Global outdoor furniture market is presumed to witness substantial growth by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
As the disposal income is increasing around the globe, people are spending more on travelling leading to growth of tourism industry, which is further boosting the restaurants, hotels, beaches, coastal areas, cafes, resorts, bars, and lounges business. These settings make extensive use of decorative lounge chairs, tables, upholstery items, and other furniture products, thereby augmenting the outdoor furniture market, cites the report.
Moreover, growing construction activities, in consort with rising inclination of homeowners towards enhancing the aesthetics of outdoor spaces are the main factors contributing towards the growth of outdoor furniture market. Various products such as lounging chairs, tables, and other accessories for garden, balcony, and porches promise comfort and improve the overall appeal of spaces.
Considering the material used, wooden outdoor furniture contributed for more than 50% of the market demand in 2017, owing to its natural look and highly attractive design portfolio. The material is available in various grades such as teak, mahogany, cedar, redwood, eucalyptus, and as composite material, hence providing varied shades and decorative appeal to the ambiance.
Additionally, outdoor furniture market from textile material segment is anticipated to grow rapidly over the forecast period, as these fabrics are used to add comfort and appeal to outdoor aesthetics. The products are made from olefin fiber, PVC, polyester fabric, and acrylic fiber, while the patterns include textures, bold solid colors, and modern designs improving the compatibility of the furniture with the architectural theme.
Based on the end-use segment, residential outdoor furniture market is expected to grow with a CAGR of 4% by the year 2024. Rapid urbanization accompanied by the demand for garden spaces in residences is driving the market growth. Rising trend of get-togethers and socialization among people of all age groups is encouraging the demand for outer garden spaces and appealing outdoor furniture in residential segment.
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In terms of regional contribution, Asia Pacific outdoor furniture market is predicted to register significant growth during the analysis period. The emerging economies of the region such as Japan, Indonesia, China, Malaysia, and South Korea are adopting modern trends of garden and outdoor spaces. Growing urban development and construction activities are the factors amplifying the regional market growth.
On the other hand, Europe outdoor furniture market is estimated to generate a revenue of more than US $6,500 billion by the year 2024, owing to the heavy demand of lounges, tables, chairs, and other outdoor furniture items for new construction and traditional residential building. The region is also known for its travel destinations, which further fuels the market growth.
The key players operating in the outdoor furniture market include Brown Jordan, Inter IKEA Group, Homecrest Outdoor Living, Ashley Furniture Industries, Kettal, Emu Group, Hartman UK, Century Furniture, Treasure Garden Incorporated, Tuuci, Agio International Company Limited, Royal Botania, Fischer Mobel GmbH, Keter Group, Gloster, Lloyd Flanders, Barbeques Galore, and Dedon.