According to the new edition of Outdoor Living Products 2020, as smart home devices have become more commonplace, these technologies have increasingly penetrated outdoor settings, a trend aided by expanded offerings of “smart” outdoor living options. Such products include:
- grills and other cooking appliances that allow users to control temperatures, timers, and other features from tablets or smartphones
- automated and programmable lighting
- audio equipment, televisions, and backyard theater systems
- security systems, including cameras with night vision, motion sensors, and lighting that can be controlled or monitored from an electronic device
These products can be controlled via a tablet or smartphone, allowing homeowners to easily adjust features such as lighting, audio equipment volume, or cooking appliance settings without having to back indoors or step away from guests.
More information regarding the study is here: https://www.freedoniagroup.com/industry-study/outdoor-living-products-2020-3793.htm
The market for outdoor cooking, entertaining, and recreation products is forecast to grow 4.0% to reach $9.9 billion in 2020 and increase 4.0% per year to $11.5 billion in 2024. Among the fastest growing products are furniture, outdoor kitchen equipment, and patio heating products – the segments that stand to benefit the most from the growing investment in upgraded outdoor living spaces. As homeowners are increasingly likely to dedicate parts of their outdoor living spaces to dining and entertaining, demand is expected to rise at a strong pace for dining sets, chat groups, and fire tables, as well as cooking and refrigeration fixtures, and cocktail and bar centers.
Furthermore, sheds and other outdoor storage product sales growth will benefit from the increasing availability of easy-to-install modular products, as well as the rising popularity of alternative uses of sheds apart from storage – for example, as pool houses or she-sheds.
Contact Corinne Gangloff for an interview with the analyst.