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Exploring The Impact Of Home Renovation On Outdoor Furniture Market: Key Factor Driving The Growth In The Outdoor Furniture Market
Outdoor Furniture Market
What Is the Expected Outdoor Furniture Market Size During the Forecast Period?
In recent times, the market size of outdoor furniture has been steadily expanding. It is projected to rise from $51.17 billion in 2024 to $53.52 billion in 2025, with a compound annual growth rate (CAGR) of 4.6%. This significant growth during the historical period is accredited to the enhancement of outdoor living spaces, robust economic growth, evolving lifestyles, an upward trend in home improvement projects, and a heightened sense of awareness regarding outdoor comfort.
The market size of outdoor furniture is expected to witness constant expansion in the coming years, reaching $64.75 billion in 2029 with a compound annual growth rate (CAGR) of 4.9%. The factors contributing to this estimated expansion during the forecasted period are increased disposable income, trends in urbanization, innovation in design solutions, the growing popularity of outdoor living, and advancement in designs. Luxury textiles, sustainable resources, advancements in technology, customization, and inventive designs are some of the significant trends projected for this period.
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What Are the High-Growth Segments in the Outdoor Furniture Market?
The outdoor furniture market covered in this report is segmented -
1) By Product: Seating Sets, Loungers, Dining Sets, Chairs, Table, Other Products
2) By Material Type: Wood, Metal, Plastic, Others Material Types
3) By End-User: Residential, Commercial
Subsegments:
1) By Seating Sets: Sectional Seating, Conversation Sets, Sofa Sets, Bench Seating
2) By Loungers: Reclining Loungers, Chaise Lounges, Adjustable Loungers, Lounge Chairs
3) By Dining Sets: 4-Piece Dining Sets, 6-Piece Dining Sets, Expandable Dining Sets, Bar-Height Dining Sets
4) By Chairs: Arm Chairs, Dining Chairs, Rocking Chairs, Adirondack Chairs, Folding Chairs
5) By Table: Coffee Tables, Side Tables, Dining Tables, Console Tables, Bistro Tables
6) By Other Products: Outdoor Storage Solutions, Outdoor Umbrellas, Fire Pits And Heaters, Outdoor Cushions And Pillows, Gazebos And Pergolas
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What Key Drivers Are Expected to Influence Future Outdoor Furniture Market Growth?
The escalating attention towards home refurbishment is predicted to boost the growth of the outdoor furniture market. Home refurbishment, which encompasses enhancement, renovation, or upgrading of existing residential property, is done to amplify its functionality, aesthetic appeal, or value. This heightened interest in home refurbishment arises from personalization, enhanced property value, improved functionality, sustainability, changes in lifestyle, and housing stock conditions. The usage of outdoor furniture in home refurbishment projects is prevalent as it enriches and expands outdoor living spaces, offering homeowners comfortable and functional areas for relaxation, dining, and entertainment. For instance, the Joint Center for Housing Centers of Harvard University, a US-based university research center, in January 2023, predicted that home improvement project expenses will rise from $472 billion in 2022 to $485 billion in 2024. Consequently, the rising interest in home refurbishment is fuelling the growth of the outdoor furniture market.
Which Companies Hold the Largest Share Across Different Outdoor Furniture Market Segments?
Major companies operating in the outdoor furniture market are 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
What Trends Are Driving Growth in The Outdoor Furniture Market?
Leading players in the outdoor furniture market are making strides towards innovation and creativity, inclusive of setting up novel showrooms and partnerships with renowned designers such as Patricia Urquiola, Philippe Starck, Alfredo Häberli, and Jasper, thus underlining their devotion to design superiority. For example, Andreu World, an outdoor furniture production company based in the US, launched a fresh showroom in Germany in July 2022, manifesting its commitment to innovative design and global collaborations. The showroom is a mirror of Andreu World's commitment to eco-friendly design approaches, which is in harmony with their aim to advocate for green manufacturing processes.
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What Are the Emerging Geographies for The Outdoor Furniture Market Growth?
North America was the largest region in the outdoor furniture market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the outdoor furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Outdoor Furniture Market?
2. What is the CAGR expected in the Outdoor Furniture Market?
3. What Are the Key Innovations Transforming the Outdoor Furniture Industry?
4. Which Region Is Leading the Outdoor Furniture Market?
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