Quince Market Insights estimates that the global outdoor furniture market is worth $20 billion USD 2021, and is projected to exhibit at a CAGR of 6.00% during the forecast period of 2021-2030.
The rapid growth is attributed to an increase in demand for residential furnishings and as well as housing sales, along with the increasing number of hotels and resorts, restaurants, and gardens that need outdoor furniture.
“The impact of the 2019 coronavirus (COVID-19) on customer behavior and manufacturing trends has highlighted the need of digitization and automation in the outdoor furniture business,” the report reads. “Consumer’s increasing need for individualised shopping experiences and inexpensive costs is forcing outdoor furniture producers to improve their existing workflows. Advances in digital technology, and information tools are helping outdoor furniture companies to adapt more quickly to changes in consumer demand, save money, and increase operational efficiency. Consumer desire for ethically dynamic companies that reflect their values and products that protect the environment is increasing because of the pandemic.”
Developing economies like China and India as well as increasing tourism in economies such as Thailand, Malaysia and Singapore are the major factors, which is fueling the market growth. Thailand is one of the most preferred tourist destinations with Singapore which is mainly driven by the demand, the report says.
The modern lifestyle pattern in the developing economies is also being influenced by urbanization as well as expanding urban population. The growing urban population has also driven the outdoor furniture market demand due to improvements in the construction of private buildings in urban and semi-urban areas.
Among the materials used to create outdoor furniture, the report says the textile segment is seeing the fastest growth because of its cost-effectiveness, and high comfort during the summer season. Textile for furniture is present in various designs and colors to match the surrounding with the resilience property. Variants like high durability, and good quality fabrics and have the ability to tolerate high wear and tear.
In addition, the chair category is growing quickly as companies introduce modularity capabilities that enable consumers to customize the chairs as per their requirements.
Other major findings of the report include:
- An in-depth rapid strength concrete market analysis by the segments, along with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global outdoor furniture market, which include Ikea Group (Netherlands), Ashely Industries (Chicago), Brown Jordan (Florida), Keter Group (Israel), Agio International Company Limited (Hong Kong), and Lloyd Flanders (U.S.).
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global outdoor furniture market.
- Impact of COVID-19 on the global outdoor furniture market.
To purchase the full report, visit quincemarketinsights.com
