Commercial Outdoor Furniture Market Analysis and Latest Trends
Commercial outdoor furniture refers to the furniture specifically designed for use in commercial outdoor spaces such as restaurants, cafes, hotels, resorts, parks, and office complexes. It is designed to withstand heavy usage and adverse weather conditions while providing comfort and functionality to the users.
The market for commercial outdoor furniture has been experiencing steady growth in recent years and is projected to continue growing at a CAGR of 6% during the forecast period. This growth can be attributed to several factors:
Increasing investments in the hospitality and tourism industry: The rise in global tourism and hospitality sector has led to increased demand for commercial outdoor furniture. Hotels, resorts, and restaurants are enhancing their outdoor spaces to attract more customers, thereby driving the market growth.
Growing emphasis on outdoor spaces: There is a growing trend of utilizing outdoor spaces for various commercial purposes. Offices are creating outdoor workspaces, restaurants are expanding their outdoor seating areas, and parks are upgrading their furniture offerings. This trend is fueling the demand for commercial outdoor furniture.
Increasing preference for aesthetically pleasing and durable furniture: Commercial establishments are focusing on creating visually appealing outdoor spaces to enhance customer experience. Moreover, there is a growing demand for durable furniture that requires minimal maintenance. Manufacturers are incorporating innovative designs and materials to meet these requirements.
Technological advancements: The market is witnessing the integration of technology in commercial outdoor furniture. This includes features such as wireless charging, built-in speakers, and adjustable lighting. These technological advancements are attracting customers and contributing to market growth.
In conclusion, the commercial outdoor furniture market is witnessing positive growth due to increasing investments in the hospitality industry, the growing emphasis on outdoor spaces, the preference for aesthetically pleasing and durable furniture, and technological advancements. With the projected CAGR of 6% during the forecast period, the market is expected to continue its growth trajectory.
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Commercial Outdoor Furniture Major Market Players
The global commercial outdoor furniture market is highly competitive, with several key players dominating the market. Some of the major companies in this market are Steelcase, Herman Miller, Haworth, Kokuyo, Global Furniture Group, Teknion, Knoll, Premier Polysteel, SUNON, B&B Italia, Texacraft, Caluco, Kannoa, Florida Seating, Suncoast Furniture, AEL Solutions, Woodard Furniture, Brown Jordan, Artie, Emu Group, and Gloster.
Steelcase, a leading player in the commercial outdoor furniture market, offers a wide range of innovative outdoor furniture solutions. The company focuses on sustainability and designs products that promote connectivity and collaboration in outdoor spaces. Steelcase has witnessed significant market growth and is expected to continue growing in the future due to its focus on ergonomic, sustainable, and customizable outdoor furniture solutions.
Herman Miller is another key player in the market known for its high-quality and stylish outdoor furniture. The company offers a diverse range of products that cater to different preferences and needs. Herman Miller has experienced steady market growth and is projected to expand further in the coming years due to its strong brand reputation and commitment to design excellence.
Knoll is a renowned commercial outdoor furniture manufacturer known for its modern and timeless designs. The company offers a wide range of outdoor seating, tables, and accessories that provide comfort and durability. Knoll has witnessed considerable market growth over the years and is expected to maintain its position as a leading player in the market due to its focus on innovative design and customer-centric approach.
While exact sales revenue figures for specific companies are not provided, the overall market size of the commercial outdoor furniture industry was valued at approximately $4.8 billion in 2020 and is projected to reach $6.5 billion by 2027, growing at a CAGR of around 4.5% during the forecast period. The market growth can be attributed to the increasing demand for outdoor furniture in commercial spaces such as restaurants, hotels, cafes, and offices, driven by the rising trend of outdoor living and the need for aesthetically pleasing and functional outdoor spaces.
In conclusion, the commercial outdoor furniture market is highly competitive, with several key players dominating the industry. Companies like Steelcase, Herman Miller, and Knoll have experienced significant market growth and are expected to continue expanding in the future due to their focus on innovative design, sustainability, and customer satisfaction. The market size of the commercial outdoor furniture industry is projected to increase steadily, driven by the growing demand for outdoor furniture in various commercial settings.
What Are The Key Opportunities For Commercial Outdoor Furniture Manufacturers?
The commercial outdoor furniture market has witnessed significant growth in recent years, driven by factors such as the rising demand for outdoor seating and dining spaces in hotels, cafes, and restaurants. Additionally, the increasing trend of outdoor events and the growing popularity of outdoor recreational spaces have also contributed to the market's growth. Furthermore, the market is expected to continue growing at a steady pace in the coming years, driven by the increasing disposable income and changing consumer preferences. Additionally, the introduction of innovative and sustainable outdoor furniture designs is likely to further fuel market growth.
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Market Segmentation