Outdoor Furniture Market Analysis

Outdoor Furniture Market Analysis

The wood segment held more than 50% of the outdoor furniture market share in 2020 and is expected to register growth rate of around 6.5% through 2027. Due to advantages such as superior comfort, eco-friendliness, strength, and aesthetic appeal, wood is one of the most popular material options in outdoor garden furniture. It is widely used for the production of outdoor furniture for residential and commercial sectors. Wooden outdoor furniture is lightweight, long lasting, and offers an aesthetic & natural appeal, thereby fueling market revenue.

The textile material segment is likely to observe a substantial growth during 2021 to 2027. Textile for furniture is available in various colors and designs to match the surrounding along with resilience property. Cost effectiveness and higher comfort during the summer season as compared to leather variant is propelling the demand of textile material. Variants, such as good quality fabrics, are highly durable and have the ability to withstand high wear and tear.

Chairs is the fastest growing product segment and is anticipated to expand at above 7% CAGR till 2027.  Companies are introducing modularity capabilities, enabling consumers to customize the chairs according to their requirements. For instance, Tropitone offers a wide range of outdoor seating furniture with modular RELAXplus technology that enhances the capability of the product to be used in indoor and outdoor applications.
 

In 2020, the residential application dominated the outdoor furniture market with nearly 55% share and is poised to achieve 5.8% growth rate. In numerous countries, rising income levels are augmenting product purchases in both residential and non-residential spaces. Growing demand for exterior seating configurations and other furniture components will spur the overall furniture industry statistics. Moreover, the proliferating housing sales coupled with increasing number of resorts and hotels, gardens, and restaurants are supporting the market expansion.  
 

Medium price range furniture accounted for majority of the market revenue share in 2020. This growth is attributed to the availability of a wide range of products at an economic price. The expansion of the segment is aided by the development of low-cost production technologies, the use of modern tools, and product quality. These products are long-lasting and aesthetically appeal to a wide range of customers. Several e-commerce giants are targeting customers in the medium price range category to achieve economies of scale and generate higher revenues, without investing in retail shop spaces.
 

The North America outdoor furniture market size is set to cross USD 7.6 billion by 2027. The expansion of the hospitality industry along with the increasing preference of people for replacing their basic furniture set with furniture offering multifunction capabilities is supporting the regional dominance. Increasing offices with gardens and proliferation of recreational centers are further strengthening the market outlook. However, the emergence of smart homes and rising preference of consumers to buy homes of compact sizes are enabling companies to invest in innovative solutions for increasing the multifunctional capabilities of the furniture.