Transparency Market Research delivers key insights on the global outdoor furniture market. In terms of revenue, the global outdoor furniture market is estimated to expand at a CAGR of 6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global outdoor furniture market report.
In this market report, TMR predicts that demand for outdoor furniture is increasing due to its characteristics to withstand different climatic conditions. Outdoor furniture is designed to withstand hot and humid temperatures and give a new style and furnishing to outdoor living spaces. Rising importance of outdoor aesthetics is increasingly driving the global demand for outdoor furniture.
Exposure of outdoor furniture to cold environmental conditions, dust and solid particles, and insects, has resulted in increased demand for outdoor furniture that are made to endure such conditions. This has further led to increase in demand for furnishing of outdoor spaces with durable material. Furthermore, growing number of outdoor furniture made of upholstery materials, teak wood, eucalyptus, and high quality metals is generating demand in the marketplace to beautify outdoor areas.
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The rise in the demand for outdoor furniture is accredited to weather conditions. Moreover, enjoying and playing in the backyard has propelled the sale of outdoor furniture among the younger generation. People construct their terrace, balconies, and pool sides for evening barbeques, grills, and social get together and parties, which is driving consumer preference for outdoor furniture. Outdoor furniture is popular in terms of durability, especially when exposed to rain and sun.
The market over the years has also been witnessing traction in hotels and restaurants, which have outdoor dining areas and places to relax. Hotels, motels, restaurants, all require outdoor furniture due to growing number of people visiting eating and dining outlets.
In terms of type, the outdoor furniture market has been segmented into benches, chairs (armchair, Adirondack, suspended seats, and others), tables (coffee table, side table, dining table, fire pit table, and others), sofa (patio sectional, regular sofa, and others), bistro sets, gazebos & pergolas, and outdoor dining sets. The rising usage of outdoor space for dining and relaxation has elevated the need for durable, safe, and attractive outdoor furniture. Chairs, tables, and sofas are projected to remain the most lucrative products in the sector, accounting for nearly 80% of the market during the forecast period.
Based on material, the outdoor furniture market is likely to be driven by metal and plastic & resin segments. As outdoor furniture is susceptible to various environmental factors such as temperature, sunlight, and moisture, plastic & resin and metal have remained the most popular categories among consumers, contributing to significant revenue share and sales volume.
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Outdoor Furniture Market: Prominent Regions
Geographically, Asia Pacific led the outdoor furniture market in 2020, and the region is expected to retain its dominance during the forecast period. The rising preference for outdoor furniture in countries such as Japan, China, Australia, and Southeast Asia, is encouraging the growth of the market. Apart from Asia Pacific, Europe also significantly contributes to the growth of the global outdoor furniture market. Germany and France are considered major markets for outdoor furniture in Europe.
Outdoor Furniture Market: Key Players
The competition landscape of the outdoor furniture market is moderately fragmented with leading players accounting for majority of the revenue share. Key players operating in the global outdoor furniture market include Century Furniture LLC., Brown Jordan, Harman Miller, HNI Corporation, La-Z-Boy Incorporation, Lowe’s, Barbeque Galore, Steelcase Inc., William Sonoma, and Agio International Company.