Global Retractable Awnings Market Report, Ongoing Trends, Growth Factors, Negative Factors, Opportunities, Untapped Markets, Strategies and Developments, Product Segments, and Forecast 2019 – 2028

The Retractable Awnings Market Report Overview:

“The global Retractable Awnings Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The Retractable Awnings Market report includes Porter’s Five Forces Analysis, PESTLE analysis, and value chain analysis. The prominent players engaged in production and sales of retractable awnings are profiled in the report, with details such as company revenue, segment revenue, market presence and footprint, revenue share, SWOT analysis, competitive analysis etc.

The market report is segmented and sub-segmented on the basis of product type, technology, application, sales channel, and region. Revenue and growth rates for each of the product types, technologies, applications, and regions, including key countries, will be present in the finished report.

Awnings are fabric sheets often produced using acrylic, canvas, cotton or polyester materials, and are supported with the help of an iron, aluminum, or wooden structure or framework. Retractable awnings can be deployed on windows, over doors, for outdoor sitting set up, or area along a sidewalk, among other places.

These provide shade, protect furniture outside the house from sun or water damage. Awnings, when made in columns, also serve as canopies for providing cover or shade in front of a building, restaurant, or hotel entrance. At most restaurants, awnings are commonly used to cover the outside sitting areas.

In other commercial locations, awnings are often painted with important information such as name of the building, business or address, and also can act as billboards or signboards. Retractable awnings are similar in some ways to non-retractable awnings and both are used to provide cover or shade over a location or shopfront etc. Retractable awnings can be retracted when not required to provide shade over a location.

Retractable awnings can pull in or pull out, and have been designed using various technologies. Apart from manual-operated retractable awnings, technologies can be integrated and motor-driven, sensor-based, and remote-controlled awnings are currently available in the market.

Dynamics of the Market:

The trend of building homes with decks, patio, or outside sitting area is inclining, especially in developed countries such as the US, Canada, and the UK among various other countries. In addition, houses with balconies in towers or buildings with exposure to direct sunlight or open to strong winds and rain need to be covered, which can be done with the help of awnings.

Furthermore, home décor is becoming a popular trend, not only in developed countries, but also in certain developing countries. Also, real estate developers offering residential plots and projects and farmhouses owing to rising trend of having a second home away from cities in some developing economies is a major trend driving demand for awnings.

In addition, the westernization trend has been gaining traction over the past decade, and home designs are changing along with the trend. These are some of the major factors driving demand for retractable awnings globally. Private and commercial areas with open or roofless swimming pools also opt for retractable awnings to maintain cleanliness in and around the pool and to shield users from harsh sun when required.

In addition, restaurants and hotels use retractable awnings as a window shade or for sitting area, and growing number of such establishments in countries across the globe, as well as rapidly increasing urbanization are among other major factors expected to increase demand and adoption of these products and support market growth.

Various companies engaged in marketing and selling retractable awnings are aiming to gain higher revenue profits and larger customer base by using e-Commerce platforms to market and sell their products, apart from offline selling channels. Online purchasing platforms are being majorly adopted by the working population as they do not have time to visit showrooms or stores to purchase products.

The advent of 5G high-bandwidth Internet and other advanced technologies, combined with introduction of smart homes is leading to rising adoption of electric or sensor-controlled retractable awnings. Another factor is availability of retractable awnings in different sizes shapes, colors, and materials.

Moreover, increasing investments in the development of innovative retractable awnings by major players is forecast to present revenue opportunities and support revenue growth for well-established and new players in the market.

Segment Insights

Product Type Segments Insights:

The patio segment recorded the highest revenue share in the target market, due to high expenditure by individuals on patio décor and rising preference for houses with patios in various countries. Revenue from the freestanding segment is predicted to grow at the fastest pace. Higher adoption and installation of freestanding retractable awnings in commercial places such as gardens, cafes, restaurants, hotel entrances, near swimming pools, lawns, and stadiums is a factor estimated to drive segment growth.

Technology Segment Insights:

The sensor segment is projected to witness significant growth in the next 10 years, due to rising preference for remodeling houses and smart homes in various developed as well as developing countries. The manual and motorized segments are expected to account for higher revenue shares in the market.

End-Use Application Segment Insights:

The residential segment held a dominant position in terms of revenue share in 2018 as awnings facilitate additional space without the need for additional construction outdoors, and it reduces exposure to heat from sunlight to a significant extent.

The commercial segment is expected to register a considerably high revenue growth rate over the 10-year forecast period, due to higher adoption of freestanding retractable awnings in order to extend sitting areas with access to natural ambience and fresh air.

Sales Channel Segment Insights:

The offline segment accounted for major share in terms of value in the market owing to convenience to visit showrooms to check the material and shape color and size as per required awning. The stores and showrooms offer customized awnings as well, which is expected to drive offline segment’s revenue growth.

The online platform is projected to gain traction and register substantial or high CAGR and support segment growth.

Regional Insights

The North America market is anticipated to record significant revenue share and is projected to continue its dominance over the next 10 years. This dominance is attributed to presence of large number of houses with patios, decks, outdoor sitting area, and due to higher adoption of retractable awnings in the commercial sector at establishments such as cafes and restaurants.

In addition, existence of prominent players in the region and major investments in R&D activities to further automate and increase efficiency is another key factor driving North American market growth. The Europe market is projected to record the second-highest revenue share owing to the traditional trend to have meals outdoors during some seasons.

This results in need for mild cover overhead, and retractable awnings are ideal options. Revenue form the Asia Pacific market is projected to register a considerably high growth rate, due to increasing westernization in countries such as India, China, and Japan, rising number of cafes, and restaurants, accessibility to and high visibility of products on e-Commerce platforms and increasing spending capacity among individuals.

Global Retractable Awnings Market Segmentation:

Segmentation by Product Type:

• Veranda
• Patio
• Freestanding
• Conservatory
• Others (Vertical Awnings and Domestic Awnings)

Segmentation by Technology:

• Manual
• Motorized
• Sensor
• Remote Control

Segmentation by End Use Application:

• Commercial
• Residential

Segmentation by Sales Channel:

• Offline
• Online

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa