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Luxury furniture is essentially used to provide a final touch to the garden decoration and for high standard backyard seating. The increasing trend of having a relaxing and comfortable seating experience is prominently driving the demand for luxury furniture for the open space areas in households as well as commercial places. Innovation in the design of the various chairs and seating to enhance the durability and quality is further shaping the overall industry. For instance, in January 2019, Burnhardt Furniture Company launched 50 fashion-forward, high quality & comfortable luxury furniture designs of sofas, sectionals, chairs, and dining tables that are suitable for full outdoor space, terrace, and patio.
Manufacturers are keenly focusing on producing high temperatures and water-resistive sofas to increase the shelf life of the backyards seating. Additionally, they are focusing on the sustainable furniture production process in order to minimize CO2 emission from their various operations. The outdoor furniture industry consists of the complex cycle that provides wide opportunities for the various businesses within the supply chain. For instance, as of January 2020, Ikea Group operates over 313 stores in 38 countries and territories through their robust supply chain that includes raw material vendors, manufacturing, distribution, and end-user cycle, this has helped partner companies to enter into the furniture businesses at each step of the chain.
Rising consumer preferences for the high quality and fashionable outdoor seating as well as the growing income of the population is anticipated to drive the demand for luxury outdoor furniture products. Also, increasing socialization and public events fuel the consumption of such products. The growing trend of garden e-commerce is likely to boost the online furniture shopping activities and thereby, the outdoor furniture business.
Additionally, rising infrastructural facilities related to the residential properties, offices, hotels & restaurants, gardens, and public auditoriums flourish the demand for outdoor furniture. According to the Committee on Climate Change Organisation, there were 29 million homes in the U.K. as of 2019, and the U.K. government is expected to develop 1.5 million new household living spaces by 2022. Moreover, the escalating trend of nuclear families has given rise to the housing demand and thereby, flourishes the growth of the upholstery businesses.
However, various governmental regulations regarding the limited usage of the wood material for the furniture production process are anticipated to restrain the market growth. Additionally, sudden supply chain disruption due to the COVID-19 outbreak has temporarily hampered the market
Key Market Driver -
Increasing demand for luxury and fashionable outdoor seating is expected to drive the market growth.
Key Market Restraint -
Government regulations regarding the environmental degradation due to the wood cutting for the furniture businesses is anticipated to restrain the market growth
The key players operating in the global luxury outdoor furniture market are, Brown Jordan Co., Coco & Wolf Ltd., GLOSTER FURNITURE GMBH, Roda srl, Sunset West USA, Kettal Group, Woodard Furniture, DEDON GmbH, TUUCI LLC., Garden House Furniture, Royal Botania, EGO SAS, and many others.
The global luxury outdoor furniture market is segmented by product type, material, end-user, distribution channels, and geography.
By product type, the market is segmented into sofas & seatings, chairs & stools, side tables & dining tables, and others. Chairs & stools segment is expected to hold a major share of the global market owing to the availability of a variety of luxury chairs & stools for the garden and backyard areas. Additionally, large demand for luxury chairs in seminars and public events further drives the product demand
By material, the global luxury outdoor furniture market is segmented into the wood, metal, and others. The wood segment is projected to exhibit a prominent share of the global luxury outdoor furniture market because of the higher durability and attractive look of the wood outdoor furniture. Additionally, furniture made up of wood is highly resistive against the water, temperature, and air pressure.
Based on end-user, the market is segmented into households, hotels & restaurants, offices, and others. The household segment is anticipated to hold a major share of the outdoor furniture market owing to the large consumption of furniture in households and residencies. According to the European Environmental Bureau, in 2017, the residential sector accounted for 82% of the furniture consumption in Europe while 18% of the consumption was for B2B business.
By distribution channels, the market is segmented into the mode of seating product's supply such as specialty stores, hypermarkets & supermarkets, online stores, and others. The specialty stores segment is projected to hold a dominant share of the global market because of the large preferences of the people to purchase the furniture products from the specialty stores. According to the International Tropic Timber Organisation, as of 2018, in the U.K. nearly 66% of the consumers seek to buy the furniture from the specialty retail stores. Additionally, provision of the discounts and other offers on the bulk furniture purchase makes this segment to have a prominent position in the market.
By geography, the global luxury outdoor furniture market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North American market is expected to hold the largest share of the global luxury outdoor furniture market owing to the presence of the prominent companies associated with the outdoor seating business such as SEIGER GmbH, Summit Furniture Inc., General Products Inc., and many others in the countries such as the United States, and Canada. Large import of the furniture seating items in the United States indicates greater demand for wood furniture in the region. As per the research data presented by the United Nations Economic Commission for Europe (UNEC), in the U.S., import of the upholstered furniture items has increased by 10% from June 2017 to June 2018.
European region is expected to hold a considerable share of the global market owing to the rising import of the garden furniture in the European region. According to the CBI Ministry of Foreign Affairs, total imports for the garden furniture in the European region has increased from USD 523.87 million in 2014 to 621.11 million by 2018.
Additionally, rising sales revenues from the office & household furniture products in the European region is further propelling the growth of the market. According to the European Commission International Trade Centre, in Europe, sales of the office & household furniture products has increased by 5.7% from 2016 to 2017.
Asia Pacific region is expected to grow at a faster rate for the global outdoor luxury furniture market owing to the increasing housing facilities in the region which further drives the demand for luxury outdoor furniture. According to the Ministry of Housing & Urban Affairs, during the financial year of 2019-2020, in India, nearly 1 billion houses are sanctioned by the government of India Under the Pradhan Mantri Awas Yojana scheme as of January 2020.
The large presence of the growing production facilities of the backyard seating products in the provinces of Fujian, Zhejiang, Shandong, and others in China has favoured the Asian market for further growth. Additionally, the rising trend of party & celebrations in garden and yard areas in the Asia Pacific region has supported the growth of the market.
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