The global outdoor furniture market was valued at US$ 17,843.7 million in 2018 and is projected to reach US$ 26,598.5 million by 2027; it is expected to grow at a CAGR of 4.5% from 2019 to 2027.
Outdoor furniture such as chairs, tables, seating sets, dining sets, loungers, daybeds, and hammocks are quite popular among the residential and commercial customers.The outdoor furniture market on a global scale has been witnessing substantial growth in the recent past.
Factors such as a rise in consumer spending and traveling trends have resulted in the rising number of tourists across the world.These factors are mostly observed in tourist spots, beach sides, and hill stations, thereby leading to increased counts of motels, hotels, guest houses, resorts, open spaces, and public gardens.
Hence, a growing number of hotels and restaurants are further expected to propel the outdoor furniture market during the forecast period.Moreover, increasing financial capacity of consumers to spend on leisure activities is encouraging consumers to spend a higher amount on outdoor furniture in the residential sector.
Several homeowners are focusing on enhancing the garden or open areas or balcony appearance with aesthetically appealing sitting arrangements. Lounge chairs, seating sets, and tables are some of the key products generating substantial revenue in the outdoor furniture market.
Based on material, the outdoor furniture market is segmented into wood, metal, plastic, and others.The wood segment accounted for the largest share in the global outdoor furniture market in 2018, and the plastic segment is expected to register the fastest growth rate during the forecast period.
Wood is known as an organic material with a natural composite of cellulose fibers that are quite strong in tension and embedded in a matrix of lignin that resists compression.Wood has been widely used for making tools and weapons, as a construction material, to prepare furniture and paper since long time.
Wood has always been utilized extensively for outdoor furniture, such as chairs and tables.The three most widely available and suitable exterior lumber choices are western red cedar, redwood, and cypress.
Western red cedar is mostly sold in the Midwest, and eastern US cypress, which grows in overall the South and Southeast, often gets the nod in those locales owing to its availability of various woods and economical price. Redwood has the most vibrant look for the highest price. Super-strong white oak features stainable and straight-grained wood with heartwood that resists decay. Like redwood and cedar it splits rather easily, which requires pre-drill screw holes for fasteners.
Geographically, the global outdoor furniture market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa.In 2018, North America held the largest share in the global outdoor furniture market, followed by Europe and Asia Pacific.
The US is dominating the outdoor furniture market in North America region, followed by Canada and Mexico.The demand for outdoor furniture products in the in North America is estimated to rise, owing to the growing investment in home construction projects along with the increase in number of commercial properties.
Moreover, the increasing trend of family gatherings and dinners at residential places along with the focus on development of garden areas in offices and propagation of recreational centers are expected to proliferate the demand for outdoor furniture market in the region.
The COVID-19 outbreak, which began in Wuhan (China) in December 2019, has spread around the globe at a fast pace.As of June 2020, the US, Russia, India, China, Italy, Spain, France, and Germany, are among the worst-affected countries in terms of positive cases and reported deaths.
According to the WHO figures updated in June 2020, approximately 7,482,952 confirmed cases and 419,497 deaths have been reported globally.The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns.
Consumer goods is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this pandemic.China is the global manufacturing hub and is the largest raw material supplier for various industries; however, it is also one of the worst-affected countries by the COVID-19 pandemic.
The lockdown of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various outdoor furniture. The overall market breaks down due to COVID-19 is also affecting the outdoor furniture market growth due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
Agio International Company, Ltd.; Ashley Home Stores, Ltd.; Barbeques Galore; Brown Jordan; Century Furniture LLC; Home crest Outdoor Living LLC; Inter Ikea Systems B.V.; Keter Group; Florida Patio Furniture Inc.; and Polywood are among the players present in the global outdoor furniture market.
Overall size of the global outdoor furniture market has been derived using primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global outdoor furniture market.
Also, multiple primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global outdoor furniture market.
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297 pages •
By Asia Market Information & Development Company
• Aug 2020
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