PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1420368
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1420368
The global outdoor furniture market is poised for remarkable expansion with an expected Compound Annual Growth Rate (CAGR) of over 5% during the forecast period 2024-2031, significantly impacting the growth of the outdoor furniture cover market. Key drivers of this surge include the increasing urban population and the proliferation of tourist attractions, particularly places with a thriving hospitality industry, such as hotels, restaurants, resorts, and public gardens. These factors are driving a substantial demand for outdoor furniture covers and are expected to fuel further growth in the industry.
The Western countries are leading the charge, with even households now embracing outdoor furniture, creating substantial demand for outdoor furniture covers on a large scale. In the wake of global health concerns, the promotion of open spaces to mitigate the risk of disease transmission has positioned outdoor furniture as the preferred choice for commercial consumers in the hospitality sector, further bolstering the demand for outdoor furniture covers.
The primary driver for the outdoor furniture cover market is the commercial sector. Establishments in the hospitality industry, including hotels, restaurants, resorts, and public gardens, extensively utilize outdoor furniture to enhance customer experiences, thereby generating significant demand for outdoor furniture covers. Commercial consumers demand durable, scratch-resistant, weatherproof, washable, and long-lasting products due to the rigorous use of outdoor furniture.
Additionally, developed countries with high consumer purchasing power and disposable income are increasingly decorating their homes with outdoor furniture, further contributing to the demand for outdoor furniture covers.
Consumers are seeking durable, weatherproof covers with features such as UV light protection, waterproofing, and wind resistance. Scratch-resistant options with colorfastness in sunlight are gaining popularity. Consumers also favor long-lasting covers with a wide variety of sizes and user-friendly designs for securing and adjusting.
Innovation in the design and aesthetics of outdoor furniture covers, as well as their adaptability to a variety of furniture and outdoor appliances like grills, presents new opportunities in the market. The increasing urbanization trend and the current pandemic situation, which encourages people to spend more time in their backyards, are expected to drive demand for outdoor furniture and, subsequently, outdoor furniture covers.
The ongoing COVID-19 pandemic has led to a decline in demand from the commercial consumer base and has also impacted the potential growth in developing countries. However, it is anticipated that future demand will rise as open spaces gain prominence over closed ones, creating a need for outdoor furniture and an increase in demand for outdoor furniture covers in developed countries.
Outdoor furniture covers are in high demand in North American and European countries due to their advanced economies. In contrast, developing countries in the Middle East, Asia Pacific, and Africa, which once showed promise, have experienced reduced demand due to the current global situation. The market is expected to take time to recover, especially in these regions, as disposable income among consumers has decreased.
Prominent players in this market include: Modern Leisure, North East Harbor, Mainstays, Covercraft, Duck Covers, Quickflame, K-Cliffs, Belham Living, Sportsman Series, AZ Patio Heaters, Crover, Pixnor, Lintex, Bosmere, Astella, GrillTown, Peroptimist, Rosley Furniture, TK Classics, and many others. These companies are expected to play a pivotal role in driving the growth of the outdoor furniture cover market, particularly through innovations in cover design and attachment techniques.
The outdoor furniture cover market is poised for an exciting period of growth, driven by changing consumer preferences, increased urbanization, and a renewed focus on outdoor living spaces. As the market continues to evolve, consumers can look forward to a wide range of innovative and durable outdoor furniture cover options to protect their investments and enhance their outdoor experiences.