The global Outdoor Living Structure Market is expected to reach USD 2.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.1% from 2021 to 2028. Key industry participants like Renson, Outdoor Structure Company LLC, Outdoor Living, Absolute Outdoor Living. Growing trend of utilizing the garden areas or, backyards to extend the building structures into dining areas, working spaces, grill areas are expected to propel the market growth over the forecast period.
As per a survey published by the National Kitchen
& Bath Association (NKBA) for 2020-21, the adoption of outdoor living
projects interest has grown by about 65% in the U.S. in comparison to the past
few years. Furthermore, the demand for outdoor kitchen setups is expected to be
highest, followed by patios and decks, and screened porches & three season
rooms.
The stay-at-home restrictions imposed by governments
across several countries amid the outbreak of the COVID-19 pandemic are
expected to create new growth opportunities for the market. Companies offering
perpetual work from home opportunity to employees has enabled homeowners to
renovate their existing spaces into office spaces, mini gaming zones, grilling
spaces, mini-gymnasiums, and yoga spaces.
The market is 100% customer-driven, i.e., these
structures are built as per the specifications provided by the customers. In
addition, the raw materials are also selected as per consumer preferences. This
has led to market domination by local players confined to specific regions,
however, companies including Absolute Outdoor Living, Corradi, Outdoor World
are improving market penetration via contractors, and architects.
Related Press Release@ Outdoor Living Structure Market Report
Outdoor Living Structure Market
Report Highlights
- The pavilions/gazebo segment is expected to grow at the fastest
CAGR of 6.9% over the forecast period owing to the structure having its
own flooring and partly closed sides, thus improving placement and
application options.
- Furthermore, increasing use of the product for adding aesthetics
near mini bars near pools, fireplace-based gatherings, and entertainment
zones is expected to propel market growth over the forecast period.
- North America dominated the market with a revenue share of 43.4% in
2020. This is attributed to the growing popularity of the concept of
‘outdoor living’ among consumers as it offers relaxation, leisure time to
spend with family and friends, and a way to get connected to nature.
- The European outdoor living structure market is driven by key
factors such as demand for improved and luxurious lifestyle, increasing
per capita income, presence of developed economies and rising investments
in residential constructions and landscaping projects.
- Several companies are offering app-based AI solutions for customers
to update their preferences regarding the design of structures, materials
to be used, tiles colors& designs, and size of structures as per the
desired applications. For instance, Absolute Outdoor Living offers a
StruXure Outdoor app, which is controlled by its partner, Somfy Systems
Inc.
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment