Outdoor Furniture Market Pin-Point and Growth Factors Analysis

The outdoor furniture market was valued at US$ 17,843.7 million in 2018 and is projected to reach US$26,598.5 million by 2027; it is expected to grow at a CAGR of 4.5% from 2019 to 2027.

Outdoor furniture such as chairs, tables, seating sets, dining sets, loungers, daybeds, and hammocks are quite popular among the residential and commercial customers. The outdoor furniture market on a global scale has been witnessing a substantial growth in the recent past. Factors such as a rise in consumer spending and traveling trends have resulted in the rising number of tourists across the world. These factors are mostly observed in tourist spots, beach sides, and hill stations, thereby leading to increased counts of motels, hotels, guest houses, resorts, open spaces, and public gardens. Hence, a growing number of hotels and restaurants are further expected to propel the outdoor furniture market during the forecast period. Moreover, increasing financial capacity of consumers to spend on leisure activities is encouraging consumers to spend a higher amount on outdoor furniture in the residential sector. Several homeowners are focusing on enhancing the garden, open areas, or balcony appearance with aesthetically appealing sitting arrangements. Lounge chairs, seating sets, and tables are some of the key products generating substantial revenue in the outdoor furniture market.

AsiaPacific is expected to grow with the highest CAGR of 4.9% during the forecast period.The Asia Pacific region is expected to gain a significant share in the global outdoor furniture market owing to the increasing popularity of various furniture products among the consumers.  Increasing construction project, urbanization, and rise in disposable income of the consumers in this region arethe major factors contributing to the growth of outdoor furniture market. Increasing tourism in countries such as Singapore, Malaysia, and Thailand, is one of the prime factor propelling the market growth in this region. Thailand is one of the most preferred tourism destinations by travellers, along with Singapore, which has mainly driven the demand for outdoor furniture market in 2016. For instance, in 2016, Thailand had witnessed 32.6 million international tourist arrivals. Additionally, leading manufacturers of outdoor furniture, including Inter Ikea Group, started providing their services in countries such as India and China. In 2018,Ikea opened its first store in India considering their rapid expansion in India in the last few years. Besides this, several manufacturers are concentrating on beaches, hotels, resorts, and motels owing to a higher profitability achieved mainly from these sectors. Singapore, Thailand, Malaysia, Indonesia, and other Asian countries provide several growth opportunities to outdoor furniture market players due to the economic tourism as well as potential locations from tourism perspective.

The COVID-19 outbreak, which began in Wuhan (China) in December 2019, has spread around the globe at a fast pace. As of June 2020, the US, Russia, India, China, Italy, Spain, France, and Germany, are among the worst-affected countries in terms of positive cases and reported deaths. According to the WHO figures updated in June 2020, approximately 7,482,952 confirmed cases and 419,497 deaths have been reported globally. The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns. Consumer goodsis one the world’smajor industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this pandemic.China is the global manufacturing hub and is the largest raw material supplier for various industries; however, it is also one of the worst

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affected countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is affecting the global supply chains and adverselyimpacting the manufacturing and sales of various outdoor furniture. The overall market break down due to COVID-19 is also affecting the outdoor furniture market growth due to shutting down of factories, obstacle in supply chain, and downturn in world economy.

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Outdoor Furniture Market: Strategic Insights

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Market Insights

Growing Preference for Aesthetic Furniture

Over the years, the consumers are increasingly being involved in enhancing outdoor spaces and have developed preference towards aesthetic furniture. This has created the opportunity for advanced outdoor furniture with appealing designs and comfortable facilities in gardens, balconies, outside porches, or lounge areas. Additionally, renovations of old residential building along with new constructions have also channelized the demand for the better outdoor furniture facilities such as table, chairs,and combination sets. At present, consumers are looking out for outdoor furniture which offers the same level of comfort as that of indoor furniture. This factor has proliferated the demand for seating sets in the North America outdoor garden furniture market. Additionally, the usage of wood in production of outdoor garden furniture has also gained prominence with the growing focus over sustainability as well as aesthetic appearance. Hence, with the rising trend, consumers are looking out for inspiring  outdoor furniture models which exudes relaxation, luxury, and comfort. The manufacturers are  focused towards developing furniture that incorporates appealing designs and advanced features such as weather proofing, insect resisting, and crack proofing. For instance, the development of Japanese-inspired seating such as modular sofas in outdoor facilities is gaining traction across the world. Further, the demand for customized or contemporary furniture designs have considerably gone up owing to the growing preference towards durability, luxurious, and stylish appearance. All such factors are evitable that the consumers have developed preference towards the aesthetic appeal of the furniture, which is expected to propel the overall demand for outdoor furniture.

ProductInsights

Based on product, the outdoor furniture marketis segmented intochairs, tables, seating sets, loungers and daybeds, and dining sets.The seating sets segment accounted for the largest share ofthe global outdoor furniture market in 2018, and is expected to grow at the highest CAGR during the forecast period. Outdoor seating sets are the set of tables with chairs to use for outdoor purposes. Tables, chairs or sofa, and center table of different shape and designare used in a garden, pool site, rooftop, and others. In seating set, both the cushion and cushion free chairs are combined with tea or coffee table, and center table to give a proper match. In  seating sets, tables such as glass with fiber, wood with resin are quite commonly used owing  to its unique design and attractiveness. Armchair, folding chair, and other types of chairs are combined with these types of tables to install in outdoor spaces. People nowadays prefer spending some time of a day in the open air, maybe in the garden, in a pool site, in the rooftop with a cup of coffee or tea, which relaxes the mind from the daily hectic work schedule. Some people have an attraction towards luxurious and unique outdoor furniture. These factors are anticipated to fuel the outdoor furniture market through seating sets segment.

