Increasing Focus on Modifying Outdoor Spaces in Residential Buildings Drives North America Outdoor Furniture and Parking Lot Products Market Growth
According to our latest market study on "North America Outdoor Furniture and Parking Lot Products Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type and End Use,” the market is expected to grow from US$ 14,339.39 million in 2022 to US$ 18,046.44 million by 2028; it is expected to register a CAGR of 3.9% from 2022 to 2028. The report highlights key factors governing the growth and prominent players and their progress in the market.
Outdoor furniture products include benches, tables, chairs, armchairs, rocking chairs, suspended seats, sofas, patio loveseats, outdoor dining sets, etc. Benches are the most widely used outdoor furniture. Garden benches are available in different types of materials. These outdoor furniture products are mostly weather-resistant and are made to withstand some of the harshest conditions. Further, speed humps, bumps, and wheel stops are commonly used parking lot products.
The major factors driving the growth of the North America outdoor furniture and parking lot products market are the increasing focus on modifying outdoor spaces in residential buildings and the strong growth of the hospitality sector in the region. The expanding hospitality industry in North America creates a massive demand for outdoor furniture and parking lot products. Many hotels and restaurants across the region are investing in outdoor seating & services, driving the demand for outdoor furniture products. Further, the surging use of recycled material in parking lot products is expected to offer lucrative opportunities for the parking lot products’ manufacturers in North America during the forecast period.
Agio International Company Ltd, Brown Jordan Company, Century Furniture LLC, Inter IKEA Holding BV, Keter US Inc, Florida Patio Furniture Inc, Transline Industries Inc, Emedco US, The Traffic Safety Store, and Dancop International GmbH are a few of the key players operating in the North America outdoor furniture and parking lot products market.
Impact of COVID-19 Pandemic on North America Outdoor Furniture and Parking Lot Products Market Growth
North America was one of the worst-affected economies due to the COVID-19 pandemic. The unprecedented rise in COVID-19 cases across the US, Canada, and Mexico and the temporary shutdown of numerous manufacturing facilities in the countries hindered the growth of various markets. Due to the pandemic, the outdoor furniture and parking lot products market in the region faced many challenges, including supply chain disruptions, material shortages, and shipping restrictions. Various challenges hampered production activities and led to a shortage of certain furniture products, which restrained the growth of the outdoor furniture industry. The shutdown of hotels, restaurants, cafes, schools and universities, and commercial buildings has also negatively impacted the demand for outdoor furniture products.
After months of staying indoors, many homeowners started investing significantly in outdoor spaces. Due to the onset of the COVID-19 pandemic, individuals realized the benefits of spending time outdoors to maintain physical and mental health. During the pandemic, outdoor space decoration evolved from a short-term hobby to a long-term passion for many homeowners. Further, the pandemic has changed consumer behavior as many people are shopping online, which has led to an increase in e-commerce sales of furniture products.
The "North America Outdoor Furniture and Parking Lot Products Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry, focusing on the North America outdoor furniture and parking lot products market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The North America outdoor furniture and parking lot products market is bifurcated on the basis of product type and end-use. Based on product type, the market is segmented into benches, tables, parking lot products, waste receptacles, and others. Based on end use, the market is segmented into public parks, schools and universities, residential buildings, commercial buildings, HORECA, and others. In 2022, the commercial buildings segment dominated the North America outdoor furniture and parking lot products market, and the HORECA segment is expected to be the fastest-growing segment during the forecast period.
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