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.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | US$ 18.82 billion |
| Anticipated Forecast Value (2033) | USD 33.7 billion |
| Projected Growth Rate (2023 to 2033) | 6% CAGR |
Patio furniture is a growing industry because the open area is always thought of as an addendum to the residence. Tables, seats, and chairs endure the components to develop consistent solutions that connect the inside and outside with outdoor living areas.
Customer demand in creating more sophisticated outdoor living spaces such as chat groups, food courts, and kitchenettes, as well as the increasing prevalence of customizable products that are less expensive and easier to install, are cruising patio furniture development prospects.
Numerous governments are contributing heavily to providing more open fields, such as community gardens, to provide people with places to relax. These approaches also resulted in an increase in furniture consumption, which boosted the global patio furniture's overall growth.
Rapid urbanization has aided infrastructure facilities in many parts of the world. Because space is limited in urban settings, industrialization and miniaturization of infrastructure designs have aided in the advancement of astounding and distinctive furniture that takes less area.
The change in consumer desires for sustainable and green exterior lawn furniture in regards to substance, size, and layout is stimulating automakers to capitalize on these whitespaces and concentrate on the development and research of their products.
Moreover, Garden furniture that provides a relaxing atmosphere for gettogether like parties, meetups, and conferences is becoming more popular with customers. Garden sofas are intended to adapt to their surrounding landscape as well as environmental influences such as rain, cold, and heat. Based on an International Casual Furnishings Association survey conducted in January 2021, roughly 6 in 10 Americans (58%) intend to purchase at least one new piece of furniture apparel for their outdoor living spaces.
Wood is employed extensively by consumers and manufacturers in the production of sustainable furniture, allowing customers to achieve the advantage of utilizing environmentally friendly decor with visual appeal. This is projected to fuel the development of the patio furniture market throughout the projection period. As younger generations purchase items more often based on their preferences, e-commerce is also playing a significant part in the development of patio furniture.
As a result of its sturdiness, easy upkeep, and import/export shipment the wood segment is projected to have the biggest share of the market by material type. According to the Forest Policy Trade and Finance Initiative report for 2020, India's overall timber product shipments were worth a total of US$ 1.13 billion.
Over the projected timeframe, North America will keep dominating the global patio furniture industry. The United States is the leading consumer of patio furniture in North America, due to the rising prominence of outdoor living, which encourages consumers to buy items that make outdoor spaces more elegant, efficient, and pleasant.
The existence of market participants like Forever Patio and Brown Jordan, as well as breakthroughs and clients ready to make investments in the product, are the primary factors cruising the region's growth.
To obtain the maximum share of the market, important stakeholders are expanding their foothold through partnerships, mergers, and acquisitions, as well as focusing on product development, especially in the residences, resort, and hospitality industries.
A digital site is essential for an organization to achieve a competitive edge. Several digital platforms that market furniture online, such as Urban Ladder, Homecentre, and Pepperfry, are quickly expanding. IKEA announced an alliance with well-known tech architects, clothing designers, creators, and others from around the world to commemorate the IKEA Democratic Design Process.
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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.
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.
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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.
North America will continue to dominate the global patio furniture market over the forecast period. The USA 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.
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Leading players operating in the patio furniture market include
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.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Material Type 6.2. End-Use 6.3. Product 7. Global Market Analysis and Forecast, By Material Type 7.1. Wood 7.2. Plastic 8. Global Market Analysis and Forecast, By End-Use 8.1. Commercial 8.2. Residential 9. Global Market Analysis and Forecast, By Product 9.1. Chairs 9.2. Seating Sets 9.3. Tables 9.4. Dining Sets 9.5. Loungers and Daybeds 10. Global Market Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. South Asia 10.5. East Asia 10.6. Oceania 10.7. Middle East and Africa 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Europe Sales Analysis and Forecast, by Key Segments and Countries 14. South Asia Sales Analysis and Forecast, by Key Segments and Countries 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries 16. Oceania Sales Analysis and Forecast, by Key Segments and Countries 17. Middle East and Africa Sales Analysis and Forecast, by Key Segments and Countries 18. Sales Forecast by Material Type, End-Use, and Product for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Ashley Industries 20.2. Inter Ikea Group 20.3. Brown Jordan 20.4. Agio International Company Limited 20.5. Keter Group 20.6. Lloyd Flanders
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Patio Furniture Market
