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Outdoor Furniture Market for Residential segment is expected to witness a CAGR over 4% up to 2024

Author : Rahul Varpe | Published Date : 2019-06-11 

Global market Insights add Outdoor Furniture market research report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability.

The construction industry growth accompanied by improved consumer spending is the key factor, which is projected to boost the outdoor furniture market growth over the forecast period. Increasing number of homeowners worldwide primarily augmenting demand for outdoor furniture products. Attractive garden designing showcase improved compatibility to match up aesthetic items with lounges, chairs, tables, and other accessories to enhance garden spaces propelling market penetration.

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Improved consumer spending and traveling trends resulted in an increased number of tourists across the world. These trends are mainly observed coastal area, beach, hotels, resorts, cafes, lounges restaurants and bars boosting industry expansion. Decorative lounge chairs, upholstery products, and table are the key revenue-generating products in the market.

The changing consumer preferences towards the requirement for residential private houses and commercial building are primarily driving attractive garden furniture market. Increasing consumer attention toward enhancing outdoor spaces to create comfortable and appealing designs of the garden, the balcony, outside porches is influencing outdoor furniture market growth.

Global outdoor furniture market share is competitive owing to the presence of key players, including:

  • Ashley Furniture Industries
  • Inter IKEA Group
  • Century Furniture
  • Agio International Company Limited
  • Brown Jordan
  • Barbeques Galore
  • Keter Group
  • Lloyd Flanders
  • Dedon
  • Emu Group
  • Tuuci
  • Royal Botania
  • Hartman UK
  • Homecrest Outdoor Living
  • Kettal
  • Fischer Mobel GmbH
  • Treasure Garden Incorporated
  • Gloster

Product design, configuration, and after-sale service is the key concerning areas for industry players.

Residential segment is expected to witness a CAGR over 4% up to 2024. Surging demand for garden spaces in the residential sector owing to rapid urbanization in the countries is fueled industry growth. The growing trend of socializing and get-togethers among people of all ages are fueling the demand for garden and outer furniture products in the residential sector.

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Wooden products accounted for over 50% of the material demand in 2017, the material is highly preferred over its counterparts owing to the natural appearance and exceptionally attractive designs glorify outdoor furniture product portfolio. Mahogany, redwood, teak, cedar, pine, eucalyptus and composite material widely used in the making due to excellent natural & appealing shades enhances aesthetic appearances boosting product profile.

Asia Pacific is projected to grow at the fastest pace from 2018 to 2024. The region is among the key emerging economies and witnessing modern trends for enchaining outer garden and outer spaces, especially in China, Japan, South Korea Malaysia, and Indonesia. Rapid urbanization and new construction in urban cities is mainly boosting the outdoor furniture market share for products across the region.

Outdoor Furniture Market in Europe is projected to exceed USD 6,500 billion revenue by 2024. Traditional residential building along with new constructions boosting the demand for the outer furniture including chairs, table, lounges, and combination sets strongly supporting industry growth. Additionally, European countries are among the largest traveling & tourism destinations in the countries owing to the improved consumer spending in the region

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. 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 online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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