The global luxury outdoor furniture market size is projected to witness monumental growth in the forthcoming years. The rising trend of possessing a comfortable and relaxing outdoor seating experience is expected to be the key growth driver for the luxury outdoor furniture market. Fortune Business Insights™ has presented this information in an upcoming report, titled, “Luxury Outdoor Furniture Market, 2023-2030”.
The luxury outdoor furniture market is gaining immense popularity due to several reasons. For instance, the growing income levels of consumers and the rising socialization are expected to fuel the demand for luxury outdoor furniture and fuel market growth.
COVID-19 Impact-
The sudden COVID-19 outbreak has dismantled the global economic structure and brought many economies on the verge of recession. It has drastically impacted the growth of several markets and industries, including the luxury outdoor furniture market. Disruptions in the global supply chain network have affected raw materials procurements and diminished market growth.
Additionally, the shift of consumer’s focus on essential expenditures has declined the product demand. The effect of the pandemic is expected to last for a short duration. The luxury outdoor furniture industry is expected to gain steep growth post-pandemic.
Fortune Business Insights™ lists out all the luxury outdoor furniture market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Brown Jordan Co.
- Coco & Wolf Ltd.
- GLOSTER FURNITURE GMBH
- Roda srl
- Sunset West USA
- Kettal Group
- Woodard Furniture
- DEDON GmbH
- TUUCI LLC
- Garden House Funriture
- Royal Botania
- EGO SAS
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Report Coverage-
- The report highlights information on several crucial aspects of the luxury outdoor furniture industry such as drivers, trends, opportunities, and threats.
- The report also presents information on the industry developments by key players.
- The report will help the business to attain decisive advantages pertaining to growth in the prospected market.
- The report also highlights the impact of COVID-19 and suggests measures and strategies to grow in the approaching years.
Drivers & Restraints-
Increasing Income Levels to Augment Market Growth
The increasing income levels and the rising consumer inclination towards aesthetic high-quality outdoor seating are expected to bolster the global luxury outdoor furniture market growth. The rising socialization is expected to be another major growth driver for the market.
The increasing infrastructural facilities across hotels and restaurants, public auditoriums, offices, and residential properties are projected to augment market growth in the forthcoming years. The Committee on Climate Change Organization estimates the U.K. government to develop approximately 1.5 million new household living spaces by the year 2023. Additionally, the growing numbers of nuclear families are anticipated to foster the market growth in the forthcoming years.
The rising focus of manufacturers to develop durable, weather-proof, and waterproof luxury outdoor furniture is expected to fuel market growth. Additionally, the rising focus on sustainable furniture production is expected to foster market growth.
However, stringent government regulations for environmental degradation due to woodcutting for furniture production may impede market growth.
Regional Insights-
North America to Gain the Largest Share Backed by Presence of Summit Furniture
North America is anticipated to attain the largest portion of the global luxury outdoor furniture market share. The high imports of furniture seating products and the presence of major market players like Summit Furniture Inc., SEIGER GmbH, and others are anticipated to bolster market growth.
Europe is projected to gain significant growth in the global market for luxury outdoor furniture. The expanding imports of garden furniture are anticipated to fuel market growth in the forthcoming years. Additionally, the escalating sales revenues from household and office furniture products are projected to bolster market growth.
Asia Pacific is expected to gain swift growth in the forthcoming years. The rising product demand due to the expanding housing facilities is projected to augment market growth. As of January 2020, around 1 billion homes were sanctioned by the Indian government in the financial year 2019-2020 under the Pradhan Mantri Awas Yojana Scheme.
Additionally, the growing numbers of manufacturing facilities in China are anticipated to complement market growth.
Segmentation-
On the basis of product type, the market is segmented into side tables & dining tables, chairs & stools, and sofas & seating. On the basis of material, the market is fragmented into metal and wood. On the basis of end-user, the market divides into offices, hotels & restaurants, and households. On the basis of distribution channels, the market is segregated into online stores, hypermarkets/supermarkets, and specialty stores. Geographically, the market is classified into Asia Pacific, South America, North America, Europe, and the Middle East & Africa.
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Competitive Landscape-
Key Players Adopt Inorganic Growth Strategies to Gain Competitive Edge
The global luxury outdoor furniture market is fairly consolidated and comprises key players operating at global and regional levels. They are emphasizing on enhancing their product portfolios through new product launches, developing new processing methods, and others. They are also emphasizing on enhancing their global market presence through partnerships, acquisitions, mergers, and expansions. For instance, Stanford Furniture Corp. was acquired by Gabriella White LLC in October 2019. The acquisition will help the company to expand its retail footprint in the U.S. luxury outdoor furniture industry.
The Global Luxury Outdoor Furniture Market Research/Analysis Report Contains Answers to your following Questions:
- Which Manufacturing Technology is used for Luxury Outdoor Furniture ? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Luxury Outdoor Furniture Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Was Global Market Status of Luxury Outdoor Furniture Market? What Was Capacity, Production Value, Cost and PROFIT of Luxury Outdoor Furniture Market?
- What Is Current Market Status of Luxury Outdoor Furniture Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Luxury Outdoor Furniture Market Trends by Taking Applications and Types in Consideration?
- What Are Projections of Global Luxury Outdoor Furniture Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
- What Is Luxury Outdoor Furniture Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is Economic Impact On Luxury Outdoor Furniture Industry? What are Global Luxury Outdoor Furniture Analysis Results? What Are Global Luxury Outdoor Furniture Development Trends?
- What Are Market Dynamics of Luxury Outdoor Furniture Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Luxury Outdoor Furniture Industry?
Industry Developments-
- January 2020: Twin Star Home acquired TK CLASSICS to enhance its market position and diversify its outdoor living product portfolio.
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