Outdoor Furniture - Mongolia

Mongolia

Highlights

In Mongolia, the revenue generated in the Outdoor Furniture market in 2024 amounts to US$5.47m.
It is projected that the market will experience an annual growth rate of 1.30% from 2024 to 2029 (CAGR 2024-2029).
When compared on a global scale, United States generates the highest revenue in this segment, amounting to US$18bn in 2024.
In terms of per capita revenue, each person in Mongolia generates US$1.57 in 2024.
The demand for durable and weather-resistant outdoor furniture is on the rise in Mongolia, as people embrace outdoor living and take advantage of the country's vast natural landscapes.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Outdoor Furniture market in Mongolia has been experiencing significant growth in recent years. Customer preferences for outdoor living and the increasing popularity of outdoor activities have been driving this trend. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences: in Mongolia have shifted towards outdoor living and spending time in nature. With the country's vast and beautiful landscapes, there is a growing desire among consumers to create outdoor spaces where they can relax, entertain, and enjoy the natural surroundings. As a result, there has been a rising demand for outdoor furniture that is both functional and aesthetically pleasing. Customers are looking for durable and weather-resistant materials that can withstand the harsh Mongolian climate, including extreme temperatures and strong winds. Trends in the market indicate a growing interest in outdoor furniture that is versatile and can be used for multiple purposes. For example, modular furniture sets that can be rearranged and adapted to different outdoor spaces are becoming increasingly popular. This allows customers to customize their outdoor areas based on their specific needs and preferences. Additionally, there is a growing demand for outdoor furniture that is eco-friendly and made from sustainable materials. Consumers in Mongolia are becoming more conscious of their environmental impact and are seeking products that align with their values.

Local special circumstances: in Mongolia have also contributed to the development of the Outdoor Furniture market. The country's unique climate and geography require outdoor furniture that is specifically designed to withstand the harsh conditions. This has led to the development of innovative materials and technologies that can withstand extreme temperatures, high winds, and heavy rainfall. Additionally, the nomadic culture of Mongolia has influenced the design and functionality of outdoor furniture. Portable and lightweight furniture that can be easily moved and transported is highly valued by consumers who may need to relocate frequently.

Underlying macroeconomic factors: have also played a role in the growth of the Outdoor Furniture market in Mongolia. The country's growing middle class and increasing disposable income have allowed more consumers to invest in outdoor living spaces. As the economy continues to develop, consumers are willing to spend more on high-quality outdoor furniture that enhances their outdoor experience. Additionally, the government's focus on promoting tourism and outdoor activities has created a favorable environment for the Outdoor Furniture market to thrive. In conclusion, the Outdoor Furniture market in Mongolia is developing due to customer preferences for outdoor living, the demand for versatile and eco-friendly furniture, local special circumstances, and underlying macroeconomic factors. As the market continues to grow, there will likely be further innovations in design and materials to meet the unique needs of Mongolian consumers.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.