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The residential outdoor storage products market size is forecast to increase by USD 327.56 million, at a CAGR of 3.82% between 2023 and 2028. The market's growth hinges on several factors, notably the increasing appeal of outdoor living among homeowners seeking to enhance their living spaces.
The surge in outdoor recreational activities continues to fuel market expansion in the outdoor living industry. More individuals are seeking ways to engage with nature and pursue leisure pursuits, leading to increased demand for garden and lawn tools, as well as outdoor furniture. The DIY culture further amplifies this growth trajectory, with consumers embracing hands-on approaches to gardening projects and outdoor renovations. As a result, innovation and market diversification are necessary to cater to the evolving preferences of consumers. Garden and lawn tools, such as shovels, rakes, and trimmers, are essential for maintaining a beautiful and functional outdoor space. Outdoor furniture, including chairs, tables, and umbrellas, provides comfort and style for individuals to enjoy their outdoor living areas. Collectively, these trends contribute to the steady growth of the outdoor living industry, as consumers prioritize the enhancement of their outdoor spaces.
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The market report extensively covers market segmentation by product (sheds, decks, and boxes), distribution channel (offline and online), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
The market is driven by various factors, including the growing demand for storage solutions among homeowners. With an increase in marine, aircraft, and spacecraft activities, there's a rising need for outdoor storage to accommodate equipment and tools. The integration of navigation lights and illuminating devices in outdoor spaces enhances safety and functionality. However, challenges such as ensuring energy-efficient lighting solutions and addressing hazards associated with outdoor storage remain. Despite these challenges, the market trends towards innovative storage solutions tailored to meet the diverse needs of consumers in both residential and industrial settings, reflecting the growing importance of organized outdoor storage. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in popularity of outdoor living among homeowners is notably driving the market growth. The rise in popularity of outdoor living among homeowners has been a significant driving factor in the market. As more homeowners embrace the benefits of spending time in their outdoor spaces, the need for storage solutions to keep these areas organized and functional has increased. In addition, the growing trend of outdoor activities and hobbies has also contributed to the popularity of outdoor living. Homeowners are increasingly engaging in activities such as gardening, sports, and recreational pursuits that require specific equipment and supplies. As a result, they need storage solutions to keep these items organized and protected.
For instance, gardening enthusiasts may require storage for tools, pots, and gardening supplies. Sports enthusiasts may need storage for bicycles, golf clubs, and other equipment. Storage solutions like sheds and boxes provide a secure and weather-resistant space for storing these items, keeping them readily available for use. Thus, the above-mentioned factors are expected to increase the adoption of residential outdoor storage, which will propel the growth of the market during the forecast period.
The rise in the adoption of customizable and personalized storage solutions is an emerging trend shaping the market growth. The market has been witnessing a significant rise in the adoption of customizable and personalized storage solutions. This trend can be attributed to several driving factors, which have fueled the demand for innovative and tailored outdoor storage options. Another factor driving the demand for customizable and personalized storage solutions is the growing trend of outdoor entertainment and living. Homeowners are increasingly transforming their outdoor spaces into extensions of their homes, where they can relax, socialize, and enjoy various activities. As a result, there is a need for storage solutions that not only provide functionality but also seamlessly blend with the overall aesthetic of the outdoor living area.
For instance, homeowners may require storage options for outdoor cushions, BBQ tools, or pool accessories. Outdoor living spaces have become an extension of indoor comfort, and customizable storage solutions play a crucial role in enhancing their functionality and aesthetics. These storage options include benches and deck storage compartments, which can be tailored to complement the style and design of the outdoor area. Outdoor kitchen cabinets are another essential storage solution that merits mention. These cabinets offer ample space for storing cooking essentials, keeping them easily accessible and protected from the elements. The increasing popularity of outdoor living and the growing demand for functional and stylish storage options are expected to fuel the adoption of residential outdoor storage solutions, thereby propelling the growth of the market during the forecast period.
High costs and complexities associated with installation a significant challenges hindering the market growth. Rising costs and complexities associated with installation have negatively impacted the growth of the market. One of the major challenges faced by homeowners when considering outdoor storage solutions is the cost involved in purchasing and installing storage units. Outdoor storage options such as sheds, decks, and boxes often require a significant investment in terms of materials, labour, and installation fees. This can deter some homeowners from opting for these storage solutions. Also, homeowners may need to schedule appointments and wait for professionals to be available, further complicating the process.
