Outdoor Furniture Industry 2019: Industry Expected to Experience a Positive Grow

Posted by Nicky Arora on November 21st, 2019

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.

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Further key findings from the study suggest:

• In terms of revenue,wood as a material type is projected to expand at a CAGR of 6.0% over the forecast period
• Based on the end use, the residential segment dominates the market owing to growing population, increasing per capita income, and changing lifestyle
• The commercial segment is the fastest growing segment, expanding at a CAGR of 6.2% in the forecast period. Growing tourism has led to an increase in the number of hotels and resorts, thus positively influencing the segment growth.

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)

• Wood
• Plastic
• Metal

Outdoor Furniture End-use Outlook (Revenue, USD Billion, 2015 - 2025)

• Commercial
• Residential

About Grand View Research:

Grand View Research is an India & 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. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.

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