In 2023, the patio furniture market is estimated to expand to a valuation of US$ 18.82 billion. From 2023 to 2033, it is predicted to exhibit a CAGR of 6%, reaching US$ 33.7 billion in 2033.
The patio furniture industry is experiencing growth as outdoor spaces are increasingly viewed as extensions of the home. Tables, chairs, and seats are designed to withstand the elements, offering durable solutions that seamlessly blend indoor and outdoor living areas.
Customer demand for more sophisticated outdoor living spaces, including chat groups, dining areas, and outdoor kitchens, is driving the development of patio furniture. Additionally, the rising popularity of customizable products that are affordable and easy to install is further fueling growth in the industry.
Governments in several nations are investing heavily in offering more open spaces such as public gardens to offer individuals with spaces to relax. These initiatives also prompted the emergence in furniture demand, which ultimately boosts the global patio furniture market growth.
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Patio Furniture Market – Key Trends
- Rapid urbanization worldwide has led to infrastructural development, particularly in regions with limited space, prompting the modernization and miniaturization of furniture designs to maximize space utilization.
- Manufacturers are introducing multipurpose and easy DIY installation products like foldable tables, convertible benches, and vertical gardens to cater to evolving consumer needs.
- For example, American Fyre Designs offers patio tables with pre-installed fire elements made from reclaimed wood, stone, and metal.
- Shifting consumer preferences towards sustainable and green outdoor furniture drive manufacturers to focus on research and development for new eco-friendly products.
- Wood remains a preferred material for sustainable furniture due to its environmental benefits and aesthetic appeal, contributing to the growth of the patio furniture market.
- The rise of e-commerce platforms enables easier access to patio furniture for consumers, further bolstering market growth.
Patio Furniture Market – Growth Restraints
The compact housing trend all over the globe is undermining the opportunity for the patio furniture market. Since there is less space allocated for balcony and garden, an adverse impact on the need for patio furniture might be witnessed in the past few years.
The regulatory bodies in several nations have laid down regulations concerning the fire safety standards of the material employed for producing patio furniture, this can impact the market growth. Additionally, the climatic conditions of nations also influence the demand for patio furniture.
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COVID-19 Impacts on Patio Furniture Market
At the onset of the COVID-19 outbreak, the global patio furniture market witnessed a drop in sales owing to nationwide lockdown and disruptions in the supply chain. As the lockdown began before spring & summer, which were the main sales months in this extremely seasonal sector.
Nationwide closedowns of nonessential businesses are anticipated to impact near-term sales prospects in the market since the most impacted businesses include lodging facilities, restaurants, and bars which are also substantial buyers of patio furniture.
These closedowns are furthermore impacting product distribution, since sales channels that are allowed to remain open for instance mass merchandisers, e-commerce retailers, and home centers (Home Depot, Walmart, etc.) incline to have a more limited and lower value stock selection in contrast to nonessential businesses which are forced to close.
Patio Furniture Market – Region-wise Analysis
North America will continue to dominate the global patio furniture market over the forecast period. The U.S. is the prominent consumer of patio furniture in North America, bolstered by the growing popularity of outdoor living, which spurs customers to buy products to make outdoor spaces more stylish, functional, and comfortable.
The presence of market players such as Forever Patio and Brown Jordan, innovations, and consumers willing to spend on the product are the major factors driving the region’s growth.
Asian countries continue to remain the epicenter of rapid development in the global market mainly owing to developing nations such as India and China and growing tourism in countries such as Thailand, Malaysia, and Singapore. To expand business operations, prominent manufacturers like Inter Ikea Group have already begun offering their services in the region.
Patio Furniture Market – Competitive Analysis
Leading players operating in the patio furniture market include
- Ashely Industries
- Inter Ikea Group
- Brown Jordan
- Agio International Company Limited
- Keter Group
- Lloyd Flanders.
Key players are extending their regional presence through collaboration, mergers, and acquisition to gain the highest market share as well as focus on product innovation, catering particularly to the residential, resorts, and hotels industries.
An online platform is playing a crucial role to attain a competitive advantage for a company. Several online platforms for example Urban Ladder, Homecentre, and Pepperfry that sell furniture online are increasing rapidly. IKEA declared its collaboration with well-known tech designers, fashion, artists, and from all over the world to celebrate the IKEA Democratic Design Process.
Ingka Group induced its investments in renewable energy on account of its mission to become climate positive by the end of 2030. Cassina, launched their first collection of patio The Cassina Perspective Goes Outdoor, which is inspired by the 50s leisure Sail Out modular sofa.
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Key Segmentations:
Material Type:
- Wood
- Plastic
End-use:
- Commercial
- Residential
Product:
- Chairs
- Seating Sets
- Tables
- Dining Sets
- Loungers and Daybeds
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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