SAN FRANCISCO, Sept. 15, 2021 /PRNewswire/ -- 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. 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.
Key Insights & Findings:
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.
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.
Grand View Research has segmented the global outdoor living structure market on the basis of product and region:
Outdoor Living Structure Product Outlook (Revenue, USD Million; 2017 - 2028)
Outdoor Living Structure Regional Outlook (Revenue, USD Million; 2017 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Outdoor Living Structure Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.