Outdoor Furniture Market to Grow with a CAGR of 5.83% through 2028

Rising need for outdoor furniture products in hospitality industry, growing consumer demand for outdoor furniture in the residential sector are factors driving the global outdoor furniture market in the forecast period 2024-2028.

According to the TechSci Research report, “Global Outdoor Furniture Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”  The outdoor furniture market has witnessed remarkable growth and transformation in recent years, becoming a significant segment within the hospitality industry. In the today’s era, tourist travel and consumer expenditure have both increased. These tendencies are primarily seen in coastal regions, mountain resorts, scenic beauty spots, and historical sites, which has resulted in an increase of hotels, resorts, open spaces, and public gardens. As a result, the market for outdoor furniture may experience growth over the forecast period due to an increase in hotels and restaurants. Consumer spending on outdoor furniture in the residential sector is rising as disposable income for experiences and leisure time rises.

Many homeowners are focusing on adding magnificent attractive sitting areas to their gardens and balconies to improve their appearance. The exterior weather conditions have a significant impact on the furniture selection. When choosing outdoor furniture, it's important to consider a variety of qualities, including exceptional tensile strength, insect resistance, crack proofing, and good weather resistance. Most manufacturers are becoming more interested in creating environmentally friendly fixtures. Additionally, a crucial factor in the decision to buy a home is the outside appearance, which indicates whether the home's architectural motifs and style are compatible with the living areas and backyards. Due to the higher profitability found in the hotel and beach resort industries, manufacturing companies are concentrating on these markets.

Due to rising disposable income, there is an increase in consumer demand for outdoor furniture in the residential market. With the addition of lovely seating areas, many homeowners are attempting to improve the appearance of their gardens and balconies. Furthermore, the choice of outdoor furniture is greatly impacted by the outside climate. When choosing outdoor furniture, it's important to consider qualities like excellent weather resistance, bug resistance, great tensile strength, and crack-proofing. Additionally, a variety of cafes and restaurants around the world offer outside dining options. For instance, according to a survey by the National Restaurant Association in September 2021, 65% of restaurant operators in the US started offering on-premises outside dining in places, such as decks, sidewalks, or patios.

To promote their goods more widely, especially in developing regions, manufacturers are putting their wares on a variety of internet platforms, including company-owned portals and independent sellers. The performance of industry participants is largely determined by elements including appropriate pricing, dealer profits, a robust distribution network, and brand recognition. Outdoor furniture buyers are searching for the ideal fusion of luxury, elegance, and versatility. They typically favor things that are stylish and exquisite, as well as durable and simple to maintain. Also growing in popularity, especially among millennials, are outdoor fire pit sets and discussion sets.

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The concept of outdoor living has expanded beyond mere functionality, with an increasing emphasis on wellness and relaxation. Consumers are investing in outdoor furniture that facilitates wellness activities such as yoga, meditation, and lounging. Ergonomic chairs, hammocks, and daybeds designed for comfort and relaxation contribute to creating outdoor sanctuaries that promote mental and physical well-being.

The global Outdoor Furniture market is segmented based on product material type, end use, distribution channel, and region.

Based on material type, the global industry has been further categorized into wood, plastic, and metal. In 2022, the wood material type segment dominated the industry globally and was responsible for the most portion of revenue. Throughout the predicted period, the category is likely to maintain its dominance. Due to its advantages, including durability, enhanced comfort, and aesthetic appeal, wood outdoor furniture is becoming more and more popular. Across the world, wood is one of the most popular raw materials used to make outdoor furniture.

Over the projection period, the Asia Pacific outdoor furniture market is anticipated to have the fastest CAGR. In nations like China, Malaysia, South Korea, Singapore, and India, international tourism is receiving a lot of attention. The region's outdoor furniture market is experiencing higher sales as a result of increased tourism, which is also contributing to the market segment's commercial market share growth.

Key market players operating in the global outdoor furniture market include:

• Inter IKEA Systems B.V.
• Ashley Outdoor Furniture Industries, Inc.
• Brown Jordan Inc.
• Kenter
• Agio International Company, LTD
• Lloyd Flanders, Inc.
• Barbeques Galore
• Century Outdoor Furniture LLC.
• Aura Global Outdoor Furniture
• Kimball International Inc.  

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“The global Outdoor Furniture market has experienced remarkable growth in recent times, fueled by modern living spaces, reflecting changing lifestyles, design preferences, and technological advancements. The outdoor furniture market has witnessed remarkable growth and transformation, driven by various trends that cater to consumers' needs for comfort, style, and functionality in their outdoor living spaces. With trends such as comfort-focused designs, eco-friendly materials, tech integration, and customization, the market is responding to the diverse needs of modern outdoor living which is further driving the market of outdoor furniture market globally” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Outdoor Furniture Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Product Type (Scented, Regular), By Wax Type (Paraffin, Soywax, Beeswax, Palm Wax, Others), By Sales Channel (Supermarkets & Hypermarkets, Specialty Stores, Convenience Stores, Online and Others), By Region, By Competition Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of the global outdoor furniture market globally and provides statistics and information on market structure, size, share, and future growth. The report provides cutting-edge market intelligence and helps decision-makers to make sound investment decisions. Besides, the report also identifies the emerging trends along with essential drivers, challenges, and opportunities present in the market of outdoor furniture globally.

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