Global Indoor and Outdoor Bean Bags Market 2019-2023 | 5% CAGR Projection Over the Next Four Years | Technavio
LONDON--(BUSINESS WIRE)--Apr 10, 2019--The global indoor and outdoor bean bags market is expected to post a CAGR of nearly 5% during the period 2019-2023, according to the latest market research report by Technavio.
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The global indoor and outdoor bean bags market is expected to post a CAGR of nearly 5% during the period 2019-2023 (Graphic: Business Wire)
The demand for furniture products like bean bags is increasing due to the significant growth in the residential sector. Also, the increase in construction of new housing units is driving the demand for bean bags. The residential construction activities are steadily increasing owing to the factors such as the increased household income and initiatives by the government to support the construction of residential facilities. The growth in the construction sector will positively drive the global indoor and outdoor bean bags market during the forecast period.
This market research report on the global indoor and outdoor bean bags market 2019-2023 also provides an analysis of the most critical trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights digital and social media marketing as one of the key emerging trends in the global indoor and outdoor bean bags market.
Global indoor and outdoor bean bags market: Digital and social media marketing
The growing usage of internet and smartphones has increased the use of social media platforms. Digital and social media marketing helps vendors in targeting potential consumers. Vendors are continuously improving their marketing and promotion skills through social media platforms such as Instagram, Facebook, and Twitter. This flourishing digital and social media marketing trend is fuelling the growth of the global indoor and outdoor bean bags market.
“Vendors are offering bean bags with a wide variety of designs and colors with increased durability to attract customers. They are expanding their presence in many developing countries such as India and China. Global vendors sell their products through third-party retailers such as Amazon to increase their sales. These factors will drive the global indoor and outdoor bean bags market during the forecast period”, says an analyst at Technavio.
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-user (residential and commercial), price (mass, masstige, and premium), and geography (APAC, Europe, MEA, North America, and South America).
Europe led the market in 2018 with a market share of more than 33%, followed by North America, APAC, South America, and MEA respectively. The dominance of Europe can be attributed to the increased investments by the vendors in product innovations in terms of design, multifunctionality, and variations in build structure.
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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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SOURCE: Technavio Research
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