countries of this market and drive its growth to a good extent.
To get a detailed and profound idea about the outdoor furniture market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the globe. There are various strategies adopted by key players in the outdoor furniture market like technology launches, acquisitions, and partnerships to expand their business and stable themselves in the global market. The prime players of the outdoor furniture market are: -
May 2021- Very Good & Proper, a British furniture brand has made its debut in the outdoor furniture. This new range of sustainable outdoor furniture is summer-ready. They have combined sustainable materials with a minimum design that is ideal for any outdoor space from urban balconies to leafy gardens.
The Outdoor Furniture Market report presents a switch analysis that includes market drivers, opportunities, and restraints that are available in the global market. The report takes into consideration the impact of covid-19 on the key players of the outdoor furniture market industry. The report also informs us about the segmentation of the market on a different basis and how a competitive environment is created among the key players around the globe. At last, the report shows some recent developments in the field of the outdoor furniture market.
|Market Size||2027: USD 27 Billion|
|CAGR||5.7% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Product Type and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Agio International Company, Brown Jordan International, and Centure Furniture|
|Key Market Opportunities||Growing number of hotels and restaurants is expected to propel|
|Key Market Drivers||Increasing disposable income of consumers|
Frequently Asked Questions (FAQ) :
Global outdoor furniture market is expected to be valued at USD 27 billion by the end of 2027.
Global outdoor furniture market is expected to exhibit a strong 5.7% CAGR over the forecast period from 2019 to 2025.
Increasing disposable income of consumers is likely to be the major driver for the outdoor furniture market.
North America accounted for the largest share in the outdoor furniture market in 2018.
Leading players in the global outdoor furniture market include Agio International Company, Brown Jordan International, and Centure Furniture, among others.