Luxury Outdoor Furniture Market Size, Growth, Trends, Opportunities, And Demand Forecast To 2018-2028
Global Luxury Outdoor Furniture Market continues to thrive due to factors such as sustainable & eco-friendly designs, smart & tech-integrated features, and customization & personalization options.
As per the TechSci Research report titled "Global Luxury
Outdoor Furniture Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028," the market reached USD 1.76
billion in 2022 and is expected to exhibit a CAGR of 4.2% during the forecast
period from 2024 to 2028. The global luxury outdoor furniture market is a
vibrant and flourishing industry that has witnessed substantial growth in
recent years, offering a diverse array of outdoor furniture products aimed at
enhancing the comfort and aesthetics of outdoor spaces.
The remarkable growth in the luxury outdoor furniture market can be attributed to various factors. Foremost among these is the increased disposable income of consumers worldwide, making luxury outdoor furniture more attainable. With the growth of economies, many individuals and households now have the financial means to invest in high-quality outdoor furniture that combines functionality with aesthetic appeal. The aspiration for outdoor spaces that reflect personal style and provide a comfortable retreat has fueled a surge in demand for luxury outdoor furniture.
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There
has been a notable shift in culture towards embracing outdoor living, with
people worldwide increasingly considering their outdoor spaces as extensions of
their homes. Whether it's a charming patio, a spacious deck, or a meticulously
landscaped garden, outdoor areas now play a central role in leisure and social
activities. This cultural shift has spurred a robust market for luxury outdoor
furniture, driven by consumer desires for outdoor products that offer the same
level of comfort and style as their indoor furnishings.
The
global luxury outdoor furniture market has also benefited from advancements in
materials and design. Manufacturers are exploring innovative materials that are
both weather-resistant and durable while still providing a luxurious look and
feel. This exploration has resulted in the creation of outdoor furniture pieces
capable of withstanding the elements without compromising on style and comfort.
Additionally, modern design trends emphasize clean lines, sleek profiles, and a
seamless integration of indoor and outdoor aesthetics, prompting luxury outdoor
furniture to adapt and offer a diverse range of designs catering to different
tastes.
A
prominent trend in the luxury outdoor furniture market is the blurring of lines
between indoor and outdoor living spaces. Homeowners are increasingly seeking a
seamless transition between their interior and exterior spaces, making outdoor
furniture a natural extension of their indoor decor. This trend has driven the
demand for outdoor furniture that complements indoor design elements, including
color schemes, materials, and styles. As a result, luxury outdoor furniture has
become an integral part of overall home decor, garnering attention from both
consumers and designers.
The
convenience of e-commerce has played a pivotal role in the growth of the global
luxury outdoor furniture market. With access to a wide array of options,
consumers can now research, compare, and purchase products online. E-commerce
has made luxury outdoor furniture more accessible to a broader audience, with
the added convenience of home delivery and the ability to explore diverse
products from various manufacturers. Consequently, online sales of luxury
outdoor furniture have seen an upward trend, with consumers opting for the ease
and variety offered by e-commerce platforms.
Regional
dynamics in the luxury outdoor furniture market are diverse, influenced by
variations in consumer preferences, climate, and economic conditions. North
America holds a significant market share due to a strong culture of outdoor
living, high disposable incomes, and a preference for high-quality outdoor
furniture. Europe emphasizes design and aesthetics, valuing both traditional
and contemporary luxury outdoor furniture. In Asia, particularly in countries
like China and India with growing middle-class populations, outdoor spaces are
increasingly seen as extensions of living areas, contributing to rapid market
growth.
The
Middle East is witnessing a surge in the luxury outdoor furniture market, with
a focus on opulent, high-end designs tailored to the luxurious lifestyles of
the affluent population. Latin America also shows a growing interest in luxury
outdoor furniture, with a preference for tropical and vibrant designs
reflecting the region's cultural diversity.
Major
players in the global luxury outdoor furniture market include both established
brands and emerging players. Well-known manufacturers like Brown Jordan,
Gloster, Kettal, and Dedon continue to innovate and set trends in the market.
Emerging companies are entering the market with a fresh perspective, focusing
on sustainability, new materials, and innovative design concepts, often
appealing to a younger, design-conscious demographic.
