Global Outdoor Furniture Market 2019-2023
About this market
The innovation in product design along with the portfolio expansion is driving the global outdoor furniture market. With changing lifestyles of the population across the nations, the emphasis on outdoor decoration has increased considerably. To meet the growing demand, the vendors in the market are expanding their product lines by providing new patio furniture through new ranges and collections. Vendors are also increasingly offering furniture with a wide variety of designs, durability, and colors to entice customers. Previously, cushions for outdoor seating were ideally used to protect furniture from heat. However, as these are now being considered as accessories, soil and stain-resistant fabrics for cushions have started garnering a wider appeal among consumers. Therefore, vendors are also planning to implement geometric themes along with ethnic and tribal patterns in their furniture products. The availability of such products will further drive the sales and positively influence the global outdoor furniture market during the forecast period. Technavio’s analysts have predicted that the outdoor furniture market will register a CAGR of over 5% by 2023.
Increasing demand for patio heating products in commercial and residential spaces
Patio heaters have high demand in commercial spaces, which include pubs, party lounges, cafés, and restaurants. The rising number of pubs and restaurants that have outdoor dining spaces has contributed to the increasing demand for patio heaters. Therefore, the increasing demand for patio heaters in commercial and residential spaces contributes to the growth of the global outdoor furniture market during the forecast period.
Long replacement cycle
The long replacement cycle of outdoor furniture product could hinders the growth of the market. The furniture products including outdoor furniture are meant for long-term use and they do not require frequent replacement. This factor hinders the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the outdoor furniture market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. The vendors are innovating in product design and portfolio expansion, such instances will drive the market growth. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Outdoor Furniture Market 2019-2023
Technavio recognizes the following companies as the key players in the global outdoor furniture market: Ashley Furniture Industries, Berkshire Hathaway Inc., Brown Jordan International, Inter IKEA Systems B.V., Williams-Sonoma, Inc..
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing demand for environment- friendly outdoor furniture.”
According to the report, one of the major drivers for this market is the growing residential and commercial construction market.
Further, the report states that one of the major factors hindering the growth of this market is fluctuations in raw material prices.
Ashley Furniture Industries
Berkshire Hathaway Inc.
Brown Jordan International
Inter IKEA Systems B.V.
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