Outdoor Furniture Market 2020 - Growth Opportunities, Competitive Landscape and Trends Forecast to 2024
Category: #headlines  By Rahul Varpe  Date: 2020-06-10
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Outdoor Furniture Market 2020 - Growth Opportunities, Competitive Landscape and Trends Forecast to 2024

The construction industry growth accompanied by improved consumer spending is the key factor, which is projected to boost the business growth over the forecast period. Increasing number of homeowners worldwide primarily augmenting demand for outdoor furniture products. Attractive garden designing showcase improved compatibility to match up aesthetic items with lounges, chairs, tables, and other accessories to enhance garden spaces propelling outdoor furniture market penetration.

Improved consumer spending and traveling trends resulted in an increased number of tourists across the world. These trends are mainly observed coastal area, beach, hotels, resorts, cafes, lounges restaurants and bars boosting outdoor furniture market expansion. Decorative lounge chairs, upholstery products, and table are the key revenue-generating products in the market.

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Asia Pacific Outdoor Furniture Market is projected to grow at the fastest pace from 2018 to 2024. The region is among the key emerging economies and witnessing modern trends for enchaining outer garden and outer spaces, especially in China, Japan, South Korea Malaysia, and Indonesia. Rapid urbanization and new construction in urban cities is mainly boosting the market share for outdoor furniture products across the region.

Textiles are expected to grow at the fastest pace from 2018 to 2024. Fabrics are among key exterior elements to improve the comfort and aesthetics of the furniture. PVC, Acrylic fiber, olefin fiber, and polyester fabric is widely used in product making. Modern designs including numerous patterns bold color shades, textures, and designs enhance compatibility with the architectural theme for the outer spaces.

Outdoor Furniture Market Growth Drivers: --

  1. Rapid expansion of product portfolio & distribution network
  2. Socialization accompanied by increasing consumer spending on leisure & experiences

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Residential segment is expected to witness a CAGR over 4% up to 2024. Surging demand for garden spaces in the residential sector owing to rapid urbanization in the countries is fueled industry growth. The growing trend of socializing and get-togethers among people of all ages are fueling the demand for garden and outer furniture products in the residential sector.

Wooden products accounted for over 50% of the material demand in 2017, the material is highly preferred over its counterparts owing to the natural appearance and exceptionally attractive designs glorify outdoor furniture product portfolio. Mahogany, redwood, teak, cedar, pine, eucalyptus and composite material widely used in the making due to excellent natural & appealing shades enhances aesthetic appearances boosting product profile

Global outdoor furniture market share is competitive owing to the presence of key players, including Ashley Furniture Industries, Inter IKEA Group, Century Furniture, Agio International Company Limited, Brown Jordan, Barbeques Galore, Keter Group, Lloyd Flanders, Dedon, Emu Group, Tuuci, Royal Botania, Hartman UK, Homecrest Outdoor Living, Kettal, Fischer Mobel GmbH, Treasure Garden Incorporated, and Gloster. Product design, configuration, and after-sale service is the key concerning areas for industry players.

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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