The outdoor storage product market is expected to experience demand growth through 2023, according to Cleveland-based research firm The Freedonia Group. The market segment is projected to total $1.6 billion in four years, largely driven by three lifestyle trends across the United States.
Outdoor Living—Homeowners have continued to install indoor style living spaces such as kitchens and living rooms in their backyards and surrounding outdoor spaces. With these new living areas comes the need to store additional items, such as seat cushions, candles, games, and any other objects that may be used for outdoor entertaining.
Active Lifestyle—In recent years, consumers have increasingly participated in—and acquired the necessary equipment and gear for—a number of outdoor activities such as backpacking, hiking, and kayaking. If basements, attics, and garages become too full to hold these items, sheds can provide the necessary storage space.
Gardening—Gardening has remained a popular pastime among homeowners in the US. Participation is expected to increase as the large millennial cohort ages into its prime home-buying years. Outdoor storage will become necessary as these new homeowners begin to purchase lawn and garden equipment to maintain their outdoor spaces.