In
terms of materials, there is a shift towards sustainable and environmentally
friendly options, including the use of recycled materials and a focus on easily
disassembled and recyclable furniture. There is also growing interest in
outdoor furniture made from renewable materials such as bamboo and teak, which
are both durable and ecologically responsible.
Technology
is making its mark on the luxury outdoor furniture market, with smart outdoor
furniture featuring integrated lighting, heating, and sound systems becoming
increasingly popular. This tech-savvy approach allows consumers to create
sophisticated and comfortable outdoor spaces that can be controlled remotely
through smartphones or other devices.
The
global luxury outdoor furniture market extends beyond residential consumers to
include the hospitality and commercial sectors. High-end hotels, resorts, and
restaurants are investing in luxury outdoor furniture to create inviting and
upscale outdoor dining and lounging areas for their guests. The demand for
commercial-grade luxury outdoor furniture has opened up new opportunities for
manufacturers and designers to cater to this growing segment.
The
COVID-19 pandemic significantly impacted the luxury outdoor furniture market,
with lockdowns and restrictions prompting people to turn to their outdoor
spaces for relaxation, entertainment, and socializing. This led to a surge in
demand for outdoor furniture, particularly luxury pieces that could transform
backyards and patios into stylish and comfortable retreats. The market
experienced a spike in sales during the pandemic as consumers prioritized their
outdoor spaces like never before.
Looking
ahead, the future of the global luxury outdoor furniture market appears
promising. Ongoing trends such as outdoor living, innovative design, and
sustainability are expected to continue driving market growth. As more
consumers recognize the value of well-crafted and durable outdoor furniture,
the appeal of the luxury segment is likely to endure. Technological
advancements, with smart outdoor furniture becoming more integrated and
accessible, will further contribute to market development. The commercial
sector, including the hospitality and restaurant industries, is anticipated to
be a significant driver of growth as businesses seek to create inviting outdoor
spaces for their patrons.
The
global luxury outdoor furniture market is segmented based on material, end-use,
region, and company. In terms of material, the metal segment has emerged as the
dominant player due to the durability and resilience of metal materials in
outdoor environments. Metals such as aluminum, stainless steel, and wrought
iron offer exceptional resistance to rust, corrosion, and degradation, ensuring
that the furniture retains its aesthetic appeal and functionality over time.
Regionally, North America holds a substantial share of the global luxury outdoor furniture market due to its ingrained culture of outdoor living. The diverse climate, featuring warm summers and moderate winters in many regions, promotes a strong affinity for outdoor activities, reflected in the demand for luxury outdoor furniture.
Major
companies operating in Global Luxury Outdoor Furniture Market are:
- Brown
Jordan
- Gloster
- B&BItalia
- Royal
Botania
- MANUTTI
- Kettal
Group
- Woodard
- EGO
Paris
- Tribù
- RODA
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"The global market
for luxury outdoor furniture has witnessed significant growth in recent years,
propelled by factors such as increasing disposable incomes, a cultural shift
towards outdoor living, innovative materials and designs, the blending of indoor
and outdoor spaces, the convenience of e-commerce, and regional variations in
consumer preferences. This market has attracted a diverse mix of established
and emerging players, with sustainability and technology playing key roles in
influencing product development. With a positive outlook for the future, the
luxury outdoor furniture market is poised to continue evolving to meet the
demands of consumers seeking to enhance their outdoor spaces with a combination
of style and comfort," stated Mr. Karan Chechi, Research Director at
TechSci Research, a research-based management consulting firm.
Mr. Chechi added, "The report titled 'Luxury Outdoor Furniture Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Material (Metal, Plastic, Wood, Glass, Leather), By End-Use (Domestic Use and Commercial Use), By Region, By Competition, 2018-2028,' has assessed the future growth potential of the global luxury outdoor furniture market. It provides statistics and information on market size, structure, and future growth, aiming to offer cutting-edge market intelligence to aid decision-makers in making informed investment decisions. Additionally, the report identifies and analyzes emerging trends, along with essential drivers, challenges, and opportunities in the global luxury outdoor furniture market."
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