According to the latest research study by Fact.MR, the global outdoor furniture market is expected to witness a CAGR of ~7% throughout the forecast period. The outdoor garden furniture market has observed impressive developments in the past few years, thereby, driving the global outdoor garden furniture market growth. The growth in the global outdoor garden furniture market is due to an increase in the product launch activities of the key players engaged in the market. Moreover, the surge in the infrastructure activities over the past few years has fueled the growth of the global outdoor garden furniture market. Various factors such as rapid urbanization and expansion in the middle class population have bolstered the infrastructural development in various parts of the world. The rising consumer inclination towards unconventional and unique home décor furniture that takes up minimal space surges the global outdoor garden furniture market growth.
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The present trend in the outdoor garden furniture market is being observed due to the cumulative number of furniture manufacturers in all regions across the globe. An inclination towards the decorated open spaces and leisure and recreational experiences also propel the demand for outdoor garden furniture. However, the trend for compact housing across the globe is undermining the opportunity for the outdoor garden furniture market. As there are less spaces allocated for garden and balcony, adverse impact on the demand for outdoor garden furniture can be observed in the past few years.
Furthermore, increased popularity of vertical gardens, green roofs, green restaurants and green infrastructure is likely to support the growth of the outdoor garden furniture market. Currently, various manufacturers are also engaged in eco-friendly production methods, and the usage of eco-friendly materials for the manufacturing of outdoor garden furniture will help to boost sales in the market. Additionally, outdoor garden furniture is used for multiple purposes such as folding furniture, bottle holder, stool and lamp, which in turn, boosts the growth of the outdoor garden furniture market.
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The outdoor garden furniture market is gaining a lot of traction among consumers due to availability of open spaces for recreational and leisure activities. There has been high accessibility of outdoor garden area for recreational purposes. In order to make the area more comfortable and relaxing, people are preferring to put myriad forms of furniture in the garden that provides them with utmost comfort and unique experience in terms of design. The product innovations and technological advancements in the outdoor garden furniture market have also been one of the prominent factors that boost the growth of the market at the global level.
There has been an immense upsurge in urbanization over the past few years, along with an increase in the real estate industry. Growing number of hospitals, commercial spaces, public gardens, open air restaurants have supported the growth of the outdoor garden furniture market across the globe. Moreover, the high adoption of outdoor furniture in commercial as well as residential settings has accelerated the demand for the outdoor garden furniture.
Governments in various countries are investing heavily in providing more open spaces such as public gardens to offer people with areas to relax. These initiatives lead to the emergence in the demand for furniture, which eventually boosts the global outdoor garden furniture market growth. One of the recent trends in the outdoor garden furniture market is the effortless transition from home to the outdoor spaces using rugs, tables, chairs, side tables, blankets.
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The competitive outlook is expected to be varied owing to the presence of a large number of manufacturers and vendors in the outdoor garden furniture market. Amongst regions, Asia Pacific excluding Japan is projected to experience a prominent growth during the forecast period, owing to the increasing number of consumers and manufacturers in the region, which paves the way for lucrative opportunities in the outdoor garden furniture market in the region.
This study underlines key opportunities in the outdoor garden furniture market and finds that the market is likely to exhibit a growth at a CAGR of ~7% during the forecast period.
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