Outdoor Furniture - Bangladesh

Bangladesh

In Bangladesh, the revenue generated in the Outdoor Furniture market reaches an impressive amount of US$109.60m in the year 2024.
It is projected that this market will experience an annual growth rate of 4.15% (CAGR 2024-2029).
When comparing the revenue on a global scale, in the United States stands out as the country generating the most revenue, with a staggering US$18,450m in 2024.
In terms of per person revenue, in 2024, each individual in Bangladesh contributes approximately US$0.63 to the overall revenue in the Outdoor Furniture market.
Bangladesh is witnessing a growing demand for outdoor furniture due to the increasing popularity of outdoor living spaces.

Key regions: United States, Worldwide, Germany, India, Denmark

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Analyst Opinion

The Outdoor Furniture market in Bangladesh has witnessed significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in the Outdoor Furniture market have shifted towards more durable and weather-resistant materials such as teak wood, synthetic rattan, and aluminum. Customers are also seeking furniture that is easy to maintain and can withstand harsh weather conditions, as Bangladesh experiences a tropical monsoon climate. Additionally, there is a growing demand for outdoor furniture that is aesthetically pleasing and can enhance the overall ambiance of outdoor spaces.

Trends in the market: indicate a rise in the popularity of outdoor living spaces and the concept of "bringing the indoors outside. " With an increasing emphasis on creating comfortable and functional outdoor spaces, customers are investing in outdoor furniture that allows them to relax, entertain guests, and enjoy nature. This trend is driven by a desire for a more holistic and integrated living experience.

Local special circumstances: in Bangladesh, such as the rapid urbanization and population growth, have contributed to the growth of the Outdoor Furniture market. As more people move to urban areas and live in smaller apartments with limited indoor space, outdoor spaces such as balconies and rooftops have become important extensions of their living areas. This has led to a higher demand for outdoor furniture that can maximize the utilization of these spaces.

Underlying macroeconomic factors: such as an increase in disposable income and a growing middle class population, have also played a significant role in the development of the Outdoor Furniture market in Bangladesh. As people have more purchasing power, they are willing to invest in outdoor furniture to enhance their quality of life and create enjoyable outdoor living spaces. Furthermore, the rise of e-commerce platforms and online shopping has made it easier for customers to access a wide variety of outdoor furniture options and compare prices, driving market growth. In conclusion, the Outdoor Furniture market in Bangladesh is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As more people prioritize outdoor living spaces and seek durable and aesthetically pleasing furniture, the market is expected to continue expanding in the coming years.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.