Asia Pacific Outdoor Furniture Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Material; Product; and End User Residential, and Commercial

Rising trend towards travelling and shift in lifestyle to drive Asia Pacific outdoor furniture market at CAGR of 4.9%

According to the latest study on “Asia Pacific Outdoor Furniture Market Forecast to 2027 - COVID-19 Impact and Regional Analysis - by Material (Metal, Plastic, Wood, Others); Product (Chairs, Tables, Seating Sets, Loungers and Daybeds, Dining Sets); End User (Residential, Commercial); and Country” the Asia Pacific outdoor furniture market was valued at US$4,137.69 million in 2018 and is projected to reach US$6,383.64 Million by 2027; it is expected to grow at a CAGR of 4.9% during 2019-2027. The report provides understanding on the key driving factors pertaining to the market growth and highlights the prominent players in the market, along with their developments.

Outdoor furniture such as chairs, tables, seating sets, dining sets, loungers, daybeds, hammocks, and others are quite popular among both the residential and commercial customers. The outdoor furniture market on a wide scale has been witnessing substantial growth in the recent past. Factors including the rise in consumer spending & traveling trends resulted in a rise in the number of tourists across the world. These factors are mostly observed in tourist spots, beach sides, and hill stations, thereby leading to multiplying counts of motels, hotels, guest houses, resorts, open spaces, and public gardens. Based on material, the outdoor furniture market is categorized into wood, metal, plastic and others. In 2018, the wood segment dominated the Asia Pacific outdoor furniture market with a 57.7% share. A growing number of hotels and restaurants are further expected to propel the outdoor furniture market during the forecast period. Moreover, increasing the financial capacity of consumers to spend on leisure activities is inducing the consumer to spend a higher amount on outdoor furniture in the residential sector. Several homeowners are mainly focusing on enhancing the garden or open areas or balcony appearance with aesthetically appealing sitting areas. Lounge chairs, seating sets, and tables are some of the key products generating substantial revenue in the outdoor furniture market. However, the plastic segment is expected register a higher CAGR during the forecast period. Based on product, the outdoor furniture market is categorized into chairs, tables, seating sets, loungers & daybeds and dining sets. In 2018, the seating sets segment accounted for a major share of Asia Pacific outdoor furniture market. As per end user the outdoor furniture is bifurcated into residential and commercial. In 2018, the residential segment accounted for a major share in the Asia Pacific outdoor furniture market.

A shift in consumer lifestyle has resulted in rise in investment in travelling and exploration activities. The travel and tourism sector has become a significant contributor in developing preference towards the use of outdoor furniture to enhance aesthetic appeal of commercial and residential spaces along with catering to luxury needs of consumers. For instance, according to The United Nations World Tourism Organization (UNWTO), the international tourist arrivals across the world rose up by 6% in 2018 and went up to 1.4 billion. Further, as stated by The World Travel & Tourism Council (WTTC) in 2018, the travel and tourism sector generated 10.4% of world’s GDP. Also, Asia Pacific countries are considered to be the most preferred hub of tourism hotspot. Other than this, rising rate of tourism in countries such as Singapore, Malaysia and Thailand are also propelling the market growth in the region. Further, rise in focus towards attractive garden and lounge areas has perpetually driven the demand for aesthetic items such as chairs, tables, and other accessories. It is expected to have a positive impact upon market growth. The shift in consumer spending towards better living backed by rise in per capita and disposable income has augmented the growth of outdoor furniture market. Furthermore, growing trend towards traveling is also expected to boost the demand for outdoor furniture market.

Among all the major regions in the world, Asia Pacific grabs the highest market share of the outdoor furniture market during the forecast period. The companies in Asia Pacific are continuously enhancing the overall business processes to meet the customers demand in the best possible way. Several domestic and international companies have a strong foothold in the Asia Pacific region. The region largely supports the growth of the outdoor furniture market through strong focus on investments in construction and real estate sectors. In the Asia Pacific region, China is the chief market in the region, followed by India and rest of Asia Pacific. The demand for outdoor furniture in Asia Pacific has surged owing to the adoption of better standards of living along with higher income level in the western parts. An upsurge in the demand for outdoor gardening and outdoor & rooftop seating has created a fruitful growth of the market in the Asia Pacific region. Rising disposable income, urbanization, and better lifestyles, further boosting the market. The high purchasing power of the consumers results in rising demand for outdoor furniture. The manufactured outdoor furniture are marketed all across Asia Pacific. The Asia Pacific manufacturers at the nascent stage exported to other parts of the world. Besides this, the growing application of outdoor furniture in residential and commercial applications also supports the market for outdoor furniture in the Asia Pacific region.

Recently, the World Health Organization (WHO) announced the outbreak of COVID-19, the novel form of a disease caused by the virus SARS-CoV-2, as a pandemic. This outbreak started in December 2019 in Wuhan, China, and later, it turned into a pandemic, causing numerous deaths worldwide. Outdoor furniture are such kind of furniture and facilities which are designed for outdoor purposes and includes chairs, tables, seating sets, daybeds and many other such options. The outbreak of COVID-19 pandemic has severely impacted the consumer goods industry. The shutdowns of this industry and supply chain disruptions due to lockdown of countries has created a strain on the supplies of the products of this industry. India has the highest number of confirmed cases of COVID-19 morbidities in Asia Pacific. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The Airports Council International (ACI) Asia-Pacific warned that the prolonged duration of the COVID-19 would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to negatively impact market growth in the coming period. Till now, India has the highest number of COVID-19 confirmed cases.

The Asia Pacific outdoor furniture market is concentrated with several well-established players. A few of the key players in this market include are Agio International Company Ltd., Ashley Home Stores, Ltd., Barbeques Galore, Brown Jordan, Century Furniture LLC, Inter Ikea Systems B.V. and Keter Group.

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• Highlights key business priorities in order to assist companies to realign their business strategies.
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• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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