Outdoor Furniture Market: Current Analysis and Forecast (2022-2028)

Report Description

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The outdoor furniture market is expected to register a CAGR of approx. 6% over the period of 2022-2028. Outdoor furniture is primarily used to add comfort and pleasure to balcony spaces, and it is built to withstand extreme weather conditions such as heat, cold, and rain. Such products are multi-functional and low maintenance, adding to the appeal of home spaces such as gardens, lawns, and backyards. Its ability to withstand varying climatic conditions, as well as its ability to resist corrosion, fading, water exposure, and fixture and fitment wear and tear, leads to an increase in demand for such products in residential and commercial spaces. The growing demand for outdoor furniture can be attributed to the increased demand for various outdoor furniture products from commercial sectors such as offices, clubs, etc. For instance, In April 2019, Brown Jordan launched its latest outdoor furniture collection, Annie Marie Vering, and Richard Frinier, created the collection. Brass and copper were employed to give maximum comfort to users. The collection includes, a chaise, two-size benches, three-size rectangular dining tables, and three-size coffee tables, among others. Furthermore, the outdoor furniture market is anticipated to grow on account of the rise in purchasing power coupled with comfort and luxury furniture. In addition, the growing popularity of visiting seaside areas, hill stations, picturesque places, and ancient monuments has resulted in an increase in the number of hotels, resorts, open spaces, and public gardens act as a prominent factor that drives the market growth. However, some of the restraints in the market including the high costs of raw materials are impeding the growth of this market all over the world.

Dedon, Unopiu, Ace Hardware, Steelcase, Herman Miller Inc., Ashley Furniture Industries, Sun Garden GmbH, IKEA, Tuuci, Century Furniture are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst products, the tables category accounted for the significant share in the market in 2020”

Based on the product, the outdoor furniture market is segmented into tables, chairs, dining sets, loungers & daybeds, and others. The tables segment accounted for a significant market share, and it is estimated that it will grow rapidly during the projected timeframe due to the growing prevalence of remote working conditions that demand greater consumption of tables across households. Due to the small size of the tables, which enable users to use their devices to work from public areas like terraces and balconies, the segmental growth for tables has increased.

“Amongst material, the wood category is expected to witness considerable CAGR during the forecast period”

Based on the material, the market is fragmented into metal, plastic, wood, and textile. The wood segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period because of its durability and low maintenance requirements. The waterproof and insect-repellent properties of woods like Mahogany, Teakwood, Acacia wood, and Cedar are widely used in the creation of this upholstery. The wooden material is inexpensive and ideal for creating essential outdoor and indoor.

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“Amongst end-users, the residential category is expected to witness considerable CAGR during the forecast period”

Based on the end-user, the market is fragmented into residential and commercial. The residential segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period because of the increased consumption of lawn and balcony fixtures in homes and apartments Furthermore, growing consumer preferences for home renovation and modification have necessitated a greater consumption of sustainable fixtures that enhance the beauty of the surroundings while also playing an important role in the family’s health and well-being.

“Amongst sales channel, the online category is expected to witness considerable CAGR during the forecast period”

Based on the sales channel, the market is fragmented into online and offline. The online segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Various online furniture selling platforms, such as Pepperfry, Home Center, and Urban Ladder, are rapidly expanding. Businesses must begin selling their products through these channels to survive in the market in the coming years. To maximize quality and gain a competitive advantage over their competitors, leading companies offer their products on their own websites and have their own supply chain systems.

“Asia Pacific to witness significant growth during the forecast period”

For a better understanding of the market dynamics of the outdoor furniture market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. The Asia Pacific constitutes a major market for the outdoor furniture industry owing to the increasing popularity of various furniture products among consumers, increasing construction projects, urbanization, and the rise in disposable income of the consumers in this region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Global Outdoor Furniture Market Analysis (2022-2028)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global outdoor furniture market were the three major steps undertaken to create and analyze the adoption of outdoor furniture in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global outdoor furniture market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the outdoor furniture market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the outdoor furniture market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the product, material, end-users, and sale channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the outdoor furniture market. Further, we conducted factor analysis using dependent and independent variables such as increased demand for various outdoor furniture products from commercial sectors such as offices, clubs, and others, etc. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the outdoor furniture market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global outdoor furniture market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the outdoor furniture market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global outdoor furniture market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

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Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global outdoor furniture market. Data was split into several segments & sub-segments post studying various parameters and trends in the area’s product, material, end-users and sale channel in the global outdoor furniture market.

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The main objective of the Global Outdoor Furniture Market Study

The current & future market trends of the global outdoor furniture market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the outdoor furniture market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product, material, end-users, and sale channel.
• Define and analysis of the regulatory framework for the outdoor furniture market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the outdoor furniture market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the outdoor furniture market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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