(BUSINESS WIRE) — Technavio has announced its latest market research report titled Global Outdoor Furniture Market 2020-2024. The global outdoor furniture market size is expected to grow by USD 8.27 billion during 2020-2024. The
report also provides the market impact and new opportunities created
due to the COVID-19 pandemic. We expect the impact to be significant in
the first quarter but gradually lessen in subsequent quarters – with a
limited impact on the full-year economic growth.
The increasing demand for patio
heating products in commercial and residential spaces is expected to
drive the outdoor furniture market growth. Patio heaters have high demand in commercial spaces, which include pubs, party lounges, cafés, and restaurants. In
the hospitality industry, patio heaters find applications in enhancing
the ambiance of outdoor space and ensuring warm temperature zones.
Free-standing and tabletop patio heaters are in high demand in such
commercial spaces and are aesthetically appealing. The rising number of
pubs and restaurants that have outdoor dining spaces has contributed to
the increasing demand for patio heaters. As a result, many vendors are
offering patio heaters that are characterized by designs.
As per Technavio, the increasing
demand for environment-friendly outdoor furniture will have a positive
impact on the market and contribute to its growth significantly over the
forecast period. This research report also analyzes other significant
trends and market drivers that will influence market growth over
2020-2024.
Outdoor Furniture Market: Segmentation Analysis
This market research report segments
the outdoor furniture market by product (outdoor furniture and
accessories, outdoor grills and accessories, and patio heating
products), end-user (residential and commercial), distribution channel
(offline and online), and geographic landscape (APAC, Europe, North
America, MEA, and South America).
The North American region led the
outdoor furniture market share in 2019, followed by APAC, Europe, South
America, and MEA respectively. During the forecast period, the
North American region is expected to register the highest incremental
growth due to factors such as the growing economy, the increase in
commercial properties, the rising urbanization, the increasing rate of
employment, and the improving income levels.