Outdoor Furniture Market has been segmented by distribution channels into supermarkets, E-commerce and others. Among these segments, the e-commerce segment is anticipated to grow at a significant rate over the forecast period. This can be attributed to consumer’s ease to buy furniture without any hassle of travelling and carrying the furniture. Additionally, supermarkets and retail stores are anticipated to garner major share in terms of revenue in outdoor furniture market by the end of 2024.
Outdoor Furniture Market Statistics
- USD 47 billion revenue in 2022
- Record USD 84 billion revenue by 2035
- The market size slated to observe 6% growth rate through 2023-2035
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The global market for outdoor furniture is expected to grow at a robust growth over the period 2017-2024, CAGR of 6.1%. Rapid pace of urbanization and increase in consumer purchasing power are expected to garner the growth of global outdoor furniture market. Factors such as the number of businesses operating domestically and weather resistant properties are estimated to boom the market by noteworthy revenue by the end of forecast period.
In the regional segment, North America represented the largest market in the year 2016 and anticipated to continue its dominance in upcoming years. The Unites States holds the maximum share in the outdoor furniture market in North America followed by Canada. Rising concept of extravagant outdoor living spaces with new materials, comfortable seating and elegant lighting has uplifted the market for outdoor furniture. Europe is expected to observe a moderate growth in the near future owing to high market saturation. Further, Asia-Pacific region is expected to showcase a robust growth over the forecast period.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
According to a recent study by Research Nester, the outdoor furniture market size is anticipated to surpass USD 84 Bn by 2035 and is projected to expand at a CAGR of over 6% from 2023 to 2035.
Major players include in the global outdoor furniture market:
- Winston Furniture Company of Alabama, LLC
- Home Depot
- Forever Patio
- Homecrest Outdoor Living
- DEDON GmbH
- Century Furniture LLC
- Barbeques Galore
- GLOSTER FURNITURE GMBH
- Agio International Company, LTD
Wide Scale Applications in Various Industries
The concept of outdoor living has led to an increase in the demand for multi-functional and flexible outdoor furniture. Additionally, rising urbanization and growth in the real estate industry is influencing the growth of outdoor furniture market. Further, rising purchases by the growing hospitality industry, open-air sports area, public garden and office spaces are the factors that are anticipated to benefit the expansion of global outdoor furniture market.
However, high cost of material acts as a barrier for the growth of global outdoor furniture market and is likely to hamper the growth of the market in near future.
The report titled “Outdoor Furniture Market: Global Demand Analysis & Opportunity Outlook 2024″ delivers detailed overview of the outdoor furniture market in terms of market segmentation by product, end users, by distribution channels and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the outdoor furniture market which includes company profiling of Brown Jordan, Century Furniture, Forever Patio, Home Depot, Dedon, Gloster Furniture GmbH, Barbeques Galore, Agio International, Winston Furniture and Homecrest Outdoor Living.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the outdoor furniture marketthat will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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The global Outdoor Furniture Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Outdoor Furniture Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/outdoor-furniture-market/download-sampleMarket DynamicsRapid urbanization and patio becoming a new favorite hangout spot in modern households are the main trending factors for the market's growth.
Manufacture of an impressive range of fashionable and contemporary furniture suiting style-minded customers will help maintain steady market growth.
Availability of exquisite outdoor furniture whose architectural character is inspired by historical heritage will provide lucrative opportunities for market growth.
Increased investments in the hospitality sector and production of dynamic furniture to meet modern-day customers' demands like raisable trays for laptop use, configurable seating that conforms to your space will benefit market growth.
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