Outdoor Furniture Market Size By Material (Metal, Plastic, Wood, Textile), By Product (Chairs, Tables, Seating Sets, Dining Sets, Loungers & Daybeds), By End-User (Residential, Commercial), Price Range (High End, Medium, Low), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
With coronavirus restrictions gearing up to become a major part of social interactions even after the pandemic, the global outdoor furniture market is slated to witness tremendous demand by the end of 2027. A majority of the growth is slated to come from the hospitality sector which, in order to get back on track, is becoming more flexible when it comes to hosting patrons in its premises.
A majority of hospitality institutions, such as bars and restaurants, have turned to outdoor dining as a way to ensure social distancing and avoiding crowding in indoor areas. This has elevated the adoption of outdoor furniture at a notable rate.
The overall outdoor furniture market has been classified based on product, price range, material, end-user, and region.
With respect to material, the market has further been divided into plastic, wood, metal, textile, and others. The plastic sub segment is projected to attain a considerable market share of around 14% by 2027 owing to low product cost. Moreover, prevalent demand for plastic-made outdoor furniture due to its lightweight property, is likely to drive segmental expansion.
Meanwhile, the others material segment is anticipated to expand at a CAGR of almost 4.9% over the assessment period. This is owing to the extensive application of materials such as leather and glass in furniture making. The demand for glass as a vital component in several types of furniture, including tabletops and other application, is slated to drive product demand.
With respect to product, the market has been segmented into tables, chairs, dining sets, seating sets, loungers & day beds, and others. The outdoor furniture market from the tables segment is expected to witness robust growth throughout the review period, on account of widespread installation of tables across applications such as poolside, lawns, beach areas, and gardens.
Excellent mechanical strength showcased by wood, plastic, glass, metal, and other components, in the making of coffee tables and outdoor tables is set to propel market demand.
The dining sets segment held a sizable market share of around 48% in 2020 and is slated to amass significant gains during the forecast period. Popular consumer preference for outdoor dining sets as an essential centerpiece for eating, social gatherings, and spending quality time with friends and family is likely to stimulate segmental expansion.
The others segment is projected to observe optimistic growth over the stipulated timeframe due to the rising adoption of benches and garden furniture in several public places.
In terms of price range, the market has been bifurcated into high end, medium, and low. The low-price range segment is predicted to register 12% market share by the end of 2027. There is a rise in demand for a wide range low cost furniture like study tables, small stools, tables, and others, despite lower quality and product life is estimated to augment market adoption in the coming years.
Based on the regional outlook, Europe outdoor furniture industry held a market share of 30% back in 2020. Several key factors, like changes in the European Union integration process & centralized systems as well as international trade liberalization & globalization would offer a positive business outlook for the sector going forward.
Meanwhile, The Latin America market accounted for an industry share of more than 11.2% back in 2020 and is forecast grow at an impressive CAGR of 5.2% through the analysis timeline. Countries like Brazil and Mexico are the region’s key markets, primarily contributing to the revenue share from their growing population and escalating residential construction initiatives.
The Middle East & Africa outdoor furniture industry would be showcasing significant gains over the review period owing to widescale applications of the products within the region’s commercial sectors.
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