May 11, 2020
As per the report titled ‘Outdoor Furniture Market Size By Material, By Product , By End-Use Industry Analysis Report, Regional Outlook , Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global outdoor furniture market is projected to show modest growth during 2018-2024.
Consumer inclination towards enhancing outdoor spaces to create comfortable and appealing settings for balcony, garden, and outside porches is driving the growth of global outdoor furniture market. Moreover, rapid growth of construction industry in tandem with increasing preference for outdoor spaces such as pools, gardens, and backyards is enhancing the demand for outdoor furniture.
Furthermore, increased consumer spending on tourism, mainly in coastal area, hotels, beaches, resorts, lounges restaurants, cafes, and bars is boosting industry expansion owing to high demand for upholstery products, decorative lounge chairs, and table in these places.
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Based on the material, wood segment accounted for 50% demand share in 2017 and presumed to show decent growth during the forecast period. Natural appearance and availability of exceptionally attractive carved designs are key advantages driving the sales of wood furniture. High demand for redwood, mahogany, teak, pine, cedar, eucalyptus and composite materials for manufacturing a wide variety of products is enhancing the segment growth.
Speaking of the end-use spectrum, residential segment is estimated register 4% CAGR through 2024. Escalating demand for garden spaces across the residential sector owing to rapid urbanization is fueling the segment growth. Moreover, rising trend of socializing and get-togethers among people of all ages is augmenting the incorporation of garden and outer furniture products in residential settings.
Considering the regional outlook, outdoor furniture market in Asia Pacific is poised to see robust growth in the coming years. Key emerging economies such as China, South Korea, Japan, Indonesia, and Malaysia are witnessing an upsurge in the demand for outdoor spaces on account of rapid urbanization and infrastructure development in urban cities.
Meanwhile, Europe outdoor furniture market is projected to surpass USD 6,500 billion by the year 2024. Surging sales of outdoor furniture including tables, chairs, combination sets, and lounges across both traditional residential building and new constructions, coupled with amplifying tourism industry are contributing to the regional market growth.
Key players in global outdoor furniture market are Inter IKEA Group, Ashley Furniture Industries, Century Furniture, Brown Jordan, Agio International Company Limited, Barbeques Galore, Lloyd Flanders, Keter Group, DEDON, TUUCI, EMU Group, Royal Botania, Homecrest Outdoor Living, Hartman UK, KETTAL, Treasure Garden Incorporated, Fischer Möbel GmbH, and Gloster.