The outdoor storage in residential zones refers to the storage of items which are typically found in residential settings such as refuse containers, recreational vehicles (RVs), gardening, home furnishing, home maintenance supplies and equipment, and canopies. Residential outdoor storage products help in enhancing and utilizing the available space.
These products are being used to store garden furniture or equipment, unused furniture, quad bikes, bicycles, motorbikes, and mobility scooters. These storage boxes are available in various materials and designs. Consumers are offered a choice between wooden, plastic, and metal residential outdoor storage boxes. These boxes are mostly waterproof and thus they help in keeping products safe during varied weather conditions.
The ongoing trend of innovative product design is expected to support the residential outdoor storage products market. Manufacturers of residential outdoor storage products are developing trendy and innovative product designs in order to meet the changing customer needs. Industry participants are producing durable and multifunctional products to maintain a competitive edge.
The presence of the organized retail sector is one of the key factors supporting the global residential outdoor storage products market. Organized retail chains such as departmental stores and specialty stores are undergoing rapid transition in developing economies such as India, China, and Brazil.
Moreover, the systematic functioning of these retail stores saves the time required to select the intended products. Shift in consumer preference from traditional to modern retail channels coupled with the changing government policies is expected to increase the share of online retail channels. This in turn has expanded the organized retail channels for residential outdoor storage products such as outdoor storage boxes, decks, and garden sheds.
The number of dual income households in North America has increased with urbanization and economic recovery, thereby resulting in increasing purchasing power of individuals. It has thus created interest in outdoor gardening and landscaping amongst the end-users. The preference for landscaping activities amongst end-users is one of the key drivers of the industry.
The global residential outdoor storage products market can be segmented by product type into fabric covered sheds, deck boxes, steel covered sheds, and wood covered sheds. By distribution channels, the market can be distributed into offline and online distribution channels. The offline distribution channels include hypermarkets and retail stores, departmental stores, supermarkets, and convenience stores.
Currently, the prominent players prefer to sell their products through offline distribution channels such as specialty stores as this retail format allows a wide assortment and greater visibility of the products. This segment is expected to have highest CAGR from 2017 to 2025 as manufacturers rely on retail stores to create brand and product visibility through advertising, marketing, and promotional activities.
By application, the market can be classified into garden tools & equipment, vehicles and refuse containers. Outdoor storage sheds are extensively used in residential backyards to store numerous items such as bicycles, gardening hand tools, gardening supplies, power garden equipment, herbicides, gasoline, and others. Manufacturers offer various options for the storage sheds with different configurations, accessories, and options to enable customization needs. Customers prefer residential outdoor storage sheds or buildings made of different materials such as plastic, metal, wood, and resin.