The outdoor furniture market was valued at US$ 17,843.7 million in 2018 and is projected to reach US$26,598.5 million by 2027; it is expected to grow at a CAGR of 4.5% from 2019 to 2027.
According to our latest market study on “Global Outdoor Furniture Market Forecast to 2027 – COVID-19 Impact and Analysis by Material (Metal, Plastic, Wood, and Others),Product (Chairs, Tables, Seating Sets, Loungers and Daybeds, and Dining Sets), End User (Residential and Commercial), and Geography”. The report high lights key factors driving the market growth and prominent players along with their developments in the market.
Consumer spending on traveling and tourism has considerably increased across the world. A shift in consumer lifestyle has resulted in a rise in investment for traveling and exploration activities. The travel and tourism sector has become a significant contributor in developing preference towards the use of outdoor furniture to enhance the aesthetic appeal of commercial and residential spaces along with catering to the luxury needs of consumers. According to The United Nations World Tourism Organization (UNWTO), the international tourist arrivals across the world rose up by 6% in 2018 that was accounted for 1.4 billion. Further, as stated by The World Travel & Tourism Council (WTTC) in 2018, the travel and tourism sector generated 10.4% of global GDP. Additionally, European countries are considered to be the most preferred hub for tourism. Moreover, the rising rate of tourism in countries such as Singapore, Malaysia, and Thailand is also propelling the market growth in the region.
Agio International Company, Ltd.;Ashley Home Stores, Ltd.;Barbeques Galore;Brown Jordan;Century Furniture LLC;Home crest Outdoor Living LLC;Keter Group;Inter IKEA Systems B.V.;Florida Patio Furniture Inc.; and Polywoodare among the well-established players in the global outdoor furniture market others.
The COVID-19 outbreak, which began in Wuhan (China) in December 2019, has spread around the globe at a fast pace. As of June 2020, the US, Russia, India, China, Italy, Spain, France, and Germany, are among the worst-affected countries in terms of positive cases and reported deaths. According to the WHO figures updated in June 2020, approximately 7,482,952 confirmed cases and 419,497 deaths have been reported globally.
The outbreak has affected economies and industries due to lockdowns, travel bans, and business shutdowns. Consumer goods is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this pandemic. China is the global manufacturing hub and is the largest raw material supplier for various industries; however, it is also one of the worst-affected countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various outdoor furniture companies. The overall market break down due to COVID-19 is also affecting the outdoor furniture market growth due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
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