(BUSINESS WIRE) — Technavio has announced its latest market research report titled Global Outdoor Furniture Market 2020-2024. The global outdoor furniture market size is expected to grow by USD 8.27 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
The increasing demand for patio heating products in commercial and residential spaces is expected to drive the outdoor furniture market growth. Patio heaters have high demand in commercial spaces, which include pubs, party lounges, cafés, and restaurants. In the hospitality industry, patio heaters find applications in enhancing the ambiance of outdoor space and ensuring warm temperature zones. Free-standing and tabletop patio heaters are in high demand in such commercial spaces and are aesthetically appealing. The rising number of pubs and restaurants that have outdoor dining spaces has contributed to the increasing demand for patio heaters. As a result, many vendors are offering patio heaters that are characterized by designs.
As per Technavio, the increasing demand for environment-friendly outdoor furniture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Outdoor Furniture Market: Segmentation Analysis
This market research report segments the outdoor furniture market by product (outdoor furniture and accessories, outdoor grills and accessories, and patio heating products), end-user (residential and commercial), distribution channel (offline and online), and geographic landscape (APAC, Europe, North America, MEA, and South America).
The North American region led the outdoor furniture market share in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the growing economy, the increase in commercial properties, the rising urbanization, the increasing rate of employment, and the improving income levels.
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