Dublin, Nov. 22, 2024 (GLOBE NEWSWIRE) -- The "Outdoor Furniture Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global outdoor furniture market reached a value of nearly $48.96 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.4% since 2018. The market is expected to grow from $48.96 billion in 2023 to $61.64 billion in 2028 at a rate of 4.7%. The market is then expected to grow at a CAGR of 5.3% from 2028 and reach $79.68 billion in 2033.
Going forward, the increasing focus on home renovation, expanding hospitality industry, increasing influence of social media, growing consumer interest in gardening and increasing aging population worldwide will drive the market. Factors that could hinder the growth of the outdoor furniture market in the future include supply chain disruptions.
The outdoor furniture market is segmented by product into seating sets, loungers, dining sets, chairs, table and other products. The dining sets market was the largest segment of the outdoor furniture market segmented by product, accounting for 31.6% or $26.22 billion of the total in 2023. Going forward, the chairs segment is expected to be the fastest growing segment in the outdoor furniture market segmented by product, at a CAGR of 5.8% during 2023-2028.
The outdoor furniture market is segmented by material type into wood, metal, plastic and other material types. The wood market was the largest segment of the outdoor furniture market segmented by material type, accounting for 47.7% or $23.37 billion of the total in 2023. Going forward, the plastic segment is expected to be the fastest growing segment in the outdoor furniture market segmented by material type, at a CAGR of 5.4% during 2023-2028.
The outdoor furniture market is segmented by end-user into residential and commercial. The residential market was the largest segment of the outdoor furniture market segmented by end-user, accounting for 62% or $30.34 billion of the total in 2023. Going forward, the commercial segment is expected to be the fastest growing segment in the outdoor furniture market segmented by end-user, at a CAGR of 5.1% during 2023-2028.
North America was the largest region in the outdoor furniture market, accounting for 37.1% or $18.15 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the outdoor furniture market will be Asia-Pacific and South America, where growth will be at CAGRs of 5.8% and 5.4% respectively. These will be followed by North America and the Middle East, where the markets are expected to grow at CAGRs of 4.5% and 4.2% respectively.
The global outdoor furniture market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up 12.14% of the total market in 2023. Keter was the largest competitor with a 3.06% share of the market, followed by Ashley Global Retail LLC with 2.16%, Home Depot Product Authority LLC with 1.85%, Inter IKEA Systems B.V. with 1.29%, Brown Jordan Inc. with 0.76%, Agio International Company LTD with 0.71%, Herman Miller Inc. with 0.67%, Steelcase Inc. with 0.65%, Sun Garden GmbH with 0.64% and DEDON with 0.35%.
The top opportunities in the outdoor furniture market segmented by product will arise in the dining sets segment, which will gain $4.4 billion of global annual sales by 2028. The top opportunities in the outdoor furniture market segmented by material type will arise in the wood segment, which will gain $5.62 billion of global annual sales by 2028. The top opportunities in the outdoor furniture market segmented by end-user will arise in the residential segment, which will gain $7.42 billion of global annual sales by 2028. The outdoor furniture market size will gain the most in the USA at $3.54 billion.
Market-trend-based strategies for the outdoor furniture market include introduction of dual-purpose sofas and chairs, new product launches with focus on improving durability of furniture, strategic partnerships and collaborations among market players, introduction of flagship showrooms to provide enhanced customer experience and launch of luxurious outdoor furniture range to strengthen product portfolio.
Player-adopted strategies in the outdoor furniture market include expanding business through strategic partnerships and strengthening business capabilities through new product launches.
To take advantage of the opportunities, the analyst recommends the outdoor furniture companies to focus on dual-purpose furniture designs, focus on durable outdoor furniture collections, focus on flagship showrooms for immersive customer experience, focus on luxurious outdoor furniture collections for personalized retreats, focus on plastic market segment for growth, focus on dining sets market segment for growth, focus on strategic partnerships for enhanced distribution channels, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, focus on dynamic pricing strategies, participate in trade shows and events, continue to use B2B promotions, focus on digital marketing channels and focus on residential market segment for targeting end-users.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 297 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $48.96 Billion |
| Forecasted Market Value (USD) by 2031 | $79.68 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
Major Market Trends
- Introduction of Dual-Purpose Sofas and Chairs
- New Product Launches With Focus on Improving Durability of Furniture
- Strategic Partnerships and Collaborations Among Market Players
- Introduction of Flagship Showrooms to Provide Enhanced Customer Experience
- Launch of Luxurious Outdoor Furniture Range to Strengthen Product Portfolio
Competitive Landscape and Company Profiles
- Keter
- Ashley Global Retail LLC
- Home Depot Product Authority LLC
- Inter IKEA Systems B.V.
- Brown Jordan Inc
Other Major and Innovative Companies
- Agio International Company LTD
- Herman Miller Inc
- Steelcase Inc
- Sun Garden GmbH
- DEDON
- Royal Botania
- Williams Sonoma Inc
- Barbeques Galore
- Tuuci
- Kimball International Inc.
- CB2
- Homecrest Outdoor Living
- Lloyd Flanders Inc.
- Adams Manufacturing
- Century Furniture LLC
Key Mergers and Acquisitions
- Twin Star Home Acquired Grand Basket
- Surya Acquired RST Brands
- Landscape Forms Inc Acquired Summit Furniture
- HNI Corporation Acquired Kimball International Inc
- Steelcase Inc Acquired HALCON Corporation
- Hooker Furnishings Acquired Sunset West
- Decor-Rest Acquired Superstyle Furniture
- Best Buy Acquired Yardbird
- Herman Miller Acquired Knoll
- MacNeill Pride Group Acquired GCI Outdoor
For more information about this report visit https://www.researchandmarkets.com/r/ssaayh
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