Outdoor Furniture Market - Growth, Trends, and Forecasts (2020 - 2025)
Globally, consumer spending and traveling by tourists have increased. These trends are mainly observed in seaside areas, hill stations, scenic beauty places, and historical monuments, which in turn, leading to the increasing number of hotels, resorts, open spaces, and public gardens. Thus, the increasing number of hotels and restaurants may drive the outdoor furniture market during the forecast period. The rising financial ability to spend on leisure and experiences is increasing consumer spending on outdoor furniture in the residential sector. Several homeowners are focusing on enhancing the garden and balcony appearance with the delightful appealing sitting areas. The choice of furniture is highly dependent upon the external climatic conditions. Good weather resistance, crack proofing, insect resistance, and superior tensile strength are among the key factors that are considered while selecting outdoor furniture. The majority of the manufacturers are turning their interest in crafting ecofriendly fixtures. Additionally, an enhancing outer appearance to signify matching architectural themes and style of living spaces and backyards of houses plays a major role in the purchase decision. Manufacturing companies are focusing on beach resorts and hotels, owing to the higher profitability achieved from these sectors.
Key Market Trends
The Residential Enduser Segment is Accounting for the Major Market Share
The residential sector dominated the application segment of the market studied and accounted for more than half of the total share of the market. The increasing usage of garden furniture for decor and aesthetics, coupled with the increasing household sales, is supporting the segment growth over the forecast period. Outdoor furniture is used in backyards, lawns, balconies, and rooftop gardens for enhancing the overall household appeal and facilitating seating.
AsiaPacific is the Fastest Growing Region
The AsiaPacific outdoor furniture market is anticipated to witness a healthy growth rate, in terms of volume, during the forecast period. International tourism is gaining strong attention in countries including China, Malaysia, South Korea, Singapore, and India. Thailand is among the most attractive tourism countries in the region. With the growing tourist activity, the sales of outdoor furniture are rising in the region, helping in increasing the market share commercial segment of the market.
The report covers major international players operating in the outdoor furniture market. In terms of market share, few of the major players currently dominate the market. The global industry share is highly fragmented, with a large presence of industry players at the global and regional level. The manufacturers are involved in developing their supply chain network to capture a competitive share in the market.
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