Outdoor Furniture Market Size Booming At USD 25.0 Billion By 2025
Posted by Neha Bora on October 29th, 2019
San Francisco, 29 October 2019: The Report Outdoor Furniture Market Size, Share & Trends Analysis Report By Material Type (Wood, Plastic, Metal), By End Use (Commercial, Residential), By Region (North America, APAC, Europe, MEA, CSA), And Segment Forecasts, 2019 – 2025
The global outdoor furniture market size is expected to reach USD 25.0 billion by 2025, according to a new report by Grand view research, Inc., expanding at a CAGR of 5.9% over the forecast period. Surge in the number of hotels and resorts, increasing consumer spending power, and growing trend of traveling are some of the key factors responsible for the growth of the industry.
The commercial sector is anticipated to register a CAGR of 6.2% in the forecast period. Developing countries like Malaysia, Thailand, and Singapore have been the favourite destinations for traveling. Increase in the number of hotels and resorts in these countries has led to a surge in the product demand. In 2016, Thailand witnessed over 32.6 million international visitors.
On the basis of material type, wood dominated the market in 2018 with more than 60% share and is anticipated to witness significant growth in the forecast period. Easy availability, natural and rich look, durability, and comfort are some of the key factors driving the demand for wooden furniture among consumers.
Plastic accounted for more than 20.0% share of the overall revenue in 2018. The consumer groups with an economic budget prefer plastic furniture due to low maintenance, light weight, and low cost. However, manufacturers are shifting towards eco-friendly materials and thus, impacting the growth of the plastic segment as a material type.
Asia Pacific is a prominent regional market due to growing commercial sector and increasing adoption of western culture. The region is expected to expand at a CAGR of 6.3% in the forecast period. Europe is the fastest growing regional market, progressing at a CAGR of 8.4% in the forecast period.
Access Research Report of Outdoor Furniture Market @ www.grandviewresearch.com/industry-analysis/outdoor-furniture-market
Further key findings from the study suggest:
Grand View Research has segmented the global outdoor furniture market on the basis of material type, end use, and region:
Outdoor Furniture Material Type Outlook (Revenue, USD Billion, 2015 - 2025)
Outdoor Furniture End-use Outlook (Revenue, USD Billion, 2015 - 2025)
Outdoor Furniture Regional Outlook (Revenue, USD Billion, 2015 - 2025)
Access Press Release of Outdoor Furniture Market @ www.grandviewresearch.com/press-release/global-outdoor-furniture-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
About the AuthorNeha Bora
Joined: September 16th, 2019
Articles Posted: 635
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