According to Goldstein Research “Rising urbanization and growing trend of home decorating with outdoor furniture are increasing the consumer’s interest towards leisure outdoor furniture and related decorative accessories.” The concept of outdoor living has considerably led to an increase in demand for multi-functional and innovative outdoor furniture. Big market players are crafting eco-friendly and providing ,
on demand customizable furniture options to expand their consumer base which is likely to propel the outdoor furniture market.
The global outdoor furniture and accessories market is segmented based on product, by material, by end users and by distribution channel. The distribution channel is further bifurcated into the online and offline channel. Through 2016, growth in outdoor furniture demand, which accounted for around 9% percent of global furniture sales in 2016, accounted for nearly 30% sales through online distribution channels. The offline distribution channels and exclusive brand outlets still account for the largest revenue share in total outdoor furniture and accessories market.
Global outdoor furniture and accessories market accounted for USD 9.1 billion in 2016, which is projected to expand at a CAGR of 5.6% over the forecast period owing to rising disposable income in developing countries coupled with changing the lifestyle of the people. Further, the global outdoor furniture and accessories market is anticipated to reach USD 14.3 billion by 2024.
North America is the largest region for outdoor furniture and accessories market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. North America outdoor furniture and accessories market valued USD 2.82 billion in 2016 and is estimated to reach USD 4.3 billion by 2024. The United States is expected to dominate the outdoor furniture and accessories market followed by Canada due to the presence of big established market players and large consumer base in these regions. High personal disposable income and readiness to spend on home decors and leisure living space furniture is accelerating North America outdoor furniture and accessories market.
Growing Number of Purchases by Luxury Hotels: Major Boost
Luxury hotels are playing a vital role in the growth of outdoor furniture and accessories market as this furniture segment is majorly used at pool sides and rooftop dining and bars of the hotels around the world. Rising number of luxury hotel chains across the globe will significantly boost the growth of outdoor furniture and accessories market. Based on country of origin more than 75% of the world's luxury hotels are located in United States, United Kingdom, France, Canada and Hong Kong. Asia Pacific region also emerged as the popular tourist destination with luxury hospitality sector revealed a significant growth of 14% in 2015 and 11% in 2016.
Global Outdoor Furniture and Accessories Market Outlook
This market outlook contains a detailed overview of the global outdoor furniture and accessories market in terms of market segmentation by product type, by material type, by end users and by distribution channel.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Outdoor Furniture and Accessories Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Williams-Sonoma, Ashley Furniture, Brown Jordan, Century Furniture, Forever Patio, Home Depot, Home Crest Outdoor Living, Adams Manufacturing, Hospitality Rattan, Zuo Modern, Alfresco Home, Winston Furniture, etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global outdoor furniture and accessories market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
Based in the US, Goldstein Research currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions.
Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear-cut forecasts. Backed up by reliable research and impactful statistics, our business solutions empower our clients to grow at a fast pace despite unsettling fluctuations in the market. We believe in a vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.