Outdoor Furniture Market size worth over $20.6 Bn by 2026
Published Date: July 20, 2020 Authors: Kiran Pulidindi, Hemant Pandey
Outdoor Furniture Market size is forecast to exceed USD 20.6 billion by 2026; according to a new research report by Global Market Insights, Inc.
Increasing financial stability shall augment product penetration in emerging nations
Increasing financial ability and disposable income among emerging nations will drive furniture demand in residential sector. Growing interest in improving the quality of life and healthy living will also boost the industry growth. Increasing count of manufacturers in the business along with portfolio extension by existing manufacturers will fuel the outdoor furniture market expansion.
Moreover, players are expanding distribution capabilities by integrating online channels with physical distribution centers. The penetration of e-commerce has enhanced the overall furniture sales by offering more products & brand choices to customers.
Developing economies such as India, Malaysia, Indonesia, Argentina, etc. are achieving financial stability due to high economic growth and industrial activity. Rapid economic growth, more accommodative fiscal and monitory policies, availability of abundant & skill labor and rising private consumption are supportive forces for business growth. Developed economies in North America & Europe are prominent market owing to strong socio-economic factors. The consumers in these regions have social tendency of family gathering, dinners, BBQ, etc, which is surging the demand for furniture in outdoor spaces. Increasing disposable income, aging population and high willingness to spend on leisure products are propelling the market growth.
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Outdoor furniture market demand expected to rise due to changing on housing trends along with product & design innovations. The growing competition in the marketplace will fuel the industry development with the requirement of higher design considerations. North America & Europe observed higher demand for outdoor furniture. However, mature markets such as North America and Europe are facing labor shortage. The overall furniture market in the U.S. is facing labor storage owing to the skilled labor moving toward the retirement age. Moreover, Covid-19 pandemic has severely affected the production abilities, supply chain and product demand of the furniture industry.
Browse key industry insights spread across 531 pages with 499 market data tables & 33 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-Use (Residential, Commercial), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Metal material gaining popularity owing to their aesthetics advantage and durability
Metal-based material provides an aesthetic appearance on the modern or classic styled furniture. In sleek black or gleaming metallic, fine metal frames are paired with the opulent marbles and luxurious fabrics to create new stylish designs. Furniture manufacturing from stainless steel is becoming popular among the consumers owing to varied designs, structural simple fashion, unique style & elegance, high durability, and eco-friendliness. Metal outdoor furniture market is expected to hold close to 20% share in 2026.
Leisure and recreation activities driving demand for outdoor table market
The increasing preference for tables owing to the availability of multiple configurations and sizes will play a major role in the segment growth till 2026. The increasing preference of consumers to build fire pits and fireplaces in lawns and backyards for family leisure and recreation activities are increasing the demand for tables significantly. Further the availability of customized fire pits with the provision of placing it in center tables is providing a positive outlook for the market growth. Outdoor table revenue is expected to witness more than 3.5% CAGR by 2026.
Increasing number of restaurants, hotels and motels drive commercial sector growth
Outdoor furniture is mostly used by the commercial segment in several sectors including open restaurants, resorts, hotels, schools and colleges, hospitals, and public parks. The enhanced weather resistance capabilities offered by this furniture along with the availability of multiple configurations will support the segment proliferation over the forecast timeframe. Increasing tourism industry in Asia Pacific and the Middle East is driving product demand in restaurants, hotels, motels, etc. Therefore, the commercial segment will reach over USD 7.5 billion by 2026.
Strong availability of raw materials and presence of wood processing industry in Europe
High availability of the raw materials coupled with a large presence of wood processing industry will proliferate the Europe outdoor furniture market demand. The key factors, such as changes in the EU integration process & centralized system, liberalization & globalization of the international trade, will provide a positive outlook for the business expansion. Low cost labor, rapid innovations in the furniture designs, and heavy R&D investments by the major companies will propel the market size. Europe is second fastest growing market and will exhibit 5% CAGR in terms of revenue over forecast period.
Launch of new product lines is gaining popularity among product manufacturers
Industry participants are launching new product lines for outdoor spaces to gain competitive advantage and strengthen product mix. For instance, in April 2018, Century Furniture announced the launch of its new West Bay Collection that includes several products for the outdoor living applications. The new collection launch strengthens the company’s outdoor furniture offerings.
Prominent players involved in the outdoor furniture market are Kingsley Bate, Ltd., Agio International Co.Ltd, Ashley Furniture Industries, Barbeques Galore, Barlow Tyrie Ltd., Brown Jordan, Century Furniture, Dedon, etc.