The Sheds and Outdoor Storage Market is likely to hold the global market at a moderate CAGR of ~5.8% during the forecast period. The global market holds a forecasted revenue of ~US$ 6.8 Billion in 2022 and is likely to cross ~US$ 11.95 Billion by the end of 2032.
The global sheds & outdoor storage market is slated to exhibit a moderate trajectory, surpassing US$ 300 million by 2027. Outdoor storage typically refers to storage of items used across commercial and residential settings.
These items include home furnishings, canopies, maintenance supplies & equipment, refuse containers, etc. The need to create more space is primarily driving the adoption of outdoor storage sheds.
These sheds are being extensively used to store garden furniture or equipment, bicycles, quad bikes, mobility scooters and unused furniture. Furthermore, these are available in several materials and sizes such as fabric and steel.
Most outdoor sheds are constructed with waterproof materials, thereby rendering it safe to store items even during the rainy season.
Since water is the biggest enemy of metal and wooden objects, it becomes imperative to invest in waterproofing solutions. Therefore, investing in water-resistant sheds is a preferred option for end-users.
Market players are leveraging all resources available at their disposal to launch innovative products in order to attract more customers. As sturdiness of material is of primary importance, manufacturers are introducing various amalgamations to meet customer requirements.
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Steel Covered Metal Outdoor Sheds to Ride the High Wave, Demand for Resin Covered Sheds Picking Up Pace
When it comes to building outdoor storage sheds, steel is the most preferred material, attributed to its tough nature and sturdiness. Steel has a favorable reputation of being the strongest metal-based material, thus making things last for a very long period of time. Steel sheds do not rot or get destroyed by pests, accelerating its usage.
Additionally, steel sheds require less maintenance, compared to its wooden counterparts. It is also much easier to clean with a pressure washer or hose water. Moreover, steel sheds can withstand extreme temperatures. When required, metal sheds are easier to transport as they are comparatively lighter than wood.
Recent concerns about environmental sustainability has led to an upsurge in the adoption of resin based sheds. Outdoor sheds are typically manufactured from high-density polyethylene derived resins, thus giving it lifetime validity. Resin sheds are the newest type of sheds and are quickly acquiring traction amongst various consumers worldwide.
As they are made of high quality plastic, resin sheds are extremely lightweight and at the same time more durable and stronger than wooden material. Moreover, they are maintenance free, UV-protected and stain resistant, neither do they rot, fade, rust or crack in any manner. Therefore, their usage will upscale in the coming years.
North America, Europe to Pivot Market Growth, Asia-Pacific Emerges as a Lucrative Manufacturing Hub
The European and North American sheds & outer storage markets shall remain the vanguard for the upcoming forecast period. Post-recession economic recovery and increasing urbanization have allowed consumers in both regions to earn higher disposable incomes.
Consequently, their purchasing power has increased, allowing them to spend on outdoor gardening and other recreational activities.Trailing behind is the Asia-Pacific region, where the presence of highly organized retail distribution networks have enabled manufacturers to establish their production units in countries such as China and India.
Also, a flourishing industrial base in both countries is augmenting spending on warehousing and storage facilities, leading to the market’s proliferation.
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COVID-19’s Impact on the Global Sheds & Outdoor Storage Market
As the coronavirus pandemic expands its tentacles, the sheds & outdoor storage market is anticipated to witness significant shortfalls during the short-term forecast period. The imposition of a blanket ban on commercial activities has disrupted industrial supply chains, leading to raw material shortages.
Industries such as metal processing are the worst affected.Since steel is an important raw material for constructing outdoor sheds, cessation of its production has generated a disequilibrium in the demand-supply dynamics of both industries.
Dearth of steel sheets is restricting the construction of steel sheds. Moreover, social distancing protocols are preventing consumers from visiting retail stores to purchase the necessary material.
Fortunately, demand is being sustained due to the penetration of online marketing. As residents are forced to remain indoors, recreational activities such as gardening are surging. This has escalated demand for new gardening equipment and discarding of old ones.
To store the obsolete material, people are investing in making more outdoor sheds. Thus, they are purchasing all the equipment online.
Since the past two months, governments are easing lockdown restrictions in order for the economies to breathe in fresh air. Consequently, all economic activities are resuming, which is anticipated to restore the imbalances in revenue shares of prominent outdoor shed manufacturers.
Sheds & Outdoor Storage Market- Competitive Landscape
Prominent players in the sheds & outdoor storage market include, but are not limited to: Forest Garden Group, Asgard Steel Storage, Biohort GmbH, SHIRE GB, YardMaster International, Keter, Palram Applications, GROSFILLEX, Mercia Garden Products Ltd., and BillyOh. These market players are focusing on innovations and new product developments in order to broaden their customer base.
For instance, Asgard Steel offers a range of storage sheds for garden equipment, automotive parts and school lockers. Its garden storage portfolio includes small, large and XL size storage sheds.
Some examples of such sheds are the 5×3 Vangard Metal Shed with 2-point locking and the 6ft by 3ft Anexxe Metal Shed.
Likewise, YardMaster specializes in the construction of small, medium and large metal sheds such as the Store All Pent Metal Shed PZ 10×4, the Emerald Pent Metal Shed GPZ 10×4 and the Emerald Deluxe Metal Shed GEYZ 10×8.
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Sheds & Outdoor Storage Market- Segmental Analysis
By Product Type
- Fabric Covered Sheds
- Steel Covered Sheds
- Wood Covered Sheds
- Deck Boxes
By Application
- Vehicular Storage
- Garden Tools & Equipment
- Refuse Containers
By Distribution Channel
- Offline Channels
- Hypermarkets & Retail Stores
- Supermarkets
- Departmental Stores
- Convenience Stores
- Online Channels
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