Selbyville, DE -- (SBWIRE) -- 04/09/2020 -- Improved consumer spending and traveling trends resulted in an increased number of tourists across the world. These trends are mainly observed coastal area, beach, hotels, resorts, cafes, lounges restaurants and bars boosting industry expansion. Decorative lounge chairs, upholstery products, and table are the key revenue-generating products in the market.

According to the research, the global outdoor furniture market size is anticipated to touch the $ 23 billion mark by 2024. The construction industry growth accompanied by improved consumer spending is the key factor, which is projected to boost the business growth over the forecast period. Increasing number of homeowners worldwide primarily augmenting demand for outdoor furniture products. Attractive garden designing showcase improved compatibility to match up aesthetic items with lounges, chairs, tables, and other accessories to enhance garden spaces propelling market penetration.

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The changing consumer preferences towards the requirement for residential private houses and commercial building are primarily driving attractive garden furniture market. Increasing consumer attention toward enhancing outdoor spaces to create comfortable and appealing designs of the garden, the balcony, outside porches is influencing market growth.

Wooden products accounted for over 50% of the material demand in 2017, the material is highly preferred over its counterparts owing to the natural appearance and exceptionally attractive designs glorify outdoor furniture product portfolio. Mahogany, redwood, teak, cedar, pine, eucalyptus and composite material widely used in the making due to excellent natural & appealing shades enhances aesthetic appearances boosting product profile

Market Growth Drivers –

Rapid expansion of product portfolio & distribution network
Socialization accompanied by increasing consumer spending on leisure & experiences

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Textiles are expected to grow at the fastest pace from 2018 to 2024. Fabrics are among key exterior elements to improve the comfort and aesthetics of the furniture. PVC, Acrylic fiber, olefin fiber, and polyester fabric is widely used in product making. Modern designs including numerous patterns bold color shades, textures, and designs enhance compatibility with the architectural theme for the outer spaces.

Residential segment is expected to witness a CAGR over 4% up to 2024. Surging demand for garden spaces in the residential sector owing to rapid urbanization in the countries is fueled industry growth. The growing trend of socializing and get-togethers among people of all ages are fueling the demand for garden and outer furniture products in the residential sector.

Asia Pacific is projected to grow at the fastest pace from 2018 to 2024. The region is among the key emerging economies and witnessing modern trends for enchaining outer garden and outer spaces, especially in China, Japan, South Korea Malaysia, and Indonesia. Rapid urbanization and new construction in urban cities is mainly boosting the market share for outdoor furniture products across the region.

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Europe is projected to exceed USD 6,500 billion revenue by 2024. Traditional residential building along with new constructions boosting the demand for the outer furniture including chairs, table, lounges, and combination sets strongly supporting industry growth. Additionally, European countries are among the largest traveling & tourism destinations in the countries owing to the improved consumer spending in the region

Global outdoor furniture market share is competitive owing to the presence of key players, including Ashley Furniture Industries, Inter IKEA Group, Century Furniture, Agio International Company Limited, Brown Jordan, Barbeques Galore, Keter Group, Lloyd Flanders, Dedon, Emu Group, Tuuci, Royal Botania, Hartman UK, Homecrest Outdoor Living, Kettal, Fischer Mobel GmbH, Treasure Garden Incorporated, and Gloster. Product design, configuration, and after-sale service is the key concerning areas for industry players.

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