The patio furniture market is estimated to expand to a valuation of US$ 18.82 billion in 2023 and is predicted to exhibit a CAGR of 6% from 2023 to 2033 and reach US$ 33.7 billion in 2033.
Patio furniture continues to grow as a sector since outdoor space is always considered as an extension of the home. Tables, seats, and chairs brave out the elements to generate continuous solutions linking the indoors and outdoors with outdoor living spaces.
Consumer interest in making more elaborate outdoor living spaces such as chat groups, dining spaces, and outdoor kitchens and the growing availability of modular products, lower cost, and easy-to-install are driving growth prospects for patio furniture.
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
Rapidly urbanization has supported the infrastructural development in various regions worldwide. Space is limited in the urban setups, hence, modernization, as well as miniaturization of the infrastructural designs, has aided in the expansion of extraordinary and unique furniture, which takes up less space.
Manufacturers are launching multipurpose and easy DIY installation/assembly products such as foldable tables, convertible benches, and vertical gardens. For instance, American Fyre Designs’ offers a fire element pre-installed in the center of the patio table prepared of reclaimed wood, stone, and metal fire.
The shift in the consumer preferences for sustainable and green outdoor garden furniture in terms of material, size, and design is encouraging manufacturers to tap into these whitespaces and focus on research and development of new products.
Wood is widely preferred among consumers and producers in producing sustainable furniture and allows consumers to accomplish the benefit of utilizing environment-friendly furniture with aesthetic appeal. This is anticipated to strengthen the growth of the patio furniture market during the forecast period. As the new generations are buying products more frequently as their preferences, e-commerce is also largely contributing to the growth of patio furniture.
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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Patio Furniture Market – Segment Analysis
Material Type:
- Wood
- Plastic
End-use:
- Commercial
- Residential
Product:
- Chairs
- Seating Sets
- Tables
- Dining Sets
- Loungers and Daybeds
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