The North America outdoor shed market is expected to grow from US$ 1,783.37 million in 2021 to US$ 2,511.03 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2021 to 2028.
Rising online purchases of outdoor shed equipment and materials is expected to surge the market growth.Increase in the adoption of smartphones and the high penetration of internet are bolstering the adoption of e-commerce across the region.
Nowadays, products are easily accessible, with only a tap away.This has also influenced the outdoor shed businesses to adopt online selling channels to expand their respective customer bases.
Raw materials and other equipment required to construct outdoor sheds 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 the doorstep. Also, with the help of e-commerce, a consumer compares the material quality and significant price among various options. Further, the ongoing COVID-19 pandemic crisis is compelling consumers to stay indoors. With the DIY (do it yourself) concept, in the pandemic, people are getting more time to develop the outer area of their houses by themselves. As a result, the use of online shopping for both essential and nonessential goods, comprising outdoor shed materials, is increasing amid pandemic across North America region.
In case of COVID-19, North America is among the worst-hit regions by the pandemic.The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients.
COVID-19 has negatively impacted manufacturing businesses in the region in four critical areas: supply chain/operations, workforce, 2020 investments, and product offering.In the first nine months, overhead costs, including expenses for sales, research & development (R&D), and administration of various providers fell adversely, due to severe measures taken during the pandemic.
North American manufacturers of outdoor sheds suffered a significant loss in the first half of 2020, owing to the high number of COVID-19 cases, specifically in the US.Thus, the constant demand for outdoor sheds witnessed a slight decrease in 2020, owing to the lockdown imposed by the government and low manufacturing of sheds.
This has hindered the growth of the outdoor shed market last year, which is likely to continue slightly during 2021. The major loss was seen in commercial and industrial applications; however, in the residential sector, the demand is being sustained due to the penetration of online marketing. As residents are forced to remain indoors, recreational activities such as gardening are surging. This has escalated the demand for new gardening equipment and discarding of old ones. Moreover, to store the obsolete material, people are investing in making more outdoor sheds. Thus, people are purchasing all the equipment online. Therefore, this factor is driving the North America outdoor shed market.
The metal sheds segment led the North America outdoor shed market based on type in 2020.Metal sheds provide the highest quality in terms of life and durability than wood or plastic sheds.
However, the quality of metal used is varying.For instance, the cheapest versions are made from very thin panels and corrode quickly, whereas those at the high end of the market are extremely strong, rigid, and secure, and have excellent corrosion resistance.
Due to the large number of components, metal sheds take longer time to install.However, the overall maintenance of metal sheds is less as compared to wood or plastic sheds.
Metal sheds are ideal for storing livestock supply as they are not prone to insects or rodents. The metal sheds come with longer manufacturer’s warranty and are inexpensive. Given above advantages of metal sheds is expected to increase its demand, thereby driving the North America outdoor shed market.
The overall North America outdoor shed market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the North America outdoor shed market.
The process also serves the purpose of obtaining overview and forecast for the North America outdoor shed market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America outdoor shed market. DuraMax, Handy Home Products, Keter, Lifetime Products, Rubbermaid, ShelterLogic, Suncast, and Tuff Shed are among a few players operating in the North America outdoor shed market.
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Gross Domestic Product
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