Outdoor Furniture Market Analysis, Size, Share, And Forecast To 2026
Category: #business  By Rahul Varpe  Date: 2021-01-11
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Outdoor Furniture Market Analysis, Size, Share, And Forecast To 2026

Major outdoor furniture market players are increasingly focusing on acquisitions to effectively expand their footprint in other regions and boost revenues exponentially. Taking January 2020 for instance, Twin Star Home, a residential furnishings producer, reportedly announced the acquisition of TK Classics, a US-based designer and producer of outdoor furniture such as dining tables, upholstered seating, bars, and accessories, to increase its market position significantly and also expand its own product portfolio when it comes to outdoor living.

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The ongoing expansion of the commercial sector across the world is slated to propel the global outdoor furniture market revenues through the forthcoming timeframe. Commercial establishments like hospitality, educational institutes, and offices are creating immense demand for outdoor furniture products, particularly across developing nations.

According to a research report, the outdoor furniture market is likely to surpass a valuation of $20.6 billion by 2026.

The robust tourism sector is actively providing significant scope for furniture deployment, especially in places like restaurants, hotels, and motels, augmenting outdoor furniture market growth. In fact, as per the WTTC (World Trade and Tourism Council), in 2018, the tourism sector observed growth of 3.9%, which as more than the 3.2% global GDP growth that year. The industry contributed an unprecedented $8.8 trillion to the global economy, generating about 10.4% of the overall global economy activity in 2018. While the industry is going through a economic slump due to the pandemic, its strong footing ensures that it is likely to bounce back considerably as the situation comes under control.

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Steady improvements in economic conditions, rapid urbanization, improving lifestyles, and increasing level of disposable income of consumers across countries like South Korea, India, and China is expected to majorly drive the Asia Pacific outdoor furniture market share. In addition, the growing influence of western trends and culture coupled with increasing consumer inclination towards multifunctional furniture would further drive product demand across the Asia Pacific. Moreover, easy availability of the number of different raw materials used to create outdoor furniture would also complement the regional market trends. Owing to these factors, the Asia Pacific outdoor furniture market is projected to expand with a rate of more than 5.5% in terms of volume share through the forthcoming timespan.

With regards product, the growing adoption of daybeds and loungers across several commercial application avenues like bars, office lounges, hotels, restaurants, resorts, and swimming pools is expected to augment the segment growth over the coming years. These products offers better comfort to consumers and come with superior customization and styling capabilities, which his further impelling their demand across such commercial establishments, fueling industry revenues. In 2019, the segment held an outdoor furniture market demand share of more than 7.5% with estimates anticipating to record more growth over the projected timeframe.

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In terms of material, the plastic furniture segment is observing increasing adoption among customers due to some of its benefits like easy maintenance, high durability, economical pricing, and lightweight. Plastic furniture is generally made of polypropylene that has a copolymer for impact as well as one for rigidity. It also contains 15% filler to offer effectively decrease prices and enhance rigidity. The plastic material segment is projected to expand at a CAGR of more than 4% through the analysis timespan.

The competitive landscape of the global outdoor furniture market is inclusive of players such as Gloster, Fischer Mobel GmbH, Agio International Company Limited, Kettal, Homecrest Outdoor Living, Treasure Garden Incorporated, Brown Jordan, Inter IKEA Group, Century Furniture and Ashley Furniture Industries among others.

Related Reports: -

U.S. Home Remodeling Market: https://www.globenewswire.com/news-release/2019/12/10/1958448/0/en/Home-Remodeling-Market-in-U-S-to-hit-US-500-Bn-by-2026-Global-Market-Insights-Inc.html

Remodeling Market: https://www.prnewswire.com/news-releases/remodeling-market-is-projected-to-expand-at-3-9-cagr-through-2026-global-market-insights-inc-301159174.html  

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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