Selbyville, Delaware, Sept. 15, 2021 (GLOBE NEWSWIRE) --
The outdoor furniture market size is anticipated to record a valuation of USD 23.8 billion by 2027, according to the most recent study by Global Market Insights Inc. Increasing outdoor furniture usage in residential buildings will fuel the industry growth over the forecast timespan. Additionally, increasing number of gardens and lawns in the urban area projected drive the product demand in coming years.
Rising consumer spending on furniture will strongly support the outdoor furniture demand. In Asia Pacific, the growing building & construction spending due to the rise in per-capita disposable income will drive market growth. Increasing needs for residential buildings along with the surging population are estimated to fuel the demand for indoor as well as outdoor furniture. Additionally, the growing popularity of the European and Scandinavian designs & styles of outdoor furniture will proliferate business expansion. Increasing emphasis on the style over function and regular upgrades in outdoor hotels and restaurants will enhance the outdoor furniture market revenue.
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Metal is projected to grow at the CAGR of 4.9% during the forecast period. Stainless steel, aluminum, galvanized steel, and other metal are commonly used in making and designing outdoor furniture. Metals are highly compatible for garden & lawns provided that they have an anti-rust coating and varnishing. Aluminum is a lightweight metal widely used in garden furniture owing to light shade benefits, propelling its use in the making of various structures.
The loungers & daybeds segment is anticipated to grow at a CAGR of 6.5% during the forecast period. Loungers & daybeds are installed in balconies, gardens, backyards, and other outer spaces. Side chairs and upholstered furniture are cushioned with comfortable and decorative cushions with different sizes and colors. The commercial use of loungers for poolside, cafes, beach resorts, and backyards is stimulating market expansion.
The residential segment is expected to account for around 55% of the outdoor furniture market share in 2027. Strong growth in residential construction activities especially in the U.S. and Asia Pacific countries will boost the industry demand. Additionally, increasing initiatives for creating open public spaces will further support the market growth. Industry players are engaged in using innovative materials for building the outdoor furniture including aluminum, metal-wood, wicker-plastic, and plastic-metal combinations, supporting in increasing the furniture quality and reduction of costs, thereby strengthening the industry growth.
Medium price range outdoor furniture is expected to account for around 75% of volume market share by 2027. The availability of a wide range of outdoor furniture at moderate prices with good quality and attractive designs is likely to boost the adoption of these furniture. This furniture is widely used in residential as well as commercial sectors such as offices, clubs, and gardens. Furthermore, high end price range outdoor furniture is likely to grow significantly due to the rising demand in developed countries such as the U.S., Japan, Italy, Germany, Spain, France, and Poland.
Europe outdoor furniture market accounted for around 30% of market share in 2020. The strong demand for sun and beach vacations in Europe is anticipated to drive the adoption of outdoor furniture in the commercial sector. The UK, Germany, Italy, Spain, and France are significantly contributing to the market due to an increased demand for garden & patio furniture in these countries.
The growing demand for outdoor furniture with unique designs and structures in residential & commercial buildings will positively contribute to the overall industry. The global outdoor furniture industry includes players such as Century Furniture, Tuuci, Haworth, Inc., Dedon, The Home Depot, Inc., Royal Botania NV, B&B Italia SpA, Hartman UK, Amisco, Ashley Furniture Industries, Herman Miller, Inc., IKEA, Sun Garden GmbH, and Knoll, Inc. Limited.
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Some of the major findings in the outdoor furniture market report include:
- Wood will remain the largest material segment over the forecast period and is expected to grow at a CAGR of over 6.5% from 2021 to 2027.
- The dining sets was the largest product segment and generated over USD 7.6 billion revenue in 2020.
- Residential buildings will remain the major end-use industry for outdoor furniture over the forecast period. Outdoor furniture is widely used in residential buildings such as gardens, patios, and porches.
- Medium price range outdoor furniture accounted for the largest share owing to the increasing product demand from urban as well as rural area.
- Major multinational companies operating in the industry are focusing on enhancing their product offerings, expanding their presence, and forming strategic alliances, such as joint ventures, partnerships, acquisitions, and collaborations, to hold a market share in the industry.
Partial chapters from the report table of contents:
Chapter 3 Outdoor Furniture Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2017 - 2027
3.3 COVID 19 impact on industry landscape
3.4 Industry ecosystem analysis
3.4.1 Supply chain analysis
3.4.2 Raw material suppliers
3.4.2.1 COVID-19 impact on raw material suppliers
3.4.2.2 Raw material suppliers by region
3.4.2.2.1 North America
3.4.2.2.2 Europe
3.4.2.2.3 Asia Pacific
3.4.2.2.4 Latin America
3.4.2.2.5 Middle East & Africa
3.4.3 Importer
3.4.4 Distributors
3.4.5 Manufacturer
3.4.6 Wholesaler
3.4.7 Distribution channel analysis
3.4.8 Profit margin trends
3.4.9 Vendor matrix
3.5 Technology & innovation landscape
3.5.1 Computer Aided Design (CAD)
3.5.2 Computer Aided Manufacturing (CAM)
3.5.3 CNC bending and cutting
3.5.4 New materials
3.5.5 Innovation for sustainability
3.5.6 Innovation in marketing using technology
3.5.7 Innovation in design & technology
3.6 Regulatory landscape
3.6.1 North America
3.6.2 Europe
3.6.3 Asia Pacific
3.6.4 Latin America
3.6.5 Middle East & Africa
3.7 Used wood species per country
3.7.1 Birch
3.7.2 Beech
3.7.3 Walnut
3.7.4 Teak
3.7.5 Others
3.8 Wooden outdoor furniture manufacturers analysis
3.9 Industry best practices and key buying criteria
3.9.1 Regulatory compliance
3.9.2 Product/material efficiency
3.9.3 Manufacturing cost
3.9.4 Technological advancements
3.9.5 Consumer behavior analysis by region
3.9.5.1 North America
3.9.5.1.1 Unmet needs
3.9.5.1.2 Social & cultural impact forces
3.9.5.1.3 Information search
3.9.5.1.4 Evaluation of alternative
3.9.5.1.5 Purchase decision
3.9.5.1.6 Post purchase evaluation
3.9.5.2 Europe
3.9.5.3 Asia Pacific
3.9.5.4 Latin America
3.9.5.5 MEA
3.10 Pricing analysis
3.11 Cost structure analysis
3.12 Industry impact forces
3.12.1 Growth driver
3.12.1.1 Rapid expansion of product portfolio & distribution network
3.12.1.2 Socialization accompanied by increasing consumer spending on leisure & experiences
3.12.1.3 Increasing tourism industry across the globe
3.12.2 Industry pitfalls & challenges
3.12.2.1 Limited availability of skilled labor to meet fluctuating consumer demand
3.13 Global construction industry overview
3.14 Growth potential analysis, 2020
3.15 Competitive landscape
3.15.1 Market share analysis, 2020
3.15.2 Key stakeholder
3.15.3 Strategy dashboard
3.16 Porter's analysis
3.16.1 Supplier power
3.16.2 Buyer power
3.16.3 Threat of new entrants
3.16.4 Industry rivalry
3.16.5 Threat of substitutes
3.17 PESTEL analysis
3.18 COVID-19 impact on outdoor furniture demand
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
