LONDON--(BUSINESS WIRE)--The global indoor and outdoor bean bags market is expected to post a CAGR of around 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growth of the construction industry is one of the key factors driving the global indoor and outdoor bean bags market. Over the recent years, the construction industry in the US has witnessed an increase in the demand for privately owned housing. The European region is also witnessing significant growth in the demand for residential houses. Factors such as a rise in dual household income and various government initiatives to support the construction of residential facilities have increased the number of construction projects. The rise in the construction of new housing units will drive the demand for furniture and furnishing products, including bean bags during the forecast period.
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As per Technavio, digital and social media marketing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Indoor and Outdoor Bean Bags Market: Digital and Social Media Marketing
Vendors in the market are adopting digital marketing strategies to promote and advertise their products on social media platforms such as Instagram, Facebook, and Twitter. This is helping vendors to increase the visibility of their products and improve the engagement of targeted customers. With the growing number of internet and smartphone users, vendors are increasing their digital marketing efforts to gain a competitive advantage in the market. Such initiatives by market vendors are expected to boost market growth during the forecast period.
“Apart from digital and social media marketing, rising demand for lightweight bean bags and distribution channel expansion strategy by vendors are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Indoor and Outdoor Bean Bags Market: Segmentation Analysis
This market report segments the global indoor and outdoor bean bags market by distribution channel (offline and online), end-users (residential and commercial), price (mass, masstige, and premium) and geography (APAC, Europe, MEA, North America, and South America).
The Europe region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. During the forecast period, Europe is expected to maintain its dominance over the global market. This is due to the growing consumer interest in both interior and exterior decoration of home and restaurants.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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