Outdoor Furniture Industry Overview
The global Outdoor Furniture Market, valued at USD 46.20 billion in 2022, is projected to grow at a CAGR of 5.7% from 2023 to 2030. This growth is primarily fueled by the increasing demand for outdoor furniture in hotels, resorts, open spaces, and public gardens, particularly in scenic locations, seaside areas, hill stations, and near historical monuments. The rising number of hotels and restaurants is expected to further drive industry growth. Moreover, shifting consumer preferences towards enhancing outdoor spaces like balconies, gardens, and porches with more aesthetically pleasing and comfortable designs are supporting industry development.
Consumers are increasingly willing to spend their disposable income on outdoor furniture that enhances aesthetics. The COVID-19 pandemic negatively impacted the global industry due to factory closures, supply chain disruptions, and economic downturn. The hospitality sector, affected by travel restrictions and closures, saw a decline in outdoor furniture sales. However, the pandemic also led to increased time spent at home, prompting upgrades to both indoor and outdoor living spaces. Cushions, lights, outdoor dining furniture, and gardening supplies experienced significant growth and heightened consumer interest during this period.
Detailed Segmentation:
- Product Insights
Other outdoor furniture, including chairs and tables, among others, is anticipated to have significant growth in the years in the future. The manufacture of handcrafted bamboo-based interior décor items is being driven by growing knowledge of the benefits of long-lasting, sustainable materials that are resistant to swelling and shrinking. To diversify their product offerings, producers also place a focus on creating unique patterns and features in all bamboo or composite materials.
- Material Type Insights
Based on material type, the global industry has been further categorized into wood, plastic, and metal. The wood material type segment dominated the global industry in 2022 and accounted for the largest share of more than 65.50% of the overall revenue. The segment is likely to remain dominant throughout the forecast period. The growing popularity of wood outdoor furniture is due to its benefits, such as robustness, improved comfort, and aesthetic appeal. Wood is among the most widely used raw materials for outdoor furniture manufacturing across the globe.
- End-use Insights
The commercial end use segment is anticipated to have the highest CAGR around 6.4% over the forecast period. According to Travel Pulse, the U.S had the highest number of hotel projects in 2021, with almost 669,460 rooms under construction, which accounted for 41% of all projects in the world. Dallas, New York, Los Angeles, Atlanta, and Houston had the highest number of construction. These commercial establishments focus on achieving a sophisticated and elegant look.
- Regional Insights
Asia Pacific outdoor furniture market is expected to project the fastest CAGR of more than 7.1% over the forecast period. International tourism is gaining strong attention in countries including China, Malaysia, South Korea, Singapore, and India. With the growing tourist activity, the sales of the outdoor furniture market are rising in the region, helping in increasing the market share commercial segment of the outdoor furniture market in the region. The increase in tourism and higher disposable income indicates a surge in restaurant visits is boosting the Indian market. India outdoor furniture market is anticipated to have the fastest growth in the Asia Pacific region with a CAGR of 9.1% over the forecast period, from 2023 to 2030.
Gather more insights about the market drivers, restraints, and growth of the Outdoor Furniture Market
Key Companies & Market Share Insights
- The market is characterized by the presence of a few established players and new entrants. Many big players are increasing their focus on the growing trend of the outdoor furniture market. Players in the market are diversifying their service offering to maintain market share.
- In June 2023, HNI Corporation announced the completion of the acquisition of Kimball International Inc. With pro forma revenue of almost $3 billion and combined EBITDA of about $305 million, the merger develops the market leader.
- In July 2022, Andreu World, a outdoor furniture manufacturer based in U.S., opened its new showroom in Germany. The outdoor furniture pieces displayed were produced under the advice of internationally reputed designers such as Patricia Urquiola, Philippe Starck, Alfredo Häberli, Jasper.
Some of the key players operating in the outdoor furniture market include:
- Inter IKEA Systems B.V.
- Ashley Outdoor Furniture Industries, Inc.
- Brown Jordan Inc.
- Kenter
- Agio International Company, LTD
- Lloyd Flanders, Inc.
- Barbeques Galore
- Century Outdoor Furniture LLC.
- Aura Global Outdoor Furniture
- Kimball International Inc.
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