In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
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.
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.
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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.
Our in-depth analysis segmented the global outdoor furniture market in the following segments:
Global outdoor furniture market is further classified on the basis of region as follows:
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.
The key players for outdoor furniture market are as follows: