Pune, India, December 20, 2021 (GLOBE NEWSWIRE) – The global outdoor furniture market is estimated at USD 20 billion in 2021 and is expected to grow at a CAGR of 6.00% during the forecast period, according to a recent market research report by Quince market overview. The rapid growth of commercial buildings in developing countries is expected to drive the growth of the market.
The demand for outdoor furniture has increased significantly in recent years. Tourist places are in high demand. People are ready to visit tourist destinations such as train stations. This has resulted in a growing demand for public gardens, hotels, and open spaces with resorts for convenience.
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The modern way of life in developing economies is also influenced by urbanization as well as by the expansion of the urban population. The growth of the urban population has also boosted the demand of the outdoor furniture market due to improvements in the construction of private buildings in urban and semi-urban areas.
Some key developments offered in the Global Outdoor Furniture Market report:
- January 2020: Twin Star Home (US), a manufacturer of residential furniture in the United States, had purchased TK CLASSICS (UK), an exterior manufacturer in the United Kingdom, to strengthen its position in the market and expand its range of products in the outdoor living market.
- October 2019: Gabriella White LLC. (Atlanta), an outdoor furniture company had purchased Standford Furniture Corp. (California) to expand its presence in retail.
Impact of COVID 19 on the Global Outdoor Furniture Market
The impact of coronavirus 2019 (COVID-19) on customer behavior and manufacturing trends has highlighted the need for digitalization and automation in the outdoor furniture industry. Consumers with a growing need for one-on-one shopping experiences and lower costs are forcing outdoor furniture manufacturers to improve their existing workflows. Advances in digital technology and information tools are helping outdoor furniture companies adapt more quickly to changes in consumer demand, save money and increase operational efficiency. Consumers’ desire for ethically vibrant companies that reflect their values and products that protect the environment is increasing as a result of the pandemic.
Global Outdoor Furniture Market, By Material
On the basis of material, the global outdoor furniture market is segmented into metal, plastic, wood and textile. Among these, the textile segment is experiencing the fastest growth due to its profitability and high comfort during the summer season. The furniture textile is present in various designs and colors to match the environment with the property of resilience. Variants like high durability and good quality fabrics and have the ability to tolerate high wear.
Global Outdoor Furniture Market, By Product
On the basis of product, the global outdoor furniture market is segmented into chairs, tables, seating sets, dining sets, lounge chairs, and daybeds. Chairs are the fastest growing as companies introduce modularity capabilities that allow consumers to customize chairs according to their needs.
Global Outdoor Furniture Market, By End User
Based on the end user, the global outdoor furniture market is segmented into residential and commercial. Among these residential segments, the growth is the fastest due to the increasing demand for outdoor seating configurations as well as other furniture components which will drive industry statistics. In addition, the increase in home sales as well as the growing number of hotels and resorts, restaurants and gardens.
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Global Outdoor Furniture Market, By Region
Based on the region, the global outdoor furniture market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific is expected to experience the fastest growing market during the forecast period. Developing economies like China and India along with increasing tourism in economies like Thailand, Malaysia and Singapore are the major factors fueling the growth of the market. Thailand is one of the most privileged tourist destinations with Singapore which is mainly driven by demand.
Some of the key findings of the Outdoor Furniture Market report include:
- An in-depth analysis of the Rapid Strength Concrete market by segments, along with an information and factor analysis based on the trends.
- Profiles of the major market players operating in the global outdoor furniture market including Ikea Group (Netherlands), Ashely Industries (Chicago), Brown Jordan (Florida), Keter Group (Israel), Agio International Company Limited (Hong Kong) and Lloyd Flanders (United States).
- The analysis of key impact factors across the regions includes analysis, along with drivers, restraints, opportunities, and challenges prevalent in the global outdoor furniture market.
- Impact of COVID-19 on the global outdoor furniture market.
For more information, please see the Quince Market Insights report titled, “Global Outdoor Furniture Market, by material (metal, plastic, wood, textile), product (chairs, tables, seating sets, dining sets, lounge chairs and daybeds), end user (residential, commercial), region (North America , Europe, Asia-Pacific, Middle East & Africa, South America) – Global market size, share, trends and forecast to 2030 ” an in-depth analysis with the table of contents (ToC).
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