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Outdoor Furniture Market demand is likely to witness significant growth till 2026 led by ongoing expansion of the global commercial sector. Commercial establishments such as hospitality, offices, and educational institutes are creating an immense demand for outdoor furniture products, majorly in developing nations.According to Global Market Insights Inc. report, the outdoor furniture market revenue is likely to exceed a valuation of $20.6 billion by 2026. In fact, the rapid expansion of the tourism sector is increasingly providing significant scope for the development of furniture, particularly across establishments such as restaurants, motels, and hotels, further augmenting business growth. In fact, according to the WTTC (World Trade and Tourism Council) records, in 2018, the tourism industry experienced 3.9% growth, which was more than the 3.2% global GDP growth in 2018. The tourism sector contributed a momentous $8.8 trillion revenue to the global economy, generating approximately 10.4% of the overall global economic activity during 2018.
While the several lockdowns across the globe, brought on by the spread of the coronavirus, have dampened the momentum of the tourism sector, the industry is expected to recover greatly as the situation comes under control. The numerous advancements towards the development of vaccines is further generating strong outlook towards the global tourism sector.
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Mentioned below are three major trends influencing the global outdoor furniture market:
Increasing consumer inclination towards plastic furniture
With regards to material, plastic furniture is currently witnessing increasing demand among consumers owing to the number of advantages they offer, including lightweight, high durability, easy maintenance, and economic pricing. Plastic furniture is produced using polypropylene that has two copolymers, one for impact while the other for rigidity. It also incorporates approximately 15% filler to offer enhanced rigidity and affordable prices. Considering these factors, the plastic material segment is expected to grow at a healthy CAGR of more than 4% through 2026.
Growing adoption of daybeds and loungers
In terms of product, the increasing adoption of daybeds and loungers in numerous commercial application avenues such as office lounges, bars, hotels, swimming pools, restaurants, and resorts, is projected to propel the segment demand through 2026. These products provide better comfort to customers and have superior styling and customization capabilities, which is positively impelling their demand across commercial establishments. In fact, in 2019, this segment held a significant outdoor furniture market share of over 7.5% with estimates projecting it to observe more growth over the coming years.
Rising demand for multifunctional furniture across the Asia Pacific
Changing lifestyles, rapid urbanization, growing disposable income, and gradually improving economic conditions across APAC nations such as India, China, and South Korea is anticipated to majorly propel the Asia Pacific outdoor furniture market share. Additionally, the rising influence of western culture and trends along with the growing customer inclination towards multifunctional furniture would further impel the product demand across the region. The Asia Pacific outdoor furniture industry is likely to grow at a healthy rate of over 5.5% in terms of volume share over the forthcoming timeframe.
Key market players are focusing on acquisitions to quickly expand their product portfolios and improve margins in terms of revenue growth. Citing an instance, in January 2020, Twin Star Home, a renowned residential furnishings manufacturer, reportedly acquired TK Classics, a US-based manufacturer and designer of outdoor furniture like bars, dining tables, accessories, and upholstered seating to significantly grow its market position and expand its product portfolio for outdoor living.
The competitive landscape of the outdoor furniture market is inclusive of players like Fischer Mobel GmbH, Agio International Company Limited, Gloster, Treasure Garden Incorporated, Kettal, Homecrest Outdoor Living, Brown Jordan, Ashley Furniture Industries, Inter IKEA Group, Century Furniture among others.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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