A recent report by market research firm Technavio states that the outdoor furniture market size is expected to increase by $5.2 billion from 2022 to 2027, at a CAGR of 3.28 per cent.
Outdoor Furniture
Product Innovation Becomes a Major Driver for Outdoor Furniture
Innovation in product design is driving the global outdoor furniture market as the product portfolio expands. Changing lifestyles of people across countries have led to a much greater emphasis on outdoor décor. To meet the growing demand, outdoor furniture suppliers are gradually expanding their product lines.
Demand for Eco-Friendly Outdoor Furniture Becoming a Trend
Increasing demand for eco-friendly outdoor furniture is a major trend in the market. More and more people are opting for eco-friendly furniture as a way of being eco-friendly. Today, there is a wide range of eco-friendly furniture materials that offer better alternatives to forest wood. Environmental concerns, the negative effects of deforestation, and the impact of airborne toxic paints are driving furniture manufacturers to adopt green solutions.
Low-frequency replacement remains a major challenge
Long replacement cycles and low-frequency consumption remain the major challenges hindering the growth of the outdoor furniture market. High-end, high-quality furniture does not need to be replaced frequently, and high-quality wood 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 can thus hamper the growth of the market.
Technavio says that the outdoor furniture and accessories market share is expected to grow significantly during the forecast period. The concept of living in outdoor living areas is fuelling the demand for residential outdoor furniture. Strong recovery of residential markets in developed and developing countries and increase in consumer spending will drive the market growth during the forecast period.
