The Freedonia Group: Patio Heating Manufacturers Anticipate an Extended Outdoor Season
CLEVELAND, Feb. 17, 2016 /PRNewswire/ -- Demand for patio heating products is forecast to grow robustly through 2019. These products are increasingly popular due to their ability to extend the outdoor season. In general, sales of patio heating products have a spillover effect on outdoor furniture demand since they increase the usability of the latter. These and other trends are presented in Outdoor Furniture & Grills, a new study from The Freedonia Group, a Cleveland-based industry market research firm.
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On a broader level, US demand for outdoor furniture and grills is forecast to rise 3.7 percent annually to $9.1 billion in 2019. After peaking in 2007, US sales of outdoor furniture and grills plummeted in 2009. An improving economy and trends toward at-home outdoor entertaining and "staycations" supported growth between 2009 and 2014. Through 2019, sales will benefit from continued emphasis on a blending of outdoor and indoor spaces. Likewise, ongoing preference for higher-value pieces will boost value demand through 2019.
Outdoor furniture and accessories, by far the largest product segment in 2014, will post solid gains, accounting for over three-fourths of demand increases. Trade in these pieces, particularly in outdoor furniture, has increased in recent years, with metal and wicker pieces accounting for the greatest growth in imports. Analyst Reta Sober notes that, "While increasing production costs abroad and stylistic trends will mute imports of these products somewhat, the trade deficit in outdoor furniture will continue to rise."
In 2014, grills and accessories comprised over one-third of total demand. This product segment fared better than others during the recessionary period due to the affordability of lower-end models. The grill market is approaching saturation, as roughly 80 percent of US households own at least one grill. As a result, grill purchases are primarily of replacement or additional models (e.g., for camping or tailgating purposes) and demand growth for these pieces through 2019 will be the slowest among major product segments. Going forward, a trend toward higher-end grills and complementary outdoor cooking appliances such as pizza ovens, smokers, and turkey fryers will boost value gains. Nevertheless, the greater durability and additional features of high-end pieces will restrain replacement demand to an extent, precluding faster growth.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group
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