Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Global Outdoor Furniture Market Overview
Outdoor furniture is a type of furniture particularly designed for outdoor purposes. It includes chairs, tables, cupboard and others. The main purpose of furniture is to provide comfort and appropriate décor to the building. With attractive designs and styles, the fame of the outdoor furniture has gone up. Outdoor furniture is growing nowadays due to initiatives taken by the government for funding more to more open spaces such as public garden, sports area and other area where people can relax.
Market size and forecast
The outdoor furniture market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. Rapid pace of urbanization and increase in consumer purchasing power are expected to garner the growth of global outdoor furniture market. The industry is driven by wide range of factors such as the number of businesses operating domestically, and the business sentiment index, all of which are expected to get better during the timeframe. Outdoor furniture products that are made of natural, durable, and weather-resistance materials are believed to garner the growth of this market.
Geographically, North America is consistently dominating the market globally. The U.S holds the maximum share in the outdoor furniture market in North America followed by Canada. Rising concept of extravagant outdoor living spaces with new materials, comfortable seating and elegant lighting has uplifted the market for outdoor furniture. Additionally, housing sales, outdoor renovation and environmental concerns are some of the factors boosting the market growth.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Europe is expected to perceive a moderate growth in the near future owing to high market saturation. France, UK and Germany are expected to lead the overall demand for this regional outdoor furniture market in the near future. Asia-Pacific region is expected to showcase a robust growth over the forecast period.
Market Segmentation
Our in-depth analysis segmented the global outdoor furniture market in the following segments:
By Product
By End Users
By Distribution Channels
By Region
Global outdoor furniture market is further classified on the basis of region as follows:
Growth drivers and challenges
Rising urbanization and growth in the real estate industry is influencing the growth of outdoor furniture market. Rising purchases by the growing hospitality industry, open-air sports area, public garden, and office spaces are the factors driving the global outdoor furniture market. The concept of outdoor living has led to an increase in the demand for multi-functional and flexible outdoor furniture. Top manufacturers are crafting eco-friendly furniture for wide range of artistically and high quality furniture using MOSO bamboo, which is stronger and harder than oak, further it is believed to drive the growth of outdoor furniture market globally.
Outdoor furniture now includes the various attributes that are aesthetically appealing and light weight, and thus supplementing the growth of the global outdoor furniture market. Rising disposable income coupled with changing lifestyle of the people is expected to impel the demand among consumer for outdoor furniture in the near future. However, high cost of material acts as a barrier for the growth of global outdoor furniture market and is likely to hamper the growth of the market.
Top Featured Companies Dominating the Market
The key players for outdoor furniture market are as follows:
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