Home > Pressrelease > Outdoor Furniture Market size worth over $23.8 Bn by 2027
Outdoor Furniture Market size worth over $23.8 Bn by 2027
- Published Date: September 15, 2021
Outdoor Furniture Market size is forecast to exceed USD 23.8 billion by 2027; according to a new research report by Global Market Insights Inc.
The demand for outdoor furniture is increasing rapidly across residential as well as commercial sectors owing to the growing construction industry especially in North America and Asia Pacific With the rising demand for luxury residences, increasing per capita income, and changing customer lifestyles, outdoor furniture consumption is expected to witness significant growth.
Developed economies in Europe & North America hold a major share in the global outdoor furniture market. The trend of family gatherings & dinners in residential gardens is surging the business development. High disposable incomes, aging population, along with willingness to spend on luxury furniture are strongly supporting the industry demand. Additionally, growing government initiatives towards green buildings across the globe are likely to accelerate the usage of wooden furniture.
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Growing interest in improving the quality of life and healthy living will boost the adoption of outdoor furniture. Increasing number of manufacturers in the industry along with portfolio expansion by existing manufacturers will fuel the outdoor furniture industry statistics. Moreover, the increasing brand advertisements online & offline are strongly supporting the market revenue. The lack of skilled labor in the industry is poised to hamper the industry. In contrast, the growing penetration of the e-commerce sector globally is anticipated to offer new growth opportunities.
Browse key industry insights spread across 400 pages with 305 market data tables & 37 figures & charts from the report, “Outdoor Furniture Market Size By Material (Metal, Plastic, Wood, Textile), By Product (Chairs, Tables, Seating Sets, Dining Sets, Loungers & Daybeds), By End-User (Residential, Commercial), Price Range (High End, Medium, Low), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The wood material segment will grow exponentially
The wood segment held more than 50% of the outdoor furniture market share in 2020 and is projected to observe the highest CAGR of around 6.5% through 2027. Due to its natural appearances and exceptionally attractive designs, wooden furniture is one of the most popular materials among its counterparts. Furthermore, the natural wooden finishing of teak, redwood, and other raw wood is enhanced by coating them with a wooden primer and varnishing them. The wooden furniture is an expensive alternative, affecting its final pricing owing to strict rules governing wood cutting and deforestation in certain regions.
Rising demand for seating sets will augment the market growth
The seating sets segment is forecast to register growth rate of over 5% during 2021 to 2027. These arrangements are mainly made up of the metal structure and wood materials for durability. Proliferating resorts and hotels are providing a positive outlook for the increasing demand for seating sets. The availability of these products in multiple seating configurations and the usage of a diversified range of materials for their manufacturing including leather, wood, and textile are supporting the market demand.
Growing adoption in the residential sector will foster outdoor furniture market trends
Residential spaces including balconies, backyards, and outer places will spur the demand for outer relaxing components. The rapid urbanization in countries, such as China, India, Indonesia, and Brazil, is set to drive the demand for residential buildings with garden spaces, propelling the overall market expansion. Moreover, the new generation is willing to spend more for frequent socializing with friends. The improving socializing trends and frequent hangouts from the past few years are fueling the demand for the garden & outer furniture products.
Asia Pacific to exhibit steady growth
In 2020, the Asia Pacific outdoor furniture market captured nearly 18.4% of the revenue share and is set to witness 7% gains through 2027. Steady improvement in economic conditions of the countries including India, China, and South Korea is driving the regional industry expansion. However, the expanding hospitality industry particularly in the ASEAN countries including Indonesia, Malaysia, Singapore, and Thailand will enhance the business demand.
Some of the top outdoor furniture manufacturers include Unopiu, Ace Hardware, Haworth, Inc., Steelcase, Herman Miller, Inc., Ashley Furniture Industries, Knoll, Inc., Sun Garden GmbH, The Home Depot, Inc., IKEA, Tuuci, Royal Botania NV, Molteni & C., B&B Italia SpA, Century Furniture, Roda Srl, Williams-Sonoma, Inc., Brown Jordan, Dorel Industries, Forever Patio, CABANACOAST, Patio Furniture Industries, Inc., Amisco, Hartman UK, and Dedon, among others. Companies are primarily focusing on expanding their product range and regional presence to maintain their position in the market.
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