NEW YORK, Jan. 14, 2022 /PRNewswire/ -- According to the research report "Outdoor Furniture Market - Forecast and Analysis Report 2021-2025", the market will witness a YOY growth rate of 2.26% in 2021, at a CAGR of 3% during the forecast period. The report is segmented by products (outdoor furniture and accessories, outdoor grills and accessories and patio heating products), end-users (residential and commercial), distribution channel (offline and online) and geography (North America, Europe, APAC, South America, and MEA).
APAC is the largest market for outdoor furniture. The growth of the APAC region can be attributed to the growth in the construction of the residential and commercial market in the region. In addition, countries such as China and Japan are expected to contribute for the highest growth in the region, further driving the market growth.
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Vendor Insights
The global outdoor furniture market is fragmented and the vendors are deploying strategies such as introducing innovative products to fulfill the buying trends of consumers to compete in the market.
The growing competition in the market is compelling vendors to engage in strategic partnerships and joint ventures coupled with launching differentiated products to up their game in the furniture industry. Moreover, government regulations and economic conditions have a pivotal role in the market. For instance, IKEA Systems B.V. is considered to be one of the most sustainable manufacturers and retailers in the outdoor furniture market.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- Ashley Furniture Industries Inc.
- Berkshire Hathaway Inc.
- Century Furniture LLC
- Gloster Furniture GmbH
- Haworth Inc.
- Herman Miller Inc.
- Inter IKEA Holding BV
- The Home Depot Inc.
- TUUCI LLC
- Williams-Sonoma Inc.
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Geographical Market Analysis
APAC will provide maximum growth opportunities in the outdoor furniture market during the forecast period. According to our research report, the region will contribute to 34% of the global market growth and is expected to dominate the market through 2025. APAC will generate growth across all the years of the forecast period between 2020 and 2025.
China and Japan are the two major markets for outdoor furniture in APAC. The market growth in these regions will be significantly faster than growth in the rest of the market regions during the forecast period.
Key Segment Analysis
The outdoor furniture market growth through the outdoor furniture and accessories segment is estimated to be significant during the forecast period. This segment is expected to hold the largest share in the global outdoor furniture market during the forecast period. Rising interests in outdoor decoration and increasing preferences for outdoor leisure activities positively influence the growth of the outdoor furniture and accessories segment. Changes in the lifestyles and preferences of consumers are fueling the sales of outdoor dining tables and sofas that have a contemporary and transitional appeal and are easy to maintain, in addition to being stylish, comfortable, and versatile. For instance, Williams-Sonoma Inc. offers various types of outdoor furniture and accessories to its customers. Its product offerings include lounge furniture, dining furniture, outdoor furniture, and other outdoor furniture and accessory products, including cushions and pillows.
Know more about this market's geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/outdoor-furniture-market-industry-analysis
Key Market Drivers & Challenges:
The increased demand for patio heating products in commercial and residential spaces is one of the key drivers for the global outdoor furniture market share growth. Commercial spaces such as pubs, party lounges, cafes and restaurants have a high demand for patio heaters. Also, there is a significant rise in the number of pubs and restaurants having outdoor dining spaces which are contributing to the growth of demand for patio heaters. Moreover, vendors are introducing new patio heaters which are characterized by innovative designs for attaining a high degree of product differentiation. Thus, the product premiumization is encouraging more consumers towards patio heaters, eventually emerging as key drivers for the global outdoor furniture market during the forecast period.
The long replacement is estimated to be a key challenge for the outdoor furniture market share growth. Furniture made from superior quality wood which includes outdoor furniture has a substantial life and does not require frequent replacements. The average ideal life of superior quality furniture is around 7 to 9 years which is way better than other cheap quality furniture made by using plastics. Furthermore, the major furniture manufacturers often provide warranties and guarantees of their products resulting in enhancing the life span of the product and reducing frequent purchases. Thus, the long replacement cycle restricting repeat purchases is expected to hinder the growth of the outdoor furniture market during the forecast period.
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Outdoor Furniture Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2020 |
Forecast period | 2021-2025 |
Growth momentum & CAGR | Accelerate at a CAGR of 3% |
Market growth 2021-2025 | $ 3.73 billion |
Market structure | Fragmented |
YoY growth (%) | 2.26 |
Regional analysis | North America, APAC, Europe, South America, and MEA |
Performing market contribution | APAC at 34% |
Key consumer countries | US, China, Germany, UK, and Japan |
Competitive landscape | Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled | Ashley Furniture Industries Inc., Berkshire Hathaway Inc., Century Furniture LLC, Gloster Furniture GmbH, Haworth Inc., Herman Miller Inc., Inter IKEA Holding BV, The Home Depot Inc., TUUCI LLC, and Williams-Sonoma Inc. |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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