The changing dynamics in Outdoor Furniture Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Outdoor Furniture Market.
It was estimated prior to this unanticipated outbreak that the Outdoor Furniture Market will reach CAGR of 4.8 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Outdoor Furniture Market Insights
Outdoor Furniture Market is likely to witness an impressive CAGR of 4.8% during the forecast period. The major factors such as rapid growth in home improvement industry across the globe accompanied by positive outlook for consumer spending in emerging nations, modern lifestyle and rapid socializing trends including outdoor dining at gardens, grilling & barbeque events, social gatherings, shifting trend among manufacturers from aluminum chairs to comfortable garden furniture over the years, and the design & product inventions supported by stimulating furniture demand are expected to fuel the growth of the outdoor furniture market during the forecast period.
Market Share Analysis
Outdoor Furniture Market Share: By Material Type
Based on the material type, the market is segmented as wood, metal, plastic, textile, and others. Wood accounted for 50% share of the market in 2019 and is estimated to register high growth rate during the forecast period. Manufacturers are shifting towards environmental friendly materials such as MOSO bamboo, which is harder and stronger as compared to oak. Furthermore, materials such as mahogany, redwood, teak, pine, cedar, eucalyptus, and composite materials are used on a larger basis for making furniture, and various attractive designs that enhances the look of the outdoor spaces is expected to boost the growth of the market during the forecast period.
Outdoor Furniture Market Share: By Product Type
Based on the product type, the market is segmented as chairs, table, seating sets, dining sets, loungers & daybeds, and others. Chairs are estimated to be the fastest-growing product type with 6% CAGR during the forecast period. The major materials such as wood, fabrics, metals, textiles, and plastics are used for producing chairs. Chairs provide high comfort including materials and components which are used with the materials having waterproof features in the making. Moreover, the growing popularity due to the color blending and high comfort are expected to accelerate the growth of the outdoor furniture market during the forecast period.
Outdoor Furniture Market Share: By End-Use Type
Based on the end-use type, the market is segmented as residential and commercial. The residential end-use segment accounted for the largest share of the market in the year 2019. Factors such as improvement in income levels in various countries fueling the purchase trends for products in both residential and non-residential spaces, and urbanization are among the major drivers bolstering the growth of the segment.
Outdoor Furniture Market Share: By Region
In terms of regions, North America is estimated to account for the largest regional market in the coming years. The growth of the region’s market is attributed to the presence of multiple players including Bambrella, Woodard, Homecrest, Polywood, Whiteall Products, Uwharrie Chair, Galtech Umbrellas, Ow Lee, Telescope casual, and Lloyd Flanders. Moreover, the dominance of the market is supported by the expansion of several sectors including public gardens, hospitality, recreational sport areas, and open restaurants. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.