Outdoor Furniture Market Set to Attain Revenue Worth USD 65.82 Billion by 2031, Projected Growth at 6.40%: Kings Research
Outdoor Furniture Market is experiencing unprecedented growth, projected to expand from USD 40.38 billion in 2023 to USD 65.82 billion by 2031, with a robust compound annual growth rate (CAGR) of 6.40% from 2024 to 2031. This growth is driven by a surge in consumer interest in outdoor living spaces, innovative product offerings, and an increasing focus on sustainability and durability in furniture design.
Top Key Players
Century Furniture LLC, Aura Global Furniture, Royal Botania, Agio International Company, LTD., Kartell, Trex Outdoor Furniture, Hartman B.V., Inter IKEA Systems B.V., DEDON GmbH, and GLOSTER FURNITURE GMBH
The market is divided into tables, chairs, dining sets, and other categories based on type. In 2023, the tables section brought in the most money—USD 17.59 billion.
Market Dynamics
The rise in consumer preference for outdoor living spaces has significantly contributed to the market's expansion. Homeowners are increasingly investing in outdoor furniture to enhance their patios, gardens, and balconies, transforming them into functional and aesthetically pleasing areas for relaxation and entertainment. The trend is particularly pronounced in North America, the largest market for outdoor furniture, where the demand is driven by a high standard of living and an emphasis on outdoor leisure activities.
Discover Key Industry Trends @ https://www.kingsresearch.com/outdoor-furniture-market-709
Regional Insights
With a USD 14.53 billion market valuation in 2023, North America commanded the most Global Industry. The DIY culture movement is having an impact on the local market, as readily available and simple-to-assemble outdoor furniture kits are becoming more and more popular.
The Asia-Pacific region is the fastest-growing market, with a forecasted CAGR of 7.75% from 2024 to 2031. This rapid growth is fueled by urbanization, rising disposable incomes, and a growing middle class that values outdoor living. China, India, and Japan are key markets in this region, with increasing investments in outdoor furniture to cater to the burgeoning residential and commercial sectors.
North America remains the largest market, driven by consumer lifestyle trends that prioritize outdoor dining and entertaining. The region's market growth is supported by the presence of established brands and a high rate of innovation in product design and materials.
Key Market Segments
By Type: The outdoor furniture market is segmented into tables, chairs, dining sets, and other categories. Tables are expected to hold the largest market Global Industry by 2031, with projected revenues of USD 26.08 billion. This dominance is attributed to the growing trend of outdoor dining and the need for functional, stylish tables that can withstand various weather conditions.
By Material Type: Materials used in outdoor furniture include wood, plastic, metal, and others. Wooden furniture is highly favored for its aesthetic appeal and durability. Metal furniture, particularly aluminum and wrought iron, is also popular due to its strength and resistance to outdoor elements.
By Sales Channel: The market is divided into department stores, specialty furniture stores, wholesalers/distributors, and online retailers. Online retail is gaining significant traction, offering consumers a wide variety of products, competitive pricing, and the convenience of shopping from home.
By End User: The market serves both residential and commercial sectors. Residential use dominates the market as more homeowners invest in creating personal outdoor retreats. The commercial segment is also growing, driven by the hospitality industry's demand for durable and stylish outdoor furnishings.
Market Trends and Innovations
The outdoor furniture market is characterized by several key trends and innovations:
Sustainability: There is a growing emphasis on sustainable materials and eco-friendly manufacturing processes. Consumers are increasingly opting for furniture made from recycled materials and sustainably sourced wood.
Smart Furniture: Technological advancements have led to the development of smart outdoor furniture, equipped with features such as built-in speakers, solar-powered charging stations, and LED lighting.
Customization: Consumers are seeking customizable options to create unique outdoor spaces. Manufacturers are offering a range of customizable features, including color, material, and design options.
Durability: Given the exposure to outdoor elements, there is a strong focus on durability. Materials like treated wood, weather-resistant metals, and high-grade plastics are being used to ensure longevity and minimal maintenance.
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