Allied Market Research published a report, titled, “Outdoor Décor Market by product (Furniture, Flower Pots and Planters, Rugs and Cushions, Lighting, Patio Umbrellas and Shade Structures, Water Features and Others), End User (Residential and Non-residential), and Distribution Channel (Supermarket and hypermarket, Specialty Stores, E-Commerce and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global outdoor decor market size was valued at $83 billion in 2022, and is projected to reach $117.7 billion by 2032, growing at a CAGR of 3.5% from 2023 to 2032.
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Prime determinants of growth
The growth of the outdoor decor industry is majorly driven by many factors. Market expansion for outdoor decor is significantly fueled by its increased demand in residential sector. Moreover, consumers are increasingly interested in products made from recycled or renewable materials, as well as those designed with minimal environmental impact in mind, owing to the growth in emphasis on sustainable and eco-friendly outdoor décor. Eco-conscious decor items, such as reclaimed wood furniture, solar-powered lighting, and planters made from recycled materials, have gained popularity. In addition, consumers are investing in outdoor decor elements that create cozy and functional living areas, such as outdoor rugs, weather-resistant seating, and weatherproof lighting.
The furniture segment to maintain its leadership status throughout the forecast period
Based on product, the furniture segment held the highest market share in 2022, accounting for more than one-fifth of the global outdoor décor market revenue and is estimated to maintain its leadership status throughout the forecast period. Furniture usage among consumers has increased owing to rise in disposable income and the influence of western culture. Furthermore, customers can spend more on outdoor furniture due to rise in disposable income. In response to consumer demand, market participants have introduced outdoor furniture with novel designs and aesthetics. When choosing furniture, buyers have also given priority to factors like durability, style, and design.
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The Asia-Pacific segment to maintain its leadership status throughout the forecast period
Based on region, the Asia-Pacific segment held the highest market share in 2022, accounting for nearly one-third of the global outdoor décor market revenue and is estimated to maintain its leadership status throughout the forecast period. The Asia-Pacific market is witnessing growth owing to the rapid urbanization and increase in disposable income in Asian countries like China, Vietnam, and India. The growing middle class in China has made it the industry leader in terms of revenue for outdoor decor. Furthermore, the way people’s lives are changing in Asia has an impact on consumer trends. The main purchases made by young families are furniture and carpets. Customers in the area choose to buy outdoor decor products from specialty shops and department stores. Online shopping is becoming popular in the area, which is contributing significantly to the expansion of the market.
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Leading Market Players: –
Elho B.V.
Net Retailers, LLC
Frontgate
The Home Depot, Inc.
Inter IKEA Holding B.V.
Renson
Kimball International Inc.
Walmart Inc
Ashley Furniture Industries, LLC
Wayfair Inc
Know More- https://www.prnewswire.com/news-releases/outdoor-decor-market-expected-to-reach-117-7-billion-globally-by-2032-at-3-5-cagr–allied-market-research-301996732.html
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