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 to augment product penetration in emerging nations
Increasing financial ability and disposable income among emerging nations will drive the 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 is poised to fuel the outdoor furniture market revenue.
Companies 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.
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Rapid economic growth, more accommodative fiscal and monitory policies, availability of abundant & skill labor and rising private consumption are supportive forces for business expansion. 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.
Outdoor furniture market demand is expected to rise led by changing on housing trends along with product & design innovations. The growing competition in the marketplace is predicted to boost the industry development with the requirement of higher design considerations. The overall furniture market in the U.S. is facing labor shortage due 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 propelled by their aesthetics advantage and durability
Metal material demand is projected to hold close to 20% of the outdoor furniture market share by 2026. Metal-based material provides an aesthetic appearance on the modern or classic styled furniture. 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.
Leisure and recreation activities driving the outdoor table demand
Outdoor table market revenue is set to witness more than 3.5% CAGR through 2026. The increasing preference for tables on account of the availability of multiple configurations and sizes will play a major role in the demand. 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.
Increasing number of restaurants, hotels and motels to drive commercial sector growth
The commercial application is anticipated to cross USD 7.5 billion by 2026. The enhanced weather resistance capabilities offered by this furniture along with the availability of multiple configurations will support the segment proliferation. Increasing tourism industry in Asia Pacific and the Middle East is driving product demand.
Strong availability of raw materials and presence of wood processing industry in Europe
Europe is second fastest growing market and is estimated to exhibit 5% CAGR up to 2026. High availability of the raw materials coupled with a large presence of wood processing industry will proliferate the regional 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 market expansion. Low cost labor, rapid innovations in the furniture designs, and heavy R&D investments by the major companies will propel the market size.
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.