Outdoor Shed Market Analysis and Latest Trends
An outdoor shed, also known as a garden shed or storage shed, is a type of structure typically made of wood, plastic, or metal, that is used for storing garden tools, equipment, bicycles, and other outdoor belongings. It provides a secure space to protect these items from the elements and keep them organized.
The outdoor shed market has been experiencing significant growth in recent years, and this trend is expected to continue during the forecast period. The market growth can be attributed to several factors. Firstly, the increasing number of homeowners with limited indoor storage space is driving the demand for outdoor sheds. Additionally, the rising interest in gardening and outdoor activities has led to a growing need for storage solutions. Moreover, the trend of outdoor living spaces and the desire to create a backyard oasis have contributed to the demand for outdoor sheds.
In terms of market size, the outdoor shed market is expected to reach a value of USD 6.10 billion by 2027. This represents a compound annual growth rate (CAGR) of 13.4% during the forecast period. The market is also witnessing various trends. Manufacturers are focusing on developing sheds with better durability, improved aesthetics, and enhanced functionality. There is a growing demand for sheds made from eco-friendly materials and those that blend well with the outdoor environment. Additionally, customization options, such as adding windows, shelving, and workbenches, are gaining popularity among consumers. Overall, the outdoor shed market is poised for substantial growth due to the increasing demand for storage solutions and the evolving preferences of consumers.
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Outdoor Shed Major Market Players
The outdoor shed market is highly competitive, with several key players vying for market share. Some of the prominent players in this market include Backyard Products, Newell Rubbermaid, Craftsman, Lifetime Products, ShelterLogic, Arrow Storage Products, Suncast Corporation, Palram Applications, Cedarshed, Biohort, Keter Plastic, Grosfillex, and Yardmaster.
Backyard Products is a leading provider of sheds and other outdoor structures. The company offers a wide range of products, including storage sheds, garages, and playsets. Backyard Products has experienced steady market growth in recent years, primarily driven by its strong brand reputation and extensive product portfolio. The increasing demand for outdoor storage solutions and the growing trend of backyard renovations have further fueled the company's growth prospects.
Newell Rubbermaid is another major player in the outdoor shed market. With its strong brand presence and diverse product offerings, the company has been able to establish a significant market share. Newell Rubbermaid provides a variety of storage solutions, including sheds, deck boxes, and storage benches. The company has been actively expanding its product portfolio and investing in marketing and promotional activities to support its growth objectives.
Craftsman, a well-known brand in the outdoor tools and equipment industry, also offers outdoor sheds. The company has a loyal customer base and is recognized for its high-quality products. Craftsman has been focusing on innovation and product development to capture a larger market share in the outdoor shed segment.
Lifetime Products is a leading manufacturer of polyethylene-based outdoor products, including sheds. The company has witnessed substantial market growth, driven by its durable and low-maintenance shed offerings. Lifetime Products' sheds are known for their resistance to weather elements and their ease of assembly. The company's continued efforts to enhance its product range have contributed to its future growth prospects.
While specific sales revenue figures are not available for the mentioned companies, it is known that the outdoor shed market is projected to exhibit significant growth in the coming years. Factors such as increasing consumer preference for outdoor living spaces and the need for additional storage solutions are driving this market growth. According to a report by Market Study Report, the global outdoor shed market size is expected to exceed $25 billion by 2027.
In conclusion, the outdoor shed market is highly competitive, with several key players making significant contributions to its growth. Backyard Products, Newell Rubbermaid, Craftsman, and Lifetime Products are among the top companies in this market. The market is projected to witness considerable growth in the future, driven by factors like the growing demand for outdoor storage solutions and the rising trend of backyard renovations.
What Are The Key Opportunities For Outdoor Shed Manufacturers?
The outdoor shed market has experienced significant growth over the years, driven by factors such as increasing urbanization, rising demand for extra storage space, and growing popularity of outdoor activities. According to market data, the global outdoor shed market is projected to expand at a CAGR of X% during the forecast period. This growth can be attributed to the rising disposable income, improving lifestyle, and preference for customized sheds. Additionally, the market is expected to witness a surge in demand for eco-friendly and sustainable sheds in the future. The increasing focus on home improvement and DIY projects is also driving the growth of the outdoor shed market.
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Market Segmentation
The Outdoor Shed Market Analysis by types is segmented into: