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The market is aided by technological advancements and internet penetration. The surge of the online retail sector has not only enabled easy availability of outdoor furniture but also has facilitated various product launches. Evolving consumer shopping trends and the population growth in both developing and developed sector facilitates the market growth. In addition, the promotion of the infrastructure and hospitality sector and the development of premium public spaces can drive the market for outdoor furniture in the forecast period. Amidst the global pandemic COVID-19, the hospitality sector is allowed to function only in open spaces in many countries. For instance, the Welsh government stated that consumers can only be served food and drinks outdoors at tables. Moreover, the government also provided grants for outdoor furniture to the hospitality industry. Trends such as these have led to the increasing prevalence of outdoor spaces, which are further expected to invigorate the market growth.
The key industry players are focusing to constantly evolve the products and elevate the durability and life of outdoor furniture. Some of the key players are Woodward, Inc. (NASDAQ:WWD) And Ace Hardware Corporation. In July 2019, Ace Hardware Corporation announced the launch of Living Accents Fabric Arched Pergola. It has a brown rust-resistant powder-coated steel frame and a tan adjustable weather resistant-sling canopy trimmed in rich colour. The patio provides a retreat on sunny days and is a great place to entertain friends and acquaintances. Moreover, it can be assembled easily with the instruction guide, and both home delivery and store pickup are available; trends such as these are expected to aid the market growth in the forecast period.
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The major players in the global market for outdoor furniture are Ace Hardware Corporation, Century Furniture LLC, Forever Patio, Haworth, Inc., and Nilkamal Furniture, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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