Increasing trend of using outdoor furniture by consumers in order to decorate terraces, outside gardens, and outdoor living spaces is projected to boost the profitable business opportunities in the global outdoor furniture market in the forthcoming years.
Outdoor furniture are manufactured using varied materials such as resign, plastics, metal, wood, glass, and concrete. Benches, sofas, chairs, bistro sets, and tables are some of the key product types available in the global outdoor furniture market. Increase in the use of these products across recreational centers, hotels & restaurants, cafes, small outlets, and bars & pubs is likely to create substantial sales prospects for market enterprises in the upcoming years.
A study published by Transparency Market Research (TMR) notes that the global outdoor furniture market is projected to expand at a CAGR of 6% during the forecast period, 2021-2031. Hence, the market is estimated to surpass the valuation of US$ 31.35 Bn by 2031.
The TMR report provides complete assessment of major facets influencing overall growth curve of the global market. Thus, readers are enlightened on several important factors such as growth drivers, restraints, expansion opportunities, demand-supply ratio, and R&D projects.
Over the period of past few years, there is increase in inclination among populace from across the globe toward making changes in their outdoor spaces in order to enhance look and match their structural themes. Apart from this, there is rise in the fashion of including gardens and living spaces in houses. These factors are boding well with the growth of the global outdoor furniture market.
Players Focus on Mergers and Acquisition for Business Expansion
Some of the important players operating in the global outdoor furniture market are Barbeque Galore, Agio International Company, Century Furniture LLC., Brown Jordan, La-Z-Boy Incorporated, and Herman Miller, Inc.
In order to sustain in the high level of competition and expand businesses in newer regions, enterprises in the global outdoor furniture market are using different strategies such as mergers and acquisitions. Companies are focusing on the launch of innovative products. As a result, they are seen increasing investments in the R&D projects. Moreover, several organizations are focusing on offering customized products in order to attract new customers.
Increase in Number of Work-from-home Employees amid COVID-19 to Fuel Demand for Outdoor Furniture
The emergence of COVID-19 pandemic has impacted almost every industrial vertical. Due to the pandemic situation, students are compelled to take education through online platforms. At the same time, employees of many industrial sectors have accepted the work-from-home culture as a new normal. As a result, this consumer base is inclining toward improving the convenience levels while working and learning online, which in turn, has boosted the demand for outdoor furniture from major parts of the globe.
Due to the rising need for following social distancing guidelines amid COVID-19 pandemic, major offices and restaurants from across the globe are making necessary changes in their infrastructures. This factor is foreseen to create value-grab opportunities in the global outdoor furniture market.
Asia Pacific: Prominent Region for Market Growth
North America, Europe, Asia Pacific, Middle East, and Africa, and South America are some of the prominent regions in which the global outdoor furniture market is being spread. Moreover, players are expected to observe substantial business prospects in the Asia Pacific region owing to increasing popularity of innovative furniture among the regional populace. Besides, the Asia Pacific outdoor furniture market is prognosticated to attract outstanding sales avenues on the back of many reasons such as increase in urban population, improving spending power of consumers, and growth in number of construction projects in the region.