World News: 01:00 GMT Saturday 12th October 2019. [Technavio Research via Businesswire via SPi World News]
The global outdoor furniture market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled global outdoor furniture market 2019-2023. (Graphic: Business Wire)
End-users in the hospitality industry and other commercial spaces are increasingly adopting patio heaters to enhance the ambiance of outdoor spaces by ensuring warm temperature zones. The proliferation of pubs and restaurants that have outdoor dining spaces have further increased the demand for patio heaters. The growing number of dine-outs and bars are also driving the volume sales of patio heaters. With growing product awareness, end-users in the residential sector are increasingly adopting patio heaters in home outdoor spaces. To cater to the growing demand from commercial and residential end-users, market vendors are offering a wide range of patio heaters with various designs. The increasing demand for patio heating products in commercial and residential spaces is one of the key factors driving market growth.
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Global Outdoor Furniture Market: Increasing Demand for Environment-Friendly Outdoor Furniture
Several vendors in the market are increasing their focus towards the adoption of green solutions owing to rising environmental concerns resulting from deforestation, and the use of toxic finishes. Such vendors are offering outdoor furniture made of Moso bamboo, which is stronger than other wood products, including oak. The use of such natural materials enhances the aesthetic appeal of outdoor furniture and improves its ability to withstand harsh weather conditions. Therefore, the rising demand for environment-friendly outdoor furniture is one of the key trends that will fuel market growth.
“Apart from rising demand for environmental-friendly outdoor furniture, the increasing availability of multi-functional outdoor furniture and growing online sale of outdoor furniture products are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Outdoor Furniture Market: Segmentation Analysis
This market report segments theby product (outdoor furniture and accessories, outdoor grills and accessories, and patio heating products), end-users (residential and commercial), distribution channel (offline and online), and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market due to the rise in the number of commercial properties, restaurants, and pubs in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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Business Wire: 01:00 GMT Saturday 12th October 2019
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