The global outdoor furniture market size was USD 45.08 billion in 2020. The market is projected to grow from USD 46.21 billion in 2021 to USD 66.55 billion by 2028 at a CAGR of 5.3% in the 2021-2028 period. This information is presented by Fortune Business Insights™, in its report titled, “Outdoor Furniture Market, 2021-2028.”
The prompt urbanization and the growing living standard of people have swayed the producers in creating furniture in regards with the fluctuating customer inclinations for fashion and luxury.
Lockdown Limitations amid COVID-19 Pandemic to Impose Difficulty for Market Growth
Attributed to lockdown constraints in several countries across the globe, companies are experiencing complications in meeting their channel partners and concluding business contracts in person. This will substantially influence the companies’ product incomes. Furthermore, aspects, such as the termination of furniture retail stores and the scarcity of raw materials amid lockdown, are expected to majorly hinder the product usage rate among the population across the world.
List of Key Players Covered in the Outdoor Furniture Market Report
- IKEA (Delft, Netherlands)
- Brown Jordan Co. (California, U.S.)
- Gloster Furniture (Virginia, U.S.)
- Aura Global Furniture (Mumbai, India)
- Kettal Group (Barcelona, Spain)
- Woodard Furniture (Texas, U.S.)
- Royal Botania (Nijlen, Belgium)
- Ashley Furniture Industries, Inc. (Illinois, U.S.)
- Kimball International (Indiana, U.S.)
- Bernhardt Furniture Company Inc. (North Carolina, U.S.)
The market report accentuates dominating regions across the globe to provide a refined comprehension for users. Moreover, the report offers insights into the newest industry trends and reviews technologies imposed at a prompt speed at the global level. The report reviews various paradigm shifts linked with the transformation of software. It thereby highlights a few of the growth-stimulating aspects and constraints, aiding the reader to gain in-depth knowledge about the market.
Growing Number of Restaurants and Hotel Chains Surged Demand for Outdoor Furniture
The rapid-paced urban life and the growing financial competences of people have empowered them to spend on recreation actions such as outdoor dining on rooftop bars as well as kitchens. The rising demand for relaxed dining has generated huge growth prospects for hotels and restaurant chains to opt for rooftop dining areas. This sort of furniture offers a comfortable feel and can be utilized as open-air dining in rooftops of restaurants and hotels, which favorably affected the usage of dining furniture for outdoor seating. This is anticipated to elevate the outdoor furniture market growth.
North America held the largest outdoor furniture market share and is anticipated to hold a considerable share across the world, owing to the huge existence of important manufacturers linked with furniture businesses.
In Europe, the surging lifestyle preferences and growing infrastructural progressions are making profitable growth prospects in the market.
The Asia Pacific market stood at USD 20.77 billion in 2020. This region is anticipated to hold a substantial share in the global market, owing to surging construction ventures and the regional growth of the market.
Product Type, Material Type, End User, and Region are Studied
On the basis of product type
- dining sets
In terms of material type
Based on end user
- North America
- Asia Pacific
- South America
- Middle East
Procurements Instigated by Crucial Companies to Endorse Market Growth
The dominating players in the market incessantly root for effective tactics to upsurge their brand value as well as endorse the global market growth. One such operative tactic is procuring competitive companies and additionally safeguarding a profit for both the involved companies.
January 2020: Twin Star Home, a residential furnishing manufacturer, supposedly presented the procurement of TK Classics, a U.S.-based designer and producer of outdoor furniture such as tables, decorated seating, bars as well as accessories to augment its market position substantially and also extend its own product portfolio in terms of outdoor living.
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