Product Innovations to Withstand Temperature Extremities, Moisture to Fuel Growth of Outdoor Furniture Market; Global Market Valuation to Reach US$ 31.35 Bn by 2031 – TMR Insights – PRNewswire

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– Increasing use of digital technology to serve changing customer behavior, cost savings, and operational efficiency spells growth of the outdoor furniture market
– Sum of growth dynamics, trends, and opportunities in the outdoor furniture market anticipated to reach valuation of US$ 31.35 Bn by 2031
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Sep 02, 2021, 10:30 ET
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ALBANY, N.Y., Sept. 2, 2021 /PRNewswire/ — Outdoor Furniture Market – Overview
The rise in spending on design and decoration of outdoor spaces in houses, restaurants, and recreational centers is a key factor driving the outdoor furniture market. The manufacture of products specially designed for outdoor spaces to withstand hot and humid temperatures and durability for exterior factors such as rain and sun is resulting in continued demand for outdoor furniture, thereby fueling the outdoor furniture market.
Asia Pacific holds key market share of the outdoor furniture market. Increasing construction projects, growing urbanization, and rising disposable income are creating demand for all types of furniture in the region. The increasing flow of tourists from Western countries to Singapore, India, and Thailand has created an unprecedented demand for outdoor furniture for various types of hotels and lodging accommodations that mostly have sit-outs and patios.
Outbreak of the COVID-19 pandemic and stay-at-home orders created an unexpected demand for home décor products, furnishings, and furniture among certain economic classes. The large population with disposable incomes spent on homewares, including outdoor products to find ways for at-home recreation amid lockdowns.
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Thus, due to the abovementioned factors and economic slowdown, the outdoor furniture market is projected to expand at a CAGR of 6% from 2021 to 2031.
Outdoor Furniture Market – Key Findings of Report
Demand from Hotels, Restaurants, Offices to Drive Global Market
Prior to the outbreak of the COVID-19, the ever-increasing travel by individuals of all age groups to different parts of the world at both routine and offbeat locations led to the emergence of hotels, rest houses, and lodges in large numbers to serve various economic classes. Comfortable and aesthetically appealing furniture for lounges, patios, and gardens of hotels is creating ample opportunities in the outdoor furniture market.
Large hotel chains with a few swimming pools, gardens, and patios are experiencing high demand for outdoor furniture for the comfort of their guests. With growing financial stability and preference for luxury hotels among a large population group, major hotel chains have massive budgets for the decoration of their outdoor spaces.
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The availability of outdoor furniture in a range of materials and finish is advantageous for its continued demand. Furthermore, manufacturers of outdoor furniture take up end-to-end design and decoration of outdoor spaces of large hotel chains for furniture pieces customized to suit each part of the hotel individually. This is amplifying the growth of outdoor furniture market.
Use of Digital Technology for Improved Services Gathers Steam
The outbreak of COVID-19 necessitated the adoption of digitalization and automation of production processes for small-scale industries too. Advancements in digital technology and information tools that are suitable to serve production cycles, logistics, and retail of all types of furniture for commercial and non-commercial needs are expanding the growth prospects of the outdoor furniture market.
Furthermore, the use of digital technology enables faster response for changing consumer demand with added advantage of cost savings and operational efficiency.
During the stay-at-home orders amid the ongoing pandemic, consumers are increasingly being attracted to ethically produced products and product labels that share their values for respect to the environment. In addition, the pandemic has increased awareness among individuals of the impact of pollution and environmental degradation on their well-being and the society. This is triggering the use of clean label products in the outdoor furniture market.
The growing trend of sustainable products among the new-age consumers is also promoting the use of technology in the outdoor furniture market.
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Outdoor Furniture Market – Growth Drivers
Outdoor Furniture Market – Key Players
Some of the key players operating in the outdoor furniture market are;
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Global Outdoor Furniture Market: Segmentation
Outdoor Furniture Market, by Type
Outdoor Furniture Market, by Material
Outdoor Furniture Market, by Price
Outdoor Furniture Market, by Application
Outdoor Furniture Market, by Distribution Channel
Outdoor Furniture Market, by Region
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