MaterialInsights

Based on material, the outdoor furniture marketis segmented into wood, metal, plastic, and others.The woodsegment accounted for the largest share in the global outdoor furniture market in 2018, andthe plastic segment is expected to register the fastest growth rate during the forecast period.Wood is known as an organic material with a natural composite of cellulose fibers thatare quite strong in tension and embedded in a matrix of lignin that resists compression. Wood has been widely used for making tools and weapons, as a construction material, to prepare furniture and paper since long time. Wood has always been utilized extensively for outdoor furniture, such as chairs and tables. The three most widely available and suitable exterior lumber choices are western red cedar, redwood, and cypress. Western red cedar is mostly sold in the Midwest, and eastern US cypress, which grows in overall the South and Southeast American continent, often gets the nod in those locales owing to its availability of the woods and economical price. Redwood has the most vibrant look for the highest price. Super-strong white oak features stainable and straight-grained wood with heartwood that resists decay. Like redwood and cedar it splits rather easily, which requires pre-drill screw holes for fasteners.

End-user Insights

Based on enduser, the outdoor furniture market has been segmented into residential and commercial. The residential segment accounted for the largest share in the global outdoor furniture market in 2018, andcommercial segment is expected to register the fastest growth rate during the forecast period.Developed economies in Europe and North America hold a major potential in the residential sector. The trend of family gatherings along with dinners in residential gardens is anticipated to stimulate the business development. The aging population and high disposable income along with willingness to spend on luxury furniture among the population are strongly supporting the outdoor furniture industry growth through the residential segment. Europe accounted for a significant share in the outdoor furniture market through the residential segment. As the region is known for Beach holiday, people in this region prefer more outbound holidays. Germany, France, the UK, Italy, Russia, and Spain are primarily contributing to industry growth through the residential segment due to consistent demand for patio furniture. Traditional residential buildings, coupled with the new constructions, are further boosting requirements for the outdoor furniture, including chairs, lounges, tables, and combination sets. The outdoor furniture market varies significantly according to material, products, and enduse type. Surging financial ability of consumers to spend on leisure and comfort is propelling the product portfolio in the residential sector.

Mergers and acquisition and research & development are commonly adopted strategies by companies to expand their footprint worldwide, which is further impacting the size of the market. The players present in the outdoor furniture market such as Brown Jordan have been implementing the mergers and acquisition and research &development strategies to enlarge the customer base and to gain significant market share across the world, which also permits the players to maintain their brand name globally.For instance, in May 2019, Brown Jordan International, Inc. announced that it acquired the assets of Castelle Furniture Co., Inc. and its Costa Rican operations. The transaction combines leading providers of outdoor casual furniture to the residential and hospitality markets into a company generating consolidated net sales of nearly $400 million. In April 2019, Brown Jordan, the American legacy brand of outdoor luxury furnishings, presented new collections at the brand’s recently re-designed showroom. Oscar offers a sophisticated indoor-outdoor aesthetic and pays homage to the brand’s beginnings in 1945 through its materiality, innovation, and craftsmanship.

Outdoor Furniture Market Regional Insights

The regional trends and factors influencing the Outdoor Furniture Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Outdoor Furniture Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Outdoor Furniture Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Outdoor Furniture Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Outdoor Furniture Market are:

1. Agio International Company, Ltd.
2. Ashley Home Stores, Ltd.
3. Barbeques Galore
4. Brown Jordan
5. Century Furniture LLC

Disclaimer: The companies listed above are not ranked in any particular order.

Report Spotlights 

• Progressive industry trends in the global outdoor furniture market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the global outdoor furniture market from 2017 to 2027
• Estimation of global outdoor furnituredemand across various industries
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict the market growth
• Recent developments to understand the competitive market scenario and global outdoor furniture demand
• Market trends and outlook coupled with factors driving and restraining the growth of the global outdoor furniture market
• Decision-making process by understanding strategies that underpin commercial interest with regard to global outdoor furniture marketgrowth
• Global outdoor furniture marketsize at various nodes of market
• Detailed overview and segmentation of the global outdoor furniture market, as well as its dynamics in the industry
• Global outdoor furniture market size in various regions with promising growth opportunities

Global Outdoor Furniture Market– By Material

• Wood
• Metal
• Plastic
• Others

Global Outdoor Furniture Market – By Product

• Chairs
• Tables
• Seating Sets
• Loungers and Daybeds
• Dining Sets

Global Outdoor Furniture Market– By End User

• Residential
• Commercial

Company Profiles

• Agio International Company, Ltd.
• Ashley Home Stores, Ltd.
• Barbeques Galore
• Brown Jordan
• Century Furniture LLC
• Home crest Outdoor Living LLC
• Inter Ikea Systems B.V.
• Keter Group
• Florida Patio Furniture Inc.
• Polywood