Europe & US Outdoor Shed Market Analysis/Forecast Report 2022: A 3.86 Billion Market by 2028 – A High Preference for Metal Outdoor Sheds – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Europe & US Outdoor Shed Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type, Material Type, Application and Size” report has been added to ResearchAndMarkets.com’s offering.
The Europe & US outdoor shed market is expected to grow from US$ 2,816.93 million in 2021 to US$ 3,868.74 million by 2028; it is estimated to grow at a CAGR of 4.8% from 2022 to 2028.
With the growing industrialization across the automotive & construction sector, there is a continuous need for a storage area for storing all equipment, tools, and raw materials at one location. While industries generally reserve certain spaces for such storage, often, such spaces are not enough. Industries often rely on outdoor sheds to reduce such space constraints or to create additional storage spaces. They can be used for storing raw materials and broken-down equipment and as an additional workshop.
Therefore, the demand for outdoor sheds is rising in several industries. However, the sheds are required to be long-lasting, highly resistant to environmental forces, and sturdy. As a result, metal sheds are preferred over wooden sheds. Wooden sheds are prone to rot if not maintained properly, whereas metal sheds are highly resistant to corrosion and require much less maintenance. Such factors are increasing the demand for metal sheds, which is promoting the Europe & US outdoor shed market growth.
With the rising demand for outdoor sheds across Europe and the US, the price for raw materials such as steel has also increased. For instance, the global steel industry is witnessing high steel rates as steel prices continue to increase. According to the e-Eighteen.com Ltd. website, European steel prices increased from US$ 20 per ton to US$ 1,185 per ton, while Chinese domestic prices declined as of May 6, 2021. Exports distribution of raw materials such as steel has increased to US$ 32 per ton, US$ 121 per ton, and US$ 48 per ton month-over-month in China, Europe, and other Asian countries, respectively.
Since the US and Europe import large quantities of iron and steel from Asian countries, higher prices in Asian countries are expected to restrict the growth of the Europe & US outdoor shed market. However, the increasing disposable income of people in developed economies such as the US, Germany, the UK, and France has enriched their purchasing power.
People are willing to pay more for lifestyle products and household renovation. Hence, despite the rise in the price of raw materials, the demand for outdoor sheds is expected to remain high, boosting the Europe & US outdoor shed market growth.
Europe & US Outdoor Shed Market – COVID-19 Impact
The onset of the COVID-19 outbreak led to a sharp decline in the production of outdoor sheds, and the market witnessed a brief drop in performance and a consequent slowdown from 2020 to 2021. However, the Europe & US outdoor shed market is expected to stabilize by 2022, with the reopening of the manufacturing facilities in 2021 and the resumption of order deliveries.
Notably, the COVID-19 pandemic has accelerated the sales of outdoor sheds in the residential segment. Work-from-home (WFH) promoted the need for additional space, resulting in higher utilization of outdoor sheds for makeshift home offices. Outdoor sheds are easily customizable as per requirements and can be assembled with a few tools at home. It provides a sturdy structure for the usage of electronic equipment while secluding distractions from family and pets.
Additionally, these sheds can serve various other purposes, such as storage of lawn mowers and non-functioning equipment, once the requirement for a home office is over. Considering such advantages, people who were required to work from home started installing outdoor sheds in their backyard. Moreover, while supply chain disruptions hampered the sales of outdoor sheds in the first three quarters of 2020, the Europe & US outdoor shed market growth experienced a considerable hike in the last quarter.
Such growth negated the adverse effects of the pandemic on the market. Additionally, owing to travel restrictions, people were enclosed inside their homes, and a growing yearning for spending time outdoors promoted the adoption of gardening among several people. This led to the purchase of several gardening equipment, which required proper storage.
Hence, people started installing garden sheds to meet such requirements. As per Christow, the home and garden retailer, the demand for narrow sheds touched an all-time high, with a 297% rise in narrow shed interest in March 2022. People are looking for garden storage that fits neatly into a little inner-city yard, nook on the patio, or side passage. Such requirements are strongly accelerating the Europe & US outdoor shed market growth.
Biohort GmbH; Keter Group; Keops Interlok Log Cabins; Estonian Log Cabins LLC; Eurovudas Ltd.; Lifetime Products, Inc.; Palmako AS; Steeltech Sheds; Tiger Sheds; and Yardmaster International are among the key companies operating in the Europe & US outdoor shed market.
Key Market Dynamics
Key Market Drivers
- High Preference for Metal Outdoor Sheds
- Online Purchases of Outdoor Shed Equipment and Materials
Key Market Restraints
- Rising Cost of Raw Material
Key Market Opportunities
- Continued Active Lifestyles
Future Trends
- Popularity of Gardening and Consumers’ Penchant for Maintaining Lawns
Company Profiles
- Biohort Gmbh
- Estonian Log Cabins Llc
- Eurovudas Ltd
- Keops Interlock Log Cabins
- Keter Group
- Lifetime Products
- Palmako As
- Steeltech Sheds
- Tiger Sheds
- Yardmaster International
For more information about this report visit https://www.researchandmarkets.com/r/v5lsst
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