Market Research Report
United States Outdoor Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|United States Outdoor Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 150 Pages
Delivery time: 2-3 business days
The US outdoor furniture market is estimated to register a CAGR of more than 4% during the forecast period, 2021-2026.
COVID-19 stunned the US economy the most in the world and changed the market scenario entirely. It harshly impacted the US outdoor furniture market. The outbreak of the coronavirus disease (COVID-19) acted as a substantial curb on trades, and the consumption dropped due to lockdowns imposed by the government. Steps by the national government to contain the transmission have resulted in the halting of manufacturing activities and a decline in economic activity, with countries entering a state of lockdown. Additionally, the outbreak was expected to continue to have a negative impact on businesses throughout 2020 and into 2021. In the United States, COVID-19 further demonstrated the gap, forcing many brands and retailers to re-think their e-commerce and omnichannel retail strategies.
The US outdoor furniture market witnessed substantial growth in the past couple of years. Factors such as the rise in consumer spending and traveling trends resulted in an increased number of tourists across the world. The market is driven by the growing residential and commercial construction market and innovations in product design and portfolio expansion. In addition, the demand for patio heating products in commercial and residential spaces is anticipated to boost the market growth. The increasing demand for environment-friendly outdoor furniture is driving the outdoor furniture market in the United States. Also, the increasing availability of multi-functional outdoor furniture and growing sales of outdoor furniture products online may lead to sizable demand in the market. A growing number of hotels and restaurants are expected to propel the outdoor furniture market. Furthermore, the increasing financial capacity to spend on leisure activities is inducing consumers to spend more on outdoor furniture in the residential sector. Several homeowners are focusing on enhancing the garden or balcony appearance with aesthetically appealing sitting areas. Lounge chairs, seating sets, and tables are the key products generating substantial revenue in the outdoor furniture market. The usage of outdoor furniture is increasing at a faster rate in the commercial sector. The growing trend of traveling, exploration of new places, and changing lifestyles are the key factors boosting the growth of the sector. Several manufacturers are concentrating on the commercial sector due to the aforementioned factors to maximize their sales.
Disposable income is the net income available to invest, save, or spend after deducting income taxes. Continued growth in building construction and rising disposable income levels have boosted the demand for furniture in the United States in recent years. With the increasing number of consumers shifting their preference toward quality and sturdy outdoor furniture products due to higher disposable income and better lifestyle requirements, the outdoor furniture market in the United States is expected to witness more robust growth in terms of domestic outdoor furniture sales and international outdoor furniture exports.
The seating segment is one of the most important categories of outdoor furniture, as people want to spend their leisure and happy time on chairs in the garden or backyard. The seating segment is observing several product innovations, and companies are coming up with various product offerings, such as ergonomic chairs and swivel and stacking chairs. The expansion of outdoor spaces and the increase in family get-together activities in the country are expected to further fuel the demand for outdoor or patio seating furniture.
The report covers the major international players operating in the US outdoor furniture market. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.