New York, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Outdoor Shed Market: Key Insights
According to our new research study on “Outdoor Shed Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the Outdoor Shed Market is projected to reach US$ 9,615.28 million by 2028 from US$ 6,319.58 million in 2020; it is expected to grow at a CAGR of 5.5% during 2021–2028.
Outdoor Shed Market: Competitive Landscape and Key Developments
DuraMax; Handy Home Products; Keter; Lifetime Products; PM Impex Pvt. Ltd.; Pressmach Infrastructure Private Limited; Rubbermaid; ShelterLogic; Suncast; and Tuff Shed are among the key Outdoor Shed Market market players that are profiled in this study. In addition to these, several other global, regional, and local players are operating in the market ecosystem/value chain, which were studied and analyzed during this study to get a holistic view of the entire market.
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In 2021, UBQ Materials, a developer of the most climate-positive thermoplastic material on the market, entered into a partnership with Keter Group to incorporate UBQ into multiple product lines; the move is meant to help the companies to achieve its sustainability goal by incorporating 55% recycled content in its product line by 2026.
Increase in the adoption of smartphones and high penetration of internet are bolstering the adoption of e-commerce across the world. This has encouraged the Outdoor Shed Market providers to opt for online selling channels to expand their respective customer bases. Raw materials and other equipment required to construct Outdoor Shed Markets are often bulky. Therefore, in conventional purchase, it is difficult to carry everything from store to home. On the other side, in online purchases, these materials and tools are delivered at a doorstep. Moreover, e-commerce allows consumers to compare the material quality and prices with all the available options. The COVID-19 pandemic crisis is compelling consumers to stay indoors. Moreover, people managed to make time to develop the outer area of their houses by opting for the do-it-yourself (DIY) approach amid the pandemic. As a result, surge in the popularity of online channels for buying essential and nonessential goods, comprising Outdoor Shed Market materials, has fueled the market growth in the last couple of years.
The Outdoor Shed Market Growth impelled by growing importance of adopting active lifestyles and expanding infrastructure; while in 2021, the commercial segment accounted for a significant share in the global market.
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Outdoor Shed Market: Application Overview
The Outdoor Shed Market, by application, is segmented into residential, commercial, and industrial. The commercial segment held the largest market share in 2020. Commercial usage of Outdoor Shed Markets refers to their use in agriculture and in various organizations in the form of bike sheds, boat sheds, or storage sheds. Unlike the residential sheds, commercial sheds are basically made from metals or plastics, as they require greater durability and lesser maintenance. The commercial sheds are best suited for warehouses, school covers, commercial storage complexes, and disaster recovery centers. Steel is the most preferred material for commercial sheds as it is less corrosive and highly durable. Commercial Outdoor Shed Markets can be built much faster than other types of construction, and they can also be easily demolished, if required. These sheds provide versatility in space management.
Physical activity is one of the essential solutions for the problems caused by sedentary living and obesity among children and adults. Active living contributes to the physical and mental well-being of an individual and community. Physical activities are not just limited to sports arenas or recreational events; people can perform these activities at the places where they live and work, or in neighborhoods. According to the World Health Organization (WHO) a study of the US population, physically active people have lower annual direct medical costs than inactive people. The study also showed that increasing regular moderate physical activity among inactive adults might reduce the annual national direct medical costs by significant margins.
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Moreover, employers benefit from having a physically active workforce, which can lead to reduction in absenteeism and increase in productivity. Cities that spend the least on providing mobility infrastructure for their inhabitants are medium- or high-density towns, where trips are being made mainly using public transport, walking, and cycling. The increasing active lifestyle across the world that comprises activities such as bicycling, skiing, and camping would create a need of extra space other than the residential houses to store the related equipment and materials, which is offering lucrative growth opportunities for the future growth of the Outdoor Shed Market players.
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