Outdoor Living Structure Market – Overview
The outdoor living structure market is estimated to rise at a healthy growth rate in the forthcoming years. The trend of spending on inside and outside of homes in Western countries for comfort and aesthetics creates opportunities in the outdoor living structure market. Individuals and families tend to spend ample time on outdoor activities, bar-be-ques, and outdoor dining during the warm weather that lasts for only a few months in most Western countries.
Since last year, the outbreak of COVID-19 and stay-at-home orders led to unexpected spending on furniture, furnishings for outdoor use. Individuals of certain economic classes that were not impacted financially with the pandemic spent handsome amounts on products for at-home recreation. The sale of equipment and structural pieces to create mini gaming zones, mini gymnasiums, grilling spaces, and yoga spaces collectively bolstered growth in the outdoor living structure market.
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Outdoor Living Structure Market – Competitive Landscape
Product quality, product pricing, and customer service are some key parameters for competition among large companies in the outdoor living structure market. Large players strive to develop superior durability in outdoor living structure components with added features if possible. Sun protection and ability to withstand temperature extremities are some added aspects that intensify competition in the outdoor living structure market.
Efforts to expand geographical presence is another key criterion of growth among large players in the outdoor structure market. Large companies are establishing regional customer base for customer-centric services. To undertake this, keen players are collaborating with local contractors, architects, and retail stores to expand their geographical outreach and stay competitive in the outdoor living structure market.
Collaborations and partnerships is also a growth strategy among keen players in the outdoor living structure market.
Renson, Outdoor Living, Corradi, IQ Outdoor Living, Outdoor World, Bosman Homefront, Outdoor Structure Company LLC, Absolute outdoor Living, Luxos, Totally Outdoors, Aussie Outdoor Living, Scandia Canada.
Outdoor Living Structure Market – Trends and Opportunities
The outbreak of COVID-19 and its continued impact that has extended stay-at-home orders has led to unknown demand for products for outdoor living spaces. The demand for furniture of all types, natural plants, artificial plants, lighting escalated tremendously for outdoor living spaces of homes.
The demand for gazebos, pergolas, and pavilions witnessed a steep rise during the pandemic. This is attributed to the growing consumer preference for outdoor sitting for recreation, and extended areas of homes to play board games, karaoke, and other forms of entertainment during the pandemic.
The availability of a vast product range in different types of materials spurs growth in the outdoor living structure market. The availability of pergolas in various types of materials including steel, wood, stone, aluminum, fiberglass, vinyl, and cellular polyvinyl chloride that makes for a wide selection for consumers accounts for their continued demand. The growing financially stability in emerging economies is leading consumers to spend handsome amounts to decorate all areas of their homes. In India, the large IT population with handsome salaries has emerged to be a prominent customer base for all types of homewares, including outdoor living structure products.
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Outdoor Living Structure Market – Regional Landscape
North America is at the forefront among other key regions in the outdoor living structure market. High per capita income coupled with preference for large homes in sub-urban areas in the U.S. accounts for leading growth of the outdoor living structure market of the region. Availability of professional landscaping, outdoor fireplaces, vegetable gardens, and outdoor area rugs are some other add-ons that create demand in the outdoor living structure market in the U.S.
Furthermore, availability of appliances designed for outdoor use attracts consumers to invest in outdoor living structures.
China contributes substantially to the outdoor living structure market in Asia Pacific. Economic growth that has led to hefty spending for a comfortable living creates demand for outdoor living structures and related products. Patio umbrellas and outdoor table and chair sets witness robust sales within the outdoor living structure market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.