The global outdoor furniture market size was valued at USD 48.40 billion in 2022. The market is projected to grow from USD 50.73 billion in 2023 to USD 72.80 billion by 2030, exhibiting a CAGR of 5.30% during the forecast period. Outdoor furniture is mainly used to bring comfort and coziness to outdoor settings. It is usually designed to withstand severe climatic conditions such as heat, cold temperatures, and rain. It is multi-functional needs low maintenance and brings charm to spaces such as lawns, gardens, and backyards of homes. Increasing urbanization and growing living standards of people have encouraged manufacturers to design furniture as per the latest fashion and luxury trends thus aiding market proliferation. This information is provided by Fortune Business Insights, in its report titled, “Outdoor Furniture Market, 2023-2030.”
Information Source:
https://www.fortunebusinessinsights.com/outdoor-furniture-market-106406
Key Companies Covered in the Wall Art Market:
- IKEA (Netherlands)
- Brown Jordan Co. (U.S.)
- Gloster Furniture (U.S.)
- Aura Global Furniture (India)
- Kettal Group (Spain)
- Woodard Furniture (U.S.)
- Royal Botania (Belgium)
- Ashley Furniture Industries, Inc. (U.S.)
- Kimball International (U.S.)
- Bernhardt Furniture Company Inc. (U.S.)
Segmentation:
Tables Segment to Lead Stoked by Rising Remote Working Population
As per product type, the market is split into tables, chairs, dining sets, and others. Among these, the tables segment is expected to dominate the market due to the rising prevalence of remote working conditions that boosted the demand for tables across households. Moreover, tables are portable, spacious, and compact and enable users to work from common spaces with ease thus aiding segment expansion.
Wood Segment to Dominate Owing to Durability and Waterproof Nature
According to material type, the global market is divided into wood, metal, plastic, and others. Among these, the wood segment captured the largest outdoor furniture market share in 2022 backed by its low maintenance requirements and high durability. Moreover, some wood varieties such as teakwood, cedar, mahogany, and acacia wood are waterproof and possess insect-repellent properties making them the ideal choice for crafting essential furnishing items for outdoor use thus aiding segment growth.
Residential Segment to Hold Major Share Due to Growing Disposable Income
Based on end-users, the market is bifurcated into residential and commercial. Among these, the residential segment led the market in 2022 owing to rising disposable income and surging demand for lawn and balcony fixtures for homes. Additionally, rising consumer focus on home renovation and modification will also contribute to segment expansion in the upcoming years.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers & Restraints
Rising Number of Rooftop Restaurants and Hotels to Propel Market Proliferation
Rising urbanization and the growing purchasing power of the population have increased expenditure on recreation activities such as dining in rooftop restaurants and bars. This, in turn, aided outdoor furniture market growth as product demand from the hospitality sector increased. Moreover, the common areas in hotels and restaurants have ample spaces for seating and can be furnished to increase seating capacity. Growing investments in decorative furnishings for garden spaces have aided market proliferation.
On the other hand, the high cost of raw materials such as wood and metal will act as a challenge for businesses operating in this domain.
Regional Insights
Asia Pacific to Capture Significant Share Due to Expansion of Real Estate Sector
Asia Pacific held the dominant market share in 2022 owing to the growing number of construction projects and the growth of the real estate industry. This, in turn, is contributing to regional market growth. Moreover, the easy availability of a wide range of upholstery items and easy access to various international and domestic furnishing brands online has contributed to market proliferation in this region.
The North American market is slated to grow significantly in the forthcoming years backed by the presence of leading upholstery manufacturers such as Sunset West U.S., Brown Jordan, and Gabriella White LLC. Changing consumer inclination and growing disposable income have escalated the demand for chairs for lawns and outdoor settings.
European market is projected to grow substantially in the forthcoming years backed by the launch of premium furnishing collections for decorating outdoor spaces. The high number of gardens and lawns in the region have generated demand for benches and chairs for outdoor seating thus attributing to market growth in this region.
Competitive Landscape:
Unveiling of New Stores by Leading Players to Propel Market Augmentation
Industry leaders in this domain are making several moves to strengthen their positioning and expand their customer base to gain a competitive advantage over new entrants. One such move is opening new stores to make their products accessible to a wider customer base. For instance, in December 2022, Brown Jordan Co. inaugurated its new Manhattan flagship showroom in the New York Design Center at 200 Lexington Avenue. The newly opened showroom will help customers explore the wide range of cutting-edge finishes, designs, and fabrics of outdoor furniture.
Key Industry Development:
June 2022: Poltrona Frau recently added additional pieces of outdoor furniture to its Boundless Living Collection, which it unveiled in 2021. The collection is designed to be suitable in a variety of settings including residential back gardens, bar terraces, and boat decks all year long.
