Outdoor Furniture - Iceland

Iceland

In 2024, the revenue generated in the Outdoor Furniture market in Iceland amounts to US$30.50m.
It is projected that the market will experience an annual growth rate of -0.22% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this segment, with a total of US$18,450m in 2024.
In terms of per person revenues, in Iceland generates US$80.75 per person in 2024.
With its harsh climate and limited outdoor space, Iceland's outdoor furniture market focuses on durable, weather-resistant materials and compact designs.

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

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Analyst Opinion

The Outdoor Furniture market in Iceland has been experiencing significant growth in recent years. Customer preferences have shifted towards more durable and weather-resistant outdoor furniture, as well as a growing demand for innovative and stylish designs. This trend is not unique to Iceland, as it reflects a global shift towards outdoor living and the desire to create comfortable and functional outdoor spaces.

Customer preferences: Customers in Iceland are increasingly seeking outdoor furniture that can withstand the harsh weather conditions that are common in the country. This includes furniture made from materials such as teak, aluminum, and synthetic rattan, which are known for their durability and resistance to moisture and temperature fluctuations. Additionally, customers are looking for furniture that is easy to clean and maintain, as well as furniture that can be easily moved and rearranged to accommodate different outdoor activities.

Trends in the market: One of the key trends in the Outdoor Furniture market in Iceland is the increasing popularity of modular furniture. Modular furniture allows customers to customize their outdoor spaces according to their specific needs and preferences. This trend is driven by the desire for flexibility and versatility in outdoor furniture, as well as the growing trend of creating outdoor living areas that can be used for both relaxation and entertaining. Another trend in the market is the growing demand for eco-friendly and sustainable outdoor furniture. Customers in Iceland are becoming more conscious of the environmental impact of their purchasing decisions and are seeking furniture made from sustainable materials, such as recycled plastic or responsibly sourced wood. This trend is in line with the global movement towards sustainability and reflects a growing awareness of the importance of protecting the environment.

Local special circumstances: Iceland's unique climate and geographical location also play a role in shaping the Outdoor Furniture market. The country experiences long, cold winters and short, mild summers, which means that customers have a relatively short window of time to enjoy their outdoor spaces. As a result, there is a higher demand for outdoor furniture that can withstand the harsh weather conditions and provide comfort and functionality during the limited summer months.

Underlying macroeconomic factors: The growth of the Outdoor Furniture market in Iceland can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has, in turn, boosted demand for outdoor furniture as customers have more financial resources to invest in creating attractive and comfortable outdoor spaces. In conclusion, the Outdoor Furniture market in Iceland is developing in response to changing customer preferences, including a growing demand for durable and weather-resistant furniture, as well as a desire for innovative and stylish designs. The market is also influenced by global trends towards outdoor living and sustainability. Iceland's unique climate and geographical location, as well as favorable macroeconomic factors, further contribute to the growth of the market.

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.