The market for outdoor furniture is expected to reach an estimated value of USD 23.8 billion in 2027. Based on the latest report conducted by Global Market Insights Inc., the growing demand for outdoor furniture in residential homes will boost industry growth in the period forecast. In addition, the increasing number of lawns and gardens within the urban areas will increase the demand for furniture shortly.
The rising consumer demand for furniture is expected to boost the demand for outdoor furniture. In the Asia Pacific, the growing construction and construction expenditure due to the increasing disposable income-per-capita will drive the market to grow. Furthermore, the rising demand for residential structures and the ever-increasing population are expected to drive outdoor and indoor furniture demand. In addition, the increasing popularization of European and Scandinavian designs and styles of furniture for outdoor use will boost business growth. Additionally, increasing focus on style over function and regular improvements in outdoor restaurants and hotels can boost revenue for outdoor furniture.
Metal is predicted to grow at a CAGR of 4.9 percent during the forecast time. Aluminum, stainless steel, galvanized steel, and other metals are frequently employed in the design and construction of outdoor furniture. Metals are highly compatible with lawns and gardens when they are coated with an anti-rust coating as well as varnishing. In addition, aluminum is a light metal commonly employed in garden furniture due to its light shade, making it a popular choice for constructing different designs.
The market for loungers and daybeds is expected to grow at a rate of 6.5 percent during the forecast time. Daybeds and loungers are generally placed in balconies, gardens, or backyards, as well as other spaces outside. Comfy and decorative cushions cushion side chairs and sofas in various dimensions and colors. In addition, the commercial usage of loungers in poolside cafés, beaches resorts, and backyards boosts the growth of markets.
The residential segment will comprise approximately 55% of the market share for outdoor furniture in 2027. The rapid growth of residential construction, particularly in the U.S. and Asia Pacific countries, will drive market demand. Furthermore, growing initiatives to making public spaces more open can further boost the expansion of the market. Additionally, companies are employing innovative materials to construct furniture for outdoor use, such as aluminum, metal-wood, wicker-plastic, and combinations of plastic and metal, which help to improve the quality of furnishings and reduce costs, thus increasing the growth of the industry.
Outdoor furniture with a medium price will comprise approximately 70% of the total market share in 2027. The availability of a broad assortment of outdoor furniture available for sale at reasonable prices, with good design and high quality, is expected to enhance the demand for this furniture. It is used extensively in commercial and residential areas like offices, clubs, and even gardens. Additionally, the premium furniture prices for outdoor spaces are likely to rise dramatically due to the growing demand in developed countries like the U.S., Japan, Italy, Germany, Spain, France, and Poland.
The European market for outdoor furniture was responsible for about 30 percent of the market share in 2020. The high demand for summer and beach holidays in Europe is expected to boost the demand for outdoor furniture for commercial use. Additionally, Europe, the UK, Germany, Italy, Spain, and France are significant contributors to the market due to the increased demand for patio and garden furniture in these countries.
The increasing demand for outdoor furniture with distinctive designs and unique commercial and residential structures will be a positive factor in the business. The international market for outdoor furniture includes companies like Century Furniture, Tuuci, Haworth, Inc., Dedon, The Home Depot, Inc., Royal Botania NV, B&B Italia SpA, Hartman UK, Amisco, Ashley Furniture Industries, Herman Miller, Inc., IKEA, Sun Garden GmbH as well as Knoll, Inc. Limited.
The key results of the report on the market for outdoor furniture are:
Wood will remain the primary material in the forecast time frame and is predicted to expand by more than 6.5 percent between 2021 and 2027.
Dining sets were the most significant product category and brought in more than USD 7.6 billion in revenue by 2020.
Residential construction will continue to be the primary end-user market for outdoor furniture during the next few years. Outdoor furniture is commonly used in residential structures, such as patios, gardens, and porches.
Large multinational corporations operating in this sector are focused on expanding their offerings of products, expanding their reach, and creating strategic alliances, like partnerships, joint ventures acquisitions, and collaborations to gain market share.