(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, June 06, 2023 (GLOBE NEWSWIRE) -- The global outdoor furniture market size was valued at USD 48.40 billion in 2022. The market is projected to grow from USD 50.73 billion in 2023 to USD 72.80 billion by 2030, exhibiting a CAGR of 5.30% during the forecast period. Outdoor furniture is mainly used to bring comfort and cosiness to outdoor settings. It is usually designed to withstand severe climatic conditions such as heat, cold temperatures, and rain. It is multi-functional and needs low maintenance and brings a charm to spaces such as lawns, gardens, and backyards of homes. Increasing urbanization and growing living standards of people have encouraged manufacturers to design furniture as per latest fashion and luxury trends thus aiding market proliferation.This information is provided by Fortune Business Insights , in its report titled,“ Outdoor Furniture Market, 2023-2030 .” Get a Free Sample Research Report:
List of Key Players Profiled in the Outdoor Furniture Market Report:
IKEA (Netherlands) Brown Jordan Co. (U.S.) Gloster Furniture (U.S.) Aura Global Furniture (India) Kettal Group (Spain) Woodard Furniture (U.S.) Royal Botania (Belgium) Ashley Furniture Industries, Inc. (U.S.) Kimball International (U.S.) Bernhardt Furniture Company Inc. (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.30% |
| 2030 Value Projection | USD 72.80 Billion |
| Market Size in 2022 | USD 48.40 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 188 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | By Product Type By Material By End-User By Region |
| Regions Covered | North America Europe Asia Pacific Latin America Middle East and Africa |
| Outdoor Furniture Market Growth Drivers | Growing Number of Restaurant & Hotel Chains to Accelerate Product Demand |
| Increasing Residential Spending on Luxurious & Comfortable Furnishings to Drive Market Growth |
Browse Detailed Summary of Research Report with TOC:
Report Coverage:
The report entails valuable insights into:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market Regional and segmental developments List of major industry players Key strategies adopted by the market players Recent industry developments including product launches, partnerships, mergers, and acquisitions
Drivers and Restraints:
Rising Number of Rooftop Restaurants and Hotels to Propel Market Proliferation
Rising urbanization and growing purchasing power of the population have increased expenditure on recreation activities such as dining in rooftop restaurants and bars. This, in turn, aided outdoor furniture market growth as product demand from hospitality sector increased. Moreover, the common areas in hotels and restaurants have ample spaces for seating and can be furnished to increase seating capacity. Growing investments in decorative furnishings for garden spaces have aided market proliferation.
On the other hand, the high cost of raw materials such as wood and metal will act as a challenge for businesses operating in this domain.
COVID-19 Impacts:
Lockdown Restrictions Impacted the Market Growth
With the lockdown restrictions, companies faced difficulties in meeting the demand of vendors and suppliers. The closure of upholstery shops and the shortage of raw material supplies due to these restrictions hampered product consumption among the population globally.
Segmentation:
Tables Segment to Lead Stoked by Rising Remote Working Population
As per product type, the market is split into tables, chairs, dining sets, and others. Among these, the tables segment is expected to dominate the market due to rising prevalence of remote working conditions that boosted the demand for tables across households. Moreover, tables are portable, spacious, and compact and enable users to work from common spaces with ease this aiding segment expansion.
Wood Segment to Dominate Owing to Durability and Waterproof Nature
According to material type, the global market is divided into wood, metal, plastic, and others. Among these, the wood segment captured the largest outdoor furniture market share in 2022 backed its low maintenance requirements and high durability. Moreover, some wood varieties such as teakwood, cedar, mahogany, and acacia wood are waterproof and possess insect repellent properties making them the ideal choice for crafting essential furnishing items for outdoor use thus aiding segment growth.
Residential Segment to Hold Major Share Due to Growing Disposable Income
Based on end user, the market is bifurcated into residential and commercial. Among these, the residential segment led the market in 2022 owing to rising disposable income and surging demand for lawn and balcony fixtures for homes. Additionally, rising consumer focus on home renovation and modification will also contribute to segment expansion in the upcoming years.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights:
Asia Pacific to Capture Significant Share Due to Expansion of Real Estate Sector
Asia Pacific held the dominant market share in 2022 owing to the growing number of construction projects and growth of the real estate industry. This, in turn, is contributing to regional market growth. Moreover, easy availability of a wide range of upholstery items and easy access to various international and domestic furnishing brands online has attributed to market proliferation in this region.
North America market is slated to grow significantly in the forthcoming years backed by presence of leading upholstery manufacturers such as Sunset West U.S., Brown Jordan, and Gabriella White LLC. Changing consumer inclination and growing disposable income have escalated the demand for chairs for lawns and outdoor settings.
Europe market is projected to grow substantially in the forthcoming years backed by launch of premium furnishing collections for decorating outdoor spaces. The high number of gardens and lawns in the region have generated demand for benches and chairs for outdoor seating thus attributing to market growth in this region.
Get a Quote Now:
Detailed Table of Content:
Introduction Research Scope Market Segmentation Research Methodology Definitions and Assumptions
Executive Summary Market Dynamics Market Drivers Market Restraints Market Opportunities Emerging Trends
Key Insights Overview of the Parent/Related Markets Industry SWOT Analysis Supply Chain and Regulatory Analysis Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions Qualitative Analysis (in relation to COVID-19) Impact of COVID-19 Supply Chain Challenges Potential Opportunities due to COVID-19
Global Outdoor Furniture Market Analysis, Insights, and Forecast, 2017-2028 Key Findings / Summary Market Size Estimates and Forecast By Product Type (Value) Tables Chairs Dining Sets Others
By Material (Value) Wood Metal Plastic Others
By End-User (Value) By Region (Value) North America Europe Asia Pacific South America Middle East & Africa
TOC Continued...!
Speak to Our Expert:
Competitive Landscape:
Unveiling of New Stores by Leading Players to Propel Market Augmentation
Industry leaders in this domain are making several moves to strengthen their positioning and expand customer base to gain a competitive advantage over new entrants. One such move is opening new stores to make their products accessible to a wider customer base. For instance, in December 2022, Brown Jordan Co., inaugurated its new Manhattan flagship showroom in the New York Design Center at 200 Lexington Avenue. The newly opened showroom will help customers to explore the wide range of cutting-edge finishes, designs, and fabrics of outdoor furniture.
Key Industry Development:
June 2022: Poltrona Frau recently added additional pieces of outdoor furniture to its Boundless Living Collection, which it unveiled in 2021. The collection is designed to be suitable in a variety of settings including residential back gardens, bar terraces, and boat decks all year long.
Read Related Insights:
furniture rental service market Worth USD 139.05 Billion by 2029 | Furniture Rental Service Industry Expected CAGR 9.6%
pet furniture market size to Hit USD 6.09 Billion by 2030 | With a CAGR 6.14%
office furniture market size to Hit $80.62 Billion by 2029 | At 7.48% CAGR
About Us:
Fortune Business InsightsTM delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner,
Mahalunge Road, Baner, Pune - 411045,
Maharashtra, India.
Phone:
US : +1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email :
Follow Us: linkedin | facebook | twitter
Tags outdoor furniture market outdoor furniture market size outdoor furniture market share outdoor furniture industry Related Links
camera tripods market car covers market desk chairs market dishwashing detergent market air fryer market blazer jacket market door handles market wallpaper market aerosol disinfectants market baby safety seats market biodegradable tableware market car phone holders market disposable paper cups market e-book reader market indoor plants market chalcedony earring market cleaning services market connected toys market faux fur clothing market fluoride mouthwash market
MENAFN06062023004107003653ID1106395012
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.