LONDON--(BUSINESS WIRE)--Technavio has been monitoring the residential outdoor storage products market and it is poised to grow by USD 178.30 million during 2020-2024, progressing at a CAGR of over 2% during the forecast period. The competitive nature of the market is compelling vendors to focus on innovations in technology, expanding product portfolios, and adopting M&A strategies. Besides, the market is witnessing a high influx of private labels, which has further intensified the competition. Hence, vendors must distinguish their product and service offerings through a clear and unique value proposition.
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the residential outdoor storage products market. The market growth in 2020 is likely to increase compared to the market growth in 2019.
Frequently Asked Questions:
Based on segmentation by product, which is the leading segment in the market?
The Sheds segment led the market in 2019.
What are the major trends in the market?
The advent of organized retail is the major trend in the market.
At what rate is the market projected to grow?
The market is projected to grow at a CAGR of over 2% during 2020-2024.
Who are the top players in the market?
Absco Sheds, Backyard Products LLC, Cedarshed USA, Henges Enterprises Inc., Leisure Season Ltd., Lifetime Products Inc., Newell Brands Inc., Palram Applications, ShelterLogic Group, and Suncast Corp. are the top players in the market.
What are the key market drivers and challenges?
The market is driven by the multiple benefits of residential outdoor storage products. However, long replacement cycles will challenge growth.
How big is the North American market?
North America dominated the market with a 58% share in 2019.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Absco Sheds, Backyard Products LLC, Cedarshed USA, Henges Enterprises Inc., Leisure Season Ltd., Lifetime Products Inc., Newell Brands Inc., Palram Applications, ShelterLogic Group, and Suncast Corp. are some of the major market participants. Although the multiple benefits of residential outdoor storage products will offer immense growth opportunities, long replacement cycles are likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this residential outdoor storage products market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Residential Outdoor Storage Products Market 2020-2024: Segmentation
Residential Outdoor Storage Products Market is segmented as below:
- Decks And Boxes
- North America
- South America
Based on the product, the market saw maximum growth in the sheds segment in 2019. The growth of the segment is driven by the extensive use of sheds for storing items such as gardening hand tools, bicycles, power garden equipment, gardening supplies, gasoline, herbicides, and others. The market growth in the segment will be significant over the forecast period.
North America offered several growth opportunities for market vendors with a 58% share in 2019. The US and Canada are the key markets for residential outdoor storage products in North America. Market growth in this region will be slower than the growth of the market in APAC.
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Residential Outdoor Storage Products Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The residential outdoor storage products market report covers the following areas:
- Residential Outdoor Storage Products Market Size
- Residential Outdoor Storage Products Market Trends
- Residential Outdoor Storage Products Market Industry Analysis
This study identifies the advent of organized retail as one of the prime reasons driving the Residential Outdoor Storage Products Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Residential Outdoor Storage Products Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist residential outdoor storage products market growth during the next five years
- Estimation of the residential outdoor storage products market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the residential outdoor storage products market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of residential outdoor storage products market vendors
Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Sheds - Market size and forecast 2019-2024
- Decks and boxes - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by Distribution channel
- Market segments
- Comparison by Distribution channel
- Offline - Market size and forecast 2019-2024
- Online - Market size and forecast 2019-2024
- Market opportunity by Distribution channel
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Absco Sheds
- Backyard Products LLC
- Cedarshed USA
- Henges Enterprises Inc.
- Leisure Season Ltd.
- Lifetime Products Inc.
- Newell Brands Inc.
- Palram Applications
- ShelterLogic Group
- Suncast Corp.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.