Wilmington, Delaware, United States, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The outdoor furniture market is projected to reach US$ 31.3 billion by 2031. Outdoor furniture market revenues are expected to increase at a CAGR of 6% until 2031. Since ancient times, furniture design has evolved greatly, and designers continue to push the envelope.
With the advancement of technology, the furniture design industry will see more innovations and developments. The integration of cutting-edge technology and eco-friendly and sustainable design is a growing trend. The future holds a great deal of promise and a great deal of potential.
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The housing market, including new home construction and home sales in existing homes, can play a significant role in influencing outdoor furniture demand. The purchase of outdoor furniture may be a good investment for people who are moving into new homes or enhancing their existing outdoor living spaces.
Compact and multifunctional outdoor furniture may be in demand as people move into cities with limited outdoor space. Outdoor furniture options that are eco-friendly and sustainable have become increasingly popular as environmental awareness increases. Consumers often seek after sustainable materials and furniture with minimal environmental impact.
Promotions, discounts, and marketing campaigns can boost sales of outdoor furniture during peak sales periods and holidays. Aesthetics play an important role in the demand for outdoor furniture. In addition to a variety of colours and materials, designs that incorporate innovative and stylish features increase consumer interest and sales in the market.
Natural elements may become more prominent in furniture design in the future as people become more disconnected from nature. Raw materials such as wood, stone, or bamboo could be used as part of various home renovation projects. Natural elements can also be incorporated into the structure, such as the inclusion of water elements and plants.
Key Findings of the Market Report
- Armchairs are expected to drive outdoor furniture demand in the coming years.
- An increase in the demand for coffee tables and outdoor seating among the geriatric population will lead to an increase in the market for outdoor furniture.
- With the growing demand for natural cedar, outdoor furniture is expected to see an increase in demand over the next few years.
- Outdoor furniture retailers are benefiting from the convenience of online shopping, making it more convenient for consumers to browse and buy products.
- Hotel and restaurant applications are expected to drive market growth for outdoor furniture.
Outdoor Furniture Market: Growth Drivers
- A rise in outdoor seating demand and an incline toward evening outdoor leisure is expected to fuel market demand for outdoor furniture. Furniture for the outdoors becomes more popular as the weather becomes more conducive to outdoor activities.
- With a rise in personalized gardens and a rising number of homeowners, the market for outdoor furniture is expected to experience strong growth. Growing social media influencers and rising social media trends are expected to expand the market for outdoor furniture.
- Consumer confidence and employment rates, among other economic factors, can influence outdoor furniture demand. A strong economy and stability increase the likelihood of people purchasing outdoor furniture on a discretionary basis.
- Consumer preferences and lifestyle changes can influence outdoor furniture demand. The popularity of outdoor living spaces and outdoor entertaining trends have resulted in a greater demand for stylish and comfortable outdoor furniture.
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Global Outdoor Furniture Market: Regional Landscape
- North America is expected to witness significant growth in the coming years. Increasing consumer spending and a trend towards tourism have contributed to outdoor furniture growth worldwide. An increase in commercial and residential construction is expected to drive the demand for outdoor furniture.
- Increasing product portfolios and innovations in product design help drive the market. A substantial amount of demand will be generated for patio heating products in commercial and residential spaces.
- Outdoor furniture sales are increasing in the United States as a result of increased demand for environmentally friendly products. Additionally, outdoor furniture products sold online and the availability of multi-functional outdoor furniture may increase market demand.
Global Outdoor Furniture Market: Key Players
Many firms are investing heavily in research and development, primarily for new product development. Leading players in the outdoor furniture market expand product portfolios and acquire companies.
Globally, outdoor furniture manufacturers include
- Agio International Company Ltd.
- Barbeques Galore
- Brown Jordan
- Century Furniture LLC
- Herman Miller Inc.
- HNI Corporation
- La-Z-Boy Incorporated
- Lowe's, Steelcase Inc.
- Williams-Sonoma Inc.
Key Developments
- On July 20, 2023, Kaja Interiors introduced new indoor and outdoor sofas and chairs, perfect for any hotel's décor. These styles combine robustness and lightness, complementing warm homes and summer furniture. Teak chairs and terrace benches are part of the collection.
- On March 16, 2023, Spectra Home introduced its newest collection of outdoor furniture. A diverse collection of patio and backyard seating and entertainment options are available from Spectra Outdoors, including upholstered sectionals, benches, sofas, swivel chairs, and sling chairs. In addition to being soft and opulent, the new outdoor line also offers maximum durability, stain resistance, and fade resistance in 100% solution-dyed acrylic fabrics.
Global Outdoor Furniture Market: Segmentation
By Type
- Benches
- Chairs
- Armchairs
- Adirondack
- Suspended Seats
- Others (Hammocks, Rocking chairs, etc.)
- Tables
- Coffee Tables
- Side Tables
- Dining Tables
- Fire Pit Tables
- Others (Patio Console Tables, Picnic Tables, etc.)
- Sofas
- Patio Sectional
- Regular Sofas
- Others (Patio Loveseats, etc.)
- Bistro Sets
- Gazebo and Pergola Furniture
- Outdoor Dining Sets
- Others (Patio and Deck Bars, etc.)
By Material
- Metal
- Aluminum
- Steel
- Others (Wrought Iron, etc.)
- Resin & Plastic
- Plastic
- Synthetic Resin
- Others (Acrylic, Polyester, etc.)
- Wood
- Teak
- Natural Cedar
- Others (Pine, Eucalyptus etc.)
- Others (Concrete, Glass, etc.)
By Price
- Low (Below US$ 50)
- Medium (US$ 50 - US$ 200)
- High (Above US$ 200)
By Application
- Residential
- Commercial
- Hotels & Restaurants
- Recreational Centers
- Bars & Pubs
- Others (Cafes, Small Outlets, etc.)
By Distribution Channel
- Online
- E-commerce Websites
- Company-owned Website
- Offline
- Supermarkets / Hypermarkets
- Departmental Stores
- Others (Independent Retailers, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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