The trajectory of the US outdoor furniture market is set for impressive growth, with a forecasted value of $12.83 billion by 2028. This projection is highlighted in the “U.S. Outdoor Furniture Market – Focused Insights 2023-2028” report by ResearchAndMarkets.com, illustrating a compound annual growth rate (CAGR) of 5.51% from the year 2022.
Market Drivers
Key factors contributing to the market’s growth include the escalating demand for furniture that is not only stylish and lightweight but also durable and resistant to varying weather conditions. Moreover, the industry is witnessing a significant pivot towards furniture that upholds sustainability and eco-friendliness, aligning with the growing environmental consciousness among consumers.
Market Growth and Trends
From Valuation to Vision
The market, which was valued at $9.30 billion in 2022, is experiencing a surge due to the growing consumer inclination towards sustainable and eco-friendly furniture solutions. This shift is indicative of a broader trend toward environmental stewardship and responsibility.
Sector-Specific Demand
The residential sector’s demand for outdoor furniture is skyrocketing, bolstered by the hospitality industry’s expanding outdoor amenities. These trends underscore the market’s responsiveness to consumer lifestyles and preferences.
The Rise of Plastic Furniture
Amidst the variety of materials, plastic outdoor furniture is carving out a niche for itself, favored for its portability and lightweight properties. This preference highlights consumers’ prioritization of convenience and adaptability in their outdoor spaces.
Market Segmentation Analysis
The report offers a detailed breakdown of the market into several segments, including material types (wood, metal, plastic, etc.), product categories (seating sets, loungers, dining sets, etc.), end-user applications (residential vs. commercial), and distribution channels (offline vs. online retail). This segmentation provides a granular view of the market, enabling stakeholders to tailor their strategies accordingly.
Market Dynamics and Competitive Landscape
Insights into Market Dynamics
The study delves deep into the forces shaping the market, encompassing both drivers and restraints, alongside emerging trends that forecast the industry’s direction. This analysis is pivotal for understanding the market’s current state and anticipating future shifts.
Competitive Analysis
A thorough examination of the competitive landscape reveals the strategic positions of leading firms and their market contributions. Companies such as Ashley Furniture Industries Inc., Berkshire Hathaway Inc., and Brown Jordan Inc. are among those profiled, showcasing their influence and innovation within the market.
Conclusion
The US outdoor furniture market is evolving at a rapid pace, steered by consumer demands for sustainability, functionality, and style. As the market continues to expand, the insights provided by the ResearchAndMarkets.com report will be invaluable for businesses and investors aiming to navigate this dynamic landscape effectively. The detailed analysis and forecasts offer a comprehensive toolkit for strategic planning and market entry, ensuring that stakeholders are well-equipped to capitalize on emerging opportunities.
For a deeper dive into these insights, the full report is accessible through ResearchAndMarkets.com.
