Big trend! From 2022 to 2027, the outdoor furniture market will grow by 5.2 billion US dollars!
June 21, 2024
A recent report by market research firm Technavio states that from 2022 to 2027, the outdoor furniture market is expected to increase by $5.2 billion, with a compound annual growth rate of 3.28%.
Product innovation becomes the main driving force of outdoor furniture
Innovation in product design is driving the development of the global outdoor furniture market as the product portfolio expands. Changes in the lifestyles of people in various countries have greatly increased the importance of outdoor decoration. In order to meet the growing demand, outdoor furniture suppliers in the market are gradually expanding their product lines.
Demand for environmentally friendly outdoor furniture becomes a trend
The increase in demand for environmentally friendly outdoor furniture is a major trend in the market. More and more people choose environmentally friendly furniture as a way to protect the environment. Today, there are a variety of environmentally friendly furniture materials that can provide better alternatives to forest wood. Environmental issues, the negative impact of deforestation, and the impact of toxic paints in the air have prompted furniture manufacturers to adopt green solutions.
Low-frequency replacement is still the main challenge
Long replacement cycle and low-frequency consumption are still the main challenges hindering the growth of the outdoor furniture market. High-end and high-quality furniture does not need to be replaced frequently, and high-quality wooden furniture is characterized by a longer replacement cycle than furniture made of cheaper materials such as plastic. The high initial cost of outdoor furniture products and the long replacement cycle will hinder the growth of the market.
Technavio said that during the forecast period, the outdoor furniture and accessories market share will grow significantly. The concept of living in the outdoor living area is stimulating the demand for residential outdoor furniture. Strong recovery in the residential market and increasing consumer spending in developed and developing countries will drive the economic growth of the market during the forecast period.
Learn more:Livingroom set,Coffee Tabels And Chairs,Dining room set,Bedroom set,Luxury Sofas,Home office
