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The Street Furniture Market size is forecast to increase by USD 1.18 billion, at a CAGR of 3.71% between 2023 and 2028.
The accelerated growth of the market is by various factors, including the replacement of wooden appliances with composite wooden appliances, the increasing availability of multifunctional outdoor furniture, and the growing investments in public parks and spaces. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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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 replacement of wooden furniture with composite wooden furniture is notably driving the market. The demand for composite wooden appliances has grown slowly owing to its close resemblance to wooden appliances and limited need for maintenance. In addition, the composite wooden appliance is made using recycled wood and plastic products, and most vendors market it as an environmentally friendly product. Furthermore, companies also provide cap stock-coated wooden appliance, which offers good resistance to environmental degradation.
Moreover, composite wooden appliances are highly sustainable, contributing to environmentally conscious urban development. In addition, it reduces the demand for natural wood resources, helping preserve forests. Furthermore, its resistance to environmental factors ensures a longer lifespan, leading to reduced replacement frequency and lower maintenance costs for municipalities and businesses. Hence, such factors are driving the market growth during the forecast period.
Increasing demand for sustainable street furniture is an emerging trend in the market. The preference for eco-friendly appliances is rising to ensure environmental protection. In addition, there are various eco-friendly furnishing materials that are alternatives to forest wood, such as teak, rosewood, sal, and deodar. Furthermore, the increasing demand for environmentally friendly outdoor appliances is a trend in the global market.
Moreover, environmental concerns, the negative effects of deforestation, and the effects of toxic finishes on the air have prompted appliance manufacturers to adopt green solutions. In addition, companies are now offering a wide range of aesthetic products constructed using Moso bamboo, which is stronger and harder than most other types of wood, including oak. Furthermore, the use of natural materials for this product is increasing as natural materials have the ability to withstand harsh weather conditions and have enhanced aesthetic appeal. Hence, such factors are driving the market growth during the forecast period.
The long replacement cycle for street furniture is a major challenge hindering the market. Branded, long-lasting, superior-quality appliances, such as street appliances, do not require frequent replacements. In addition, superior quality appliance made of wood is characterized by a longer replacement cycle than appliances made of cheap materials such as plastic. Furthermore, the high initial cost and long replacement cycle of these products would hinder the growth of the market in focus.
Moreover, some of these products are high-priced and considered to be a one-time investment by many end-users. In addition, the companies in the market in focus are offering these products that are durable and of superior quality. Furthermore, the sales of the global market are cyclic. Therefore, the long replacement cycle for this product restricts frequent sales of these products, which can become a major challenge to the growth of the global market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, 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 analysis 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.
Area Safe Products Pty Ltd.: The company offers street furniture such as Chaise longue ATLANTIQUE, Bench ATLANTIQUE, Picnic table ATLANTIQUE, Domino ATLANTIQUE, Backless bench ATLANTIQUE, 45L and 75L Litter bin TAMARIS, and more.
The market research and growth 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 offline segment is estimated to witness significant growth during the forecast period. The offline segment comprises specialty stores, hypermarkets, supermarkets, department stores, and bedding stores that sell these accessories. In addition, the personnel of these shops tend to have a detailed knowledge of the products, which is required to be described during selling as it is necessary for buyers to have full information of the technicality, features, advantages, quality, and prices of the street furniture.
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The offline segment was the largest segment and was valued at USD 2.21 billion in 2018. Moreover, the offline distribution channel is the most preferred means for the distribution of luxury appliance items by vendors, manufacturers, and distributors operating in the global market, with the major factor being the tangible factor associated with the offline distribution of these accessories. In addition, offline stores enable consumers to touch and feel these fittings as a part of the buying process, thereby enabling consumers to physically experience the product before purchasing it. Moreover, this is not possible in the case of online distribution channels. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 41% 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.
Another region offering significant growth opportunities to companies is North America. The regional market dominated the global market, with a major demand arising from countries such as the US, Canada, and Mexico, which are expected to be major consumers. In addition, this is due to the expansion of the real estate sector and the urban population, which are the two most important variables driving the growth of the regional market. In addition, rising consumer buying power and a surge in travel trends have expanded tourism in North America. Furthermore, these tendencies are most visible in seashore areas, hill stations, and other historic locations. In addition, such tendencies are leading to a growth in the number of hotels, resorts, public gardens, and open areas, thus driving up the demand for street appliances. Hence, such factors are driving the market growth in North America during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The global outdoor furniture market is flourishing with the increasing demand for comfortable and aesthetically pleasing furniture in various settings. Street furniture, strategically placed in open spaces, seaside areas, and around historical monuments, contributes to the ambiance of these locations. Driven by rising disposable income, individuals are investing in outdoor furniture for their balconies and outdoor spaces in the residential sector.Street furniture is not only appreciated for its practicality but also for its ability to enhance the appeal of urban areas. It caters to the needs of the tourism industry, with new hotels and commercial constructions incorporating these elements for an elegant and versatile ambiance.
The furniture market benefits from collaborations with the retail industry and aligns with the preferences of the millennial demographic. The International Casual Furnishings Association plays a significant role in promoting the use of street furniture across various segments, including the residential segment and the commercial end-use segment in hotel projects. As urban spaces evolve, street furniture continues to be an integral part of the changing landscape, influenced by climatic conditions, local preferences, and the dynamic trends in the real estate market. The market is thriving, especially in scenic beauty places, enhancing the charm of porches, outdoor spaces, and historic locations. Street furniture not only adds an element of elegance to these places but also offers versatility, catering to diverse needs. In urban settings, the market caters to the preferences of millennials, providing comfortable and stylish options for outdoor areas such as restaurants and cafes. The variety in material type ensures durability and aesthetic appeal. The market extends its influence to the commercial end-use segment, contributing to the ambiance of hotels and commercial spaces. Street furniture is an essential component, responding to the dynamic trends in urban planning and the evolving needs of the modern population.
Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.71% |
Market Growth 2024-2028 |
USD 1.18 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.09 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AREA, Area Safe Products Pty Ltd., Artform Urban Furniture, Benito Urban, Beruru Private Ltd., Broxap Ltd, Daktronics Inc., Edilportale.com SpA, ENVIRONMENTAL STREET FURNITURE LTD, EP Draffin Manufacturing Pty Ltd., Furnitubes International Ltd, Inter IKEA Holding BV, Macemain plus Amstad , Marshalls Mono Ltd., Newton Brown LLC, Ozone Overseas Pvt. Ltd, Saflow Product Pvt. Ltd., Street Furniture Australia Pty Ltd., STREETLIFE America LLC, and STREETPARK sro |
Market dynamics |
Parent market analysis, 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 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 Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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