Published Date: 20-Jan-2023
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According to a new report, published by KBV research, The Global Outdoor Furniture Market size is expected to reach $61 billion by 2028, rising at a market growth of 5.2% CAGR during the forecast period.
The Commercial segment is showcasing a CAGR of 6.4% during (2022 - 2028). The rise in the tourism and hospitality sectors is the main factor driving the growth of the segment. These have propelled an increase in the number of hotel chains and restaurants across the world, which demands outdoor furniture as an amenity in the hotel’s open spaces like balconies, roofs, terraces, lawns, and pools. Furthermore, many restaurants nowadays offer open-air dining seating, therefore, boosting the demand for outdoor furniture for commercial uses.
The Wood segment acquired maximum revenue share in the Global Outdoor Furniture Market by Material Type in 2021 thereby, achieving a market value of $39.7 billion by 2028. This is because wood provides characteristics like comfort, durability, robustness, and aesthetic appeal to the furniture. Moreover, since wood pieces are flexible, the furniture made out of them can be lightweight or heavy depending upon the need and use. Additionally, wooden outdoor furniture is highly adaptable as they are bad conductor of heat and cold.
The North America market dominated the Global Outdoor Furniture Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $20.8 billion by 2028. The Asia Pacific market is experiencing a CAGR of 5.9% during (2022 - 2028). Additionally, The Europe market would showcase a CAGR of 5% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Kimball International, Inc., Inter IKEA Systems B.V. (Inter IKEA Holding B.V.), Keter Group B.V. (BC Partners), Ashley Furniture Industries, LLC, Brown Jordan, Inc, Agio International Company, Ltd, Lloyd Flanders, Inc., Barbeques Galore Pty, Ltd, Century Furniture LLC (RHF Investments, Inc.), and Aura Global Furniture.
By Material Type
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