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Retractable Awnings Market Size & Analysis, 2025 | Industry Report

Retractable Awnings Market Analysis Report By Product, By Application, By Region And Segment Forecasts From 2019 To 2025

Report ID: MN17619704  |  Published: May 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Consumer Goods  |  Publisher: Grand View Research

Industry Insights

The global retractable awnings market size was worth USD 3.01 billion in the year 2018. The market is anticipated to ascend at a CAGR of 7.4% over the forecast duration. Growing demand for outdoor seating places such as patios and decks are likely to supplement market growth. As estimated by the International Casual Furnishings Association (ICFA), about 86% of houses in the U.S have outdoor space for seating. Further, the same body revealed in its survey that nearly 66% of the households the U.S bought furniture and related accessories for their outdoor spaces.

The launch of new products fitted with innovative devices such as weather sensors is further expected to bolster product demand. These sensors are capable of responding to changing climatic conditions, thereby, retracting awnings to reduce the adverse effect of weather on furniture. Thus, the introduction of such advanced products is estimated to bode well for the market growth from 2019 to 2025.

U.S retractable awnings market size

Increasing awareness about environment coupled with rising demand for eco-friendly alternatives is projected to propel the market growth for retractable awnings, especially in residential sectors. