Bosnia and Herzegovina Outdoor Furniture market: Industry Analysis and Forecast (2022-2027) by Material, Product, End-user and Region

Bosnia and Herzegovina Outdoor Furniture Market Overview:

Residential and commercial customers enjoy chairs, tables, seating sets, dining sets, loungers, daybeds, and hammocks. On a global scale, the outdoor furniture market has seen significant expansion in recent years. Tourist numbers are increasing worldwide due to factors such as increased consumer expenditure and travel trends. These features are most commonly seen in tourist destinations, coastal areas, and hill stations, resulting in an increase in the number of motels, hotels, guest homes, resorts, open spaces, and public gardens. As a result, the outdoor furniture market is likely to develop over the forecast period due to an increase in the number of hotels and restaurants. Furthermore, if consumers' financial capacity to spend on leisure activities grows, they are more likely to spend more on outdoor furniture in the residential sector. Several homeowners are focusing on adding visually pleasing seating arrangement to their gardens, open areas, or balconies. Some of the most profitable products in the outdoor furniture market are lounge chairs, seating sets, and tables.

E-Commerce Market segment Furniture is defined as the commercial online sale of various movable commodities that support various day-to-day actions and functions, such as seating (e.g., chairs and sofas), sleeping (e.g., beds and mattresses), holding and storing objects (e.g., closets and dressers), in both B2C (business to consumer) and B2B (business to business) contexts. Electronic household gadgets and immovable household objects (such as sinks and faucets) are prohibited. Although furniture might serve a decorative, symbolic, or religious purpose, the focus here is on furniture that serves a primary function, and the market is divided appropriately. The online retailers wayfair.com and ikea.com are important players in this market area. All monetary numbers are based on annual gross income and exclude shipping costs.

Bosnia and Herzegovina Outdoor Furniture Market Dynamics:

Revenue is estimated to grow at a 13.97 percent CAGR during the forecast period. Resulting in a market value of $50.05 Mn. by 2027.  In 2022, a market value of US$149,400.00 Mn. is expected. By 2027, the number of users in the Furniture industry is expected to reach 0.5 million. In 2022, user penetration will be 13.7 percent, rising to 16.9 percent by 2027.

The ARPU (average revenue per user) is predicted to be US$58.39.

One of the major reasons driving the growth of the outdoor furniture market during the projected period will be the rising demand for patio heating goods in commercial and residential settings. For their visual appeal, free-standing and tabletop patio heaters are popular in the hospitality industry. The demand for patio heaters is predicted to grow as the number of bars, dine-outs, pubs, party lounges, cafes, and restaurants grows. Patio heaters are becoming more popular among residential consumers, in addition to business locations. The growing demand from residential consumers is due to increased awareness of the benefits of patio heaters.

One of the primary outdoor furniture market trends has been highlighted as the increased demand for environmentally friendly outdoor furniture. Furniture makers are increasingly focused on green solutions as environmental concerns and awareness about the negative consequences of deforestation and toxic finishes develop. Natural materials are increasingly being used in furniture manufacture due to their capacity to survive harsh weather conditions while still having a high aesthetic appeal. Companies have begun to create a wide selection of stylish furniture utilising renewable materials including Moso bamboo.

Bosnia and Herzegovina Outdoor Furniture Market Segment Analysis:

By Material, Bosnia and Herzegovina Outdoor Furniture Market is segmented into Wood, Plastic and Metal on the basis of material. The most common material used to make furniture is wood. In 2021, wood led the market with a share of over 60.0 percent. Due to its characteristics such as durability, comfort, and a rich and natural appearance, wood is used in both residential and commercial applications.

In 2021, plastic accounted for more than 15.0 percent of total sales. It is popular among consumers on a tight budget because the material is low maintenance and lightweight. The presence of substitutes such as eco-friendly products is limiting the plastic segment's growth.

By Product, Bosnia and Herzegovina Outdoor Furniture Market is segmented into chairs, tables, seating sets, loungers and daybeds, and dining sets on the basis of product. In 2021, the seating sets segment held the greatest share of the outdoor furniture market, and it is predicted to grow at the fastest CAGR over the forecast period. Outdoor seating sets are a collection of tables and chairs designed for usage outside. In a garden, a pool site, a rooftop, and other places, tables, chairs or sofas, and a centre table of various shapes and designs are used. To complete the sitting set, both cushioned and cushion-free chairs are coupled with a tea or coffee table and a centre table. Because of their unique design and appeal, tables made of glass with fibre or wood with resin are frequently utilised in seating arrangements.

By End-user, Bosnia and Herzegovina Outdoor Furniture Market is segmented into residential and commercial on the basis of end-user. In 2021, the residential segment dominated the outdoor furniture market, while the commercial segment is expected to grow at the fastest rate during the forecast period. The growing trend of family gatherings and dinners in residential gardens is expected to boost business growth. The residential section of the outdoor furniture industry is growing due to the ageing population, increasing disposable income, and desire to spend on luxury furniture among the people. Traditional residential structures, in tandem with new developments, are driving increasing demand for outdoor furniture, such as seats, loungers, tables, and combination sets. The outdoor furniture industry is highly diverse in terms of materials, products, and end-use applications.

The objective of the report is to present a complete picture of Bosnia and Herzegovina Outdoor Furniture market. Data from past years is compiled to anticipate the future prospects of this market. Porter's five forces help to identify where power lies in a business situation. This is useful both in understanding the strength of an organisation's current competitive position, and the strength of a position that an organisation may look to move into. The report helps in identifying competitive rivalry currently running in the Bosnia and Herzegovina Outdoor Furniture market. It also helps to understand bargaining power of suppliers and consumers.

The report also presents PESTLE analysis which helps to gain a macro picture of Bosnia and Herzegovina Outdoor Furniture market.  Political factors helps to identify the influence of government over Bosnia and Herzegovina Outdoor Furniture market. Economic factors a have direct impact on a company’s long-term prospects in a market. The economic environment may affect how a company dealing in Outdoor Furniture price their products or influence the supply and demand model. Social factors, such as demographics and culture can impact the Bosnia and Herzegovina Outdoor Furniture market by influencing peak buying periods, purchasing habits, and lifestyle choices. Technological factors may have a direct or an indirect influence on an industry. The legal and regulatory environment can affect the policies and procedures of an industry, and can control employment, safety and regulations. Environmental factors include all those relating to the physical environment and to general environmental protection requirements. 

Bosnia and Herzegovina Outdoor Furniture Market Scope:

Bosnia and Herzegovina Outdoor Furniture Key Players: 

• IKEA
• Wayfair
• Archiproducts
• Fagus
• Laser
• Zedex
• Getatoz