Furthermore, the complexities associated with installation can be time-consuming and may require homeowners to obtain permits or adhere to local building codes. This can add additional layers of complexity and cost to the installation process. Thus, such factors are expected to hinder the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Absco Sheds - The company offers residential outdoor storage products such as space-saver storage units, premier garden shed kits, and regent garden shed kits.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market caters to various needs, from homeowners to industrial sectors like the marine, aircraft, and spacecraft industries. These storage solutions accommodate navigation lights, illuminating devices, and equipment essential for nighttime vehicle operations. Designed to withstand hazards and ensure safety, they feature energy-efficient lighting solutions, including LED technology. With applications in shipping vessels, airports, and shipbuilding industry, these products are integral to organized storage in both residential and commercial settings. The market trend towards innovative solutions reflects the growing demand for organized outdoor storage, driven by the need to store equipment efficiently while ensuring safety and functionality. In the market, consumers seek solutions that cater to various needs, from accommodating equipment used by harbormasters, yard crew, and bridge engineer to storing essential lighting components like light-emitting diodes (LEDs), visual signaling devices, and navigation lights. These storage products are designed to withstand outdoor elements and provide secure storage for items typically found in seaports, cruise ship, and land-based structures. With customizable options for storing red lights, green lights, and white lights, such products offer versatile solutions for homeowners seeking organized and accessible storage for their outdoor equipment and lighting needs.
The sheds segment is estimated to witness significant growth during the forecast period. The sheds segment in the market has experienced significant growth over the past few years. Sheds, which are structures designed for storing various items and tools in outdoor spaces, have become a popular choice among homeowners.
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The sheds segment was the largest segment and was valued at USD 834.51 million in 2018. The demand for sheds in the market is driven by several factors, such as homeowners increasingly using their outdoor spaces for various activities such as gardening, DIY projects, and outdoor entertaining. As a result, there is a growing need for storage solutions to keep these outdoor spaces organized and clutter-free. Moreover, sheds have evolved beyond simple storage spaces. They now come with additional features such as windows, doors, and ventilation. The versatility of sheds has further enhanced their appeal in the products market. Thus, the above-mentioned factors are expected to increase the demand for sheds, which will propel the growth of the sheds segment in the market during the forecast period.
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APAC is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America holds a significant position in the market. The region is known for its advanced technology, skilled workforce, and robust industrial base, which have contributed to its dominance in this market. One of the key driving factors in North America is the increasing focus on outdoor living and the utilization of outdoor spaces. Homeowners in North America are increasingly recognizing the value of their outdoor areas and are investing in creating functional and aesthetically pleasing outdoor living spaces. This includes the installation of outdoor storage solutions to keep the outdoor space organized and clutter-free.
In addition, the North American continent experiences a wide range of climatic conditions, including extreme cold winters in the northern regions and hot summers in the southern regions. As a result, homeowners require storage solutions that can withstand these diverse weather conditions and protect their belongings. Therefore, the need for weather-resistant storage options drives the demand for outdoor storage solutions in North America.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The market is essential for organizing and safeguarding equipment used in various sectors such as the marine sector, aerospace, and aviation industry. These products accommodate a wide range of items, including navigation lights like Incandescent filaments navigation lights, LED lights, and high intensity discharge bulbs. They offer secure storage for watercraft, ships, aircraft, and other vessels, ensuring their protection from collisions and damage. With features like control panels and lenses, these storage solutions provide easy access and visibility, making them suitable for marine docks, shipbuilding industries, and offshore and-based structures. As the demand for organized outdoor storage increases, It continue to evolve to meet the diverse needs of homeowners and industry professionals alike.
In addition, it serves as an essential solution for safely housing and organizing equipment crucial for various operations, including marine transportation, aerospace manufacturing, and nighttime vehicle operation. These storage units cater to diverse needs, accommodating items like marine lights, aircraft navigation lights such as Xenon navigation lights and Halogen navigation lights, and signaling devices like flashes and strobes. Whether storing equipment for passenger aircraft, cargo planes, or military aircraft, these products offer customizable storage options with features like LED lights for low light intensity and steady-burning light bars for high light intensity. Designed to withstand harsh marine environments and aerospace transportation needs, it provide secure storage for boats, aircraft, and other vessels, ensuring optimal organization and accessibility in residential settings.
Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.82% |
Market Growth 2024-2028 |
USD 327.56 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.4 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
APAC at 31% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Absco Sheds, Backyard Products LLC, Backyard Storage Solutions, LLC, Barnyard Utility Buildings, Better Homes and Gardens, Cedarshed USA, Keter Home and Garden Products Ltd., Leisure Season Ltd., Lifetime Products Inc., Lowes Co. Inc., Newell Brands Inc., Palram Industries Ltd., SHARKCAGE Inc., ShelterLogic Group, Stilla Group, Suncast Corp., The Home Depot Inc., The Home Shoppe., Tuff Shed Inc., and Warner Bros Discovery Inc. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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