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Outdoor Furniture Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Outdoor Furniture Global Market Insights
According to The Business Research Company's, The outdoor furniture market size has grown strongly in recent years. It will grow from $31.54 billion in 2023 to $33.51 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased outdoor living spaces, economic growth, changing lifestyles, rise in home improvement projects, increasing awareness of outdoor comfort.
The outdoor furniture market size is expected to see strong growth in the next few years. It will grow to $43.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to rising disposable incomes, urbanization trends, innovative design solutions, growing outdoor living trends, advancements in design. Major trends in the forecast period include luxurious textiles, sustainable materials, technological advancements, customization, innovative designs.
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Market Drivers and Trends:
The increasing focus on home renovation is expected to propel the growth of the outdoor furniture market going forward. Home renovation refers to improving, remodeling, or updating an existing residential property to enhance its functionality, aesthetics, or value. The focus on home renovation arises because of personalization, property value, functionality, sustainability, lifestyle changes, and housing stock conditions. Outdoor furniture is commonly used in home renovation projects to enhance and extend outdoor living spaces, providing homeowners with functional and comfortable areas for relaxation, dining, and entertaining. For instance, in January 2023, according to the Joint Center for Housing Centers of Harvard University, a US-based university research center, the expenditure on home improvement projects is expected to increase from $472 billion in 2022 to $485 billion in 2024. Therefore, the increasing focus on home renovation is driving the growth of the outdoor furniture market.
Major companies operating in the outdoor furniture market focus on developing innovative solutions, such as recycled plastic furniture, using sustainable materials to drive growth, enhance brand reputation, and contribute to gaining a competitive edge in the market. Recycled plastic furniture refers to items made from recycled plastic materials. These materials are typically sourced from post-consumer or post-industrial plastic waste, which is collected, processed, and transformed into durable, sustainable furniture products. For instance, in June 2021, DCW Polymers Ltd., a UK-based sustainable outdoor product manufacturing company, launched a range of outdoor furniture made entirely from waste plastic collected from businesses across the region. This initiative involves investing in a new plastic reprocessing line to process waste plastics into recycled furniture, offering a sustainable alternative to timber. The furniture and products are maintenance-free, weatherproof, and made using 100% plastic waste collected from various businesses. The range includes picnic benches, tables, chairs, fence posts, and decking, providing a durable and eco-friendly option for outdoor spaces.
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Major Key Players of the Market:
The Home Depot Inc, Steelcase Inc, Woodard LLC, La-Z-Boy Inc, Skyline Design, Keter Plastic Ltd, Haworth Inc, Trex Company, Kimball International Inc, Century Furniture LLC, Dedon GmbH, Brown Jordan International, Tropitone Furniture Co, Summer Classics, Ebel Inc, Tuuci, Winston Furniture Company, Hauser Industries, Alfresco Home, Castelle Furniture Co Inc, Lloyd Flanders, Fermob, Sun Garden GmbH, EMU Group, Sifas
Outdoor Furniture Market 2024 Key Insights:
• The outdoor furniture market size is expected to see strong growth in the next few years. It will grow to $43.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Exploring The Impact Of Home Renovation On Outdoor Furniture Market
• Innovative Solutions Driving Growth In The Outdoor Furniture Market Through Recycled Plastic Materials
• North America was the largest region in the outdoor furniture market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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