Wilmington, Delaware, United States, May 31, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Steady increase in consumer preference toward installing outdoor living structures at homes for dining and recreation purposes, such as (installation of) outdoor kitchens and fireplaces, is expected to accelerate market development.
Rise in household spending on patio beautification is augmenting market growth. The global outdoor living structure market was valued at US$ 2.4 Bn in 2022 and is projected to expand at a CAGR of 6.1% from 2023 to 2031 to reach US$ 4.0 Bn by 2031.
Considerable spending on modernization of pergolas by commercial end-users is likely to boost the outdoor living structure market. Companies in the market are creating marketing campaigns to promote the value of outdoor living structures in modern urban living. These are likely to bolster awareness among consumers on installation and beautification of these structures, such as patios, pergolas, and arbor in residential societies. These trends are broadening market outlook.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 2.4 Bn | |
| Estimated Value | US$ 4.0 Bn | |
| Growth Rate - CAGR | 6.1% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 160 Pages | |
| Market Segmentation | Product Type, Material Use, Price, End-use, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Renson, Outdoor Structure Company, LLC, Absolute Outdoor Living, Corradi Outdoor Living Space, Luxox, IQ Outdoor Living, Totally Outdoors, Scandia Canada, Country Lane Gazebos, Texas Best Fence & Patio | |
Key Findings of Study
- Rise in Demand for Eco-friendly Materials in Outdoor Living Structure: Considerable demand for outdoor living structures made of earth-friendly composite materials, such as wood fiber and recycled materials, presents significant growth opportunities for companies operating in the market. Rapid increase in spending on stylist outdoor rooms by residential end-users is anticipated to augment market size in the near future.
- Considerable Spending on Beautification of Residential Spaces: Homeowners are spending significantly on the beautification of their living spaces. This is likely to fuel the outdoor living structure market. Consumers are inclined toward creating a relaxation venue for outdoor living, and hence are spending on their beautification.
- Based on product type, the pergola segment is projected to constitute the leading market share from 2023 to 2031. Surge in utilization of pergolas for growing plants and gardening is likely to fuel the segment.
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Key Drivers
- Rise in sales of new residential housing in a number of developing regions is a key factor expected to drive the market. Significant increase in income of consumers is driving demand for high-value residential properties, which is likely to bolster the outdoor living structure market.
- Steady increase in household consumer spending on home beautification is propelling development of the outdoor living structure industry
Regional Growth Dynamics
North America is anticipated to account for the leading market share from 2023 to 2031. Widespread usage of outdoor living structure in residential spaces, especially by consumers in the U.S. has augmented market growth. Considerable inclination to add comfort and style to living structures in lounge and patios is likely to fuel market growth in the next few years.
Europe is a lucrative market for outdoor living structure. Growth of the market in the region is driven by rise in adoption of outdoor living structures in many commercial establishments, such as offices, hotels, and schools.
The market in Asia Pacific is projected to grow at a rapid pace from 2023to 2031. Rise in consumer spending on beautification of homes is fueling market growth.
Competition Landscape
The business landscape is fragmented, with the presence of large number of leading companies. Key players are focusing on product portfolio expansion to strengthen their market shares. Leading companies in the market are
- Renson
- Outdoor Structure Company, LLC
- Absolute Outdoor Living
- Luxox
- Scandia Canada
- Totally Outdoors
- IQ Outdoor Living
- Country Lane Gazebos
- Corradi Outdoor Living Space
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Market Segmentation
Product Type
- Arbor
- Pergola
- Gazebo
- Ramada or Pavilion
- Greenhouse
- Others (Pegola, Shade Sail, Cabana, etc.)
Material Use
- Wood
- Metal
- Plastic
- Vnyl
Price
- Up to US$ 1000
- US$ 1001 – US$ 3000
- US$ 3001 – US$ 5000
- US$ 5001 – US$ 8000
- US$ 8001 and above
End-use
- Residential
- Commercial
- Hotel Resort
- Community Center
- Education Institution
- Others (Office Complex)
Distribution Channel
- Direct
- Indirect
Region
- North America
- South America
- Middle East & Africa
- Asia Pacific
- Europe
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