Pune, India, Dec. 20, 2021 (GLOBE NEWSWIRE) -- The global outdoor furniture market has been estimated to be USD 20 billion in 2021 and is projected to exhibit at a CAGR of 6.00% during the forecast period, according to a recent market study by Quince Market Insights. The rapid growth of the commercial buildings in developing countries are expected to drive the market growth.
The demand for outdoor furniture has been witnessing a significant rise in recent years. The tourist places are experiencing a lot of demand. People are willing to visit tourist destinations such as stations. This has resulted in the increasing demand for public gardens, hotels, and open spaces with resorts for convenience.
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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.
Some Key Developments Offered In The Global Outdoor Furniture Market Report:
- January 2020: Twin Star Home (U.S.), a residential furniture manufacturer in the United States, had purchased TK CLASSICS (U.K.), an outdoor maker in the United Kingdom, to strengthen its market position and extend its product line in the outdoor living market.
- October 2019: Gabriella White LLC. (Atlanta), an outdoor furniture firm had bought Standford Furniture Corp. (California) to extend its retail presence.
Impact Of COVID 19 On Global Outdoor Furniture Market
The impact of the 2019 coronavirus (COVID-19) on customer behaviour and manufacturing trends has highlighted the need of digitization and automation in the outdoor furniture business. Consumers 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.
Global Outdoor Furniture Market, by Material
Based on the material, the global outdoor furniture market is segmented into metal, plastic, wood and textile. Among these, the textile segment is witnessing the fastest growth because of its cost-effectiveness, and high comfort during the summer season. Textile for furniture is present in various designs and colours 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.
Global Outdoor Furniture Market, by Product
On the basis of product, the global outdoor furniture market is segmented into chairs, tables, seating sets, dining sets, loungers and day beds. Chairs are witnessing the fastest growth as companies are introducing modularity capabilities that enable consumers to customize the chairs as per their requirements.
Global Outdoor Furniture Market, by End User
Based on the end user, the global outdoor furniture market is segmented into residential and commercial. Among these residential segments is witnessing the fastest growth owing to the increasing demand for exterior seating configurations as well as other furniture components that will drive the industry statistics. Furthermore, the increasing housing sales along with the increasing number of hotels and resorts, restaurants and gardens.
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Global Outdoor Furniture Market, by Region
Based on the region, the global outdoor furniture market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa and South America. Asia Pacific is projected to witness the fastest market growth during the forecast period. 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.
Some Major Findings of the Outdoor Furniture Market 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.
For mor insights, please check Quince Market Insights report titled, “Global Outdoor Furniture Market, by Material (Metal, Plastic, Wood, Textile), Product (Chairs, Tables, Seating Sets, Dining Sets, Loungers & Daybeds), End User (Residential, Commercial), Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Market Size, Share, Trends & Forecasting to 2030” in depth analysis along with the table of contents (ToC).
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