rise in popularity of outdoor living among homeowners is driving the Residential Outdoor Storage Products Market
Technavio analyzes that the Residential Outdoor Storage Products Market is expected to grow at a CAGR of 3.82% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 327.56 million.There are various factors that contribute to the growth of the market. The residential outdoor storage market has experienced significant growth due to the increasing trend of homeowners prioritizing outdoor living spaces. This shift towards creating functional and aesthetically pleasing outdoor environments has led to a surge in demand for various storage solutions, such as weather-resistant cabinets, shed, and container-style storage units. These products not only serve to keep outdoor spaces organized but also enhance their overall appeal.
The global residential outdoor storage products market, specifically the sheds segment, has witnessed substantial expansion in recent years. Sheds, constructed for housing diverse items and gardening tools in outdoor environments, have gained popularity among homeowners. Available in various materials including wood, metal, and plastic, sheds cater to the distinct tastes and requirements of consumers. Wood sheds, appreciated for their natural aesthetic, provide an allure and charm. Metal sheds, recognized for their robustness and durability, offer a reliable solution. Plastic sheds, being lightweight and resistant to rot and decay, are a practical alternative. The surge in demand for sheds in the residential outdoor storage products market is fueled by the growing trend of utilizing outdoor spaces for gardening, DIY projects, and entertaining.
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Residential Outdoor Storage Products Market Segmentation
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The Residential Outdoor Storage Products market encompasses a range of items including Wood, Plastic, Metal, Shipping Containers, Sheds (Fabric Covered, Steel Covered, Wood Covered), Deck Boxes, Bins and Totes, Outdoor Shelves, Outdoor Storage Benches, E-commerce, and various lawn maintenance tools like Refuse Containers, Secateurs, Loppers, Long-reach pruners, Hand tools, Power tools, Lawnmowers, Hedge clippers, and automotive spare parts. Nuclear families utilize these products for storing gardening equipment, lawn care supplies, and recreational vehicles. High-density polyethylene is a common material for creating durable and weather-resistant storage solutions.
The residential outdoor storage products market is a segment of the larger global home furnishing market, which falls under the umbrella of the household durables industry. According to Technavio's market analysis, the home furnishing market size is determined by the collective revenue generated by manufacturers and marketers of various homeware products, including consumer electronics, furnishings, decorative items, household appliances, and outdoor storage solutions, such as wood, plastic, metal storage containers, sheds, and deck boxes. The expansion of this market is primarily driven by the surge in residential and commercial construction projects, as well as the growing emphasis on infrastructure development and the creation of new residences and offices. These factors are expected to significantly boost sales of new furniture, furnishings, and outdoor storage products.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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