LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global residential outdoor storage products market predicts a CAGR of close to 4% during the period 2017-2021.
The report has further segmented the global residential outdoor storage products market into three segments by distribution channel (offline stores and online stores), by product (residential outdoor storage sheds and residential outdoor storage decks and boxes), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global residential outdoor storage products market, according to Technavio researchers:
- Multiple benefits of residential outdoor storage products: a major market driver
- In 2016, the outdoor storage sheds segment dominated the market, and it is expected to grow at a CAGR of around 4% during the forecast period
- The Americas dominated global residential outdoor storage products market in 2016
- Lifetime Products, Newell Brands, ShelterLogic, and Suncast are the leading players
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Market growth analysis
One of the key factors contributing to the growth of the global residential outdoor storage products market is multiple benefits of residential outdoor storage products. Residential outdoor storage products help in utilizing and enhancing the available space. These products can be used to store unused furniture, garden furniture or equipment, quad bikes, mobility scooters, bicycles, barbecue tools, and motorbikes. These storage boxes are available in a variety of designs and materials. Consumers are offered a choice between plastic, wooden, metal, and wicker residential outdoor storage boxes. Most of these products are waterproof and therefore, they keep all the items safe during different weather conditions.
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Geographical analysis
Dual-income households in the Americas, particularly in countries such as US and Canada, have increased with economic recovery and urbanization. This has resulted in an increase in the purchasing power of the individuals in the region. This has created interest in outdoor landscaping and gardening among end-users. One of the key drivers for this market is the preference for landscaping activities among consumers in this region. Consumers are taking up several projects due to the increased focus of media such as cable TVs, the Internet, and other knowledge centers on gardening and landscaping.
Competitive vendor landscape
Several well-diversified international and regional vendors are present in the global residential outdoor storage product market. But, as the international players are increasing their footprint, regional vendors are finding it difficult to compete with them, especially regarding features such as quality, technology, and price. The competitive environment in this market is expected to further intensify with an increase in product/service extensions, innovations in technology, and M&A.
According to Shikha Kaushik, a lead analyst at Technavio for research on furniture and home furnishing, “The intense competition, rapid advances in technology, and frequent changes in consumer preferences constitute significant risks for vendors. The market is witnessing consolidation because of increased competition. Additionally, the influx of private labels in the market is on the rise. Therefore, to survive and succeed in this intensely competitive environment, it is imperative for vendors to distinguish their product and service offerings through a clear and unique value proposition.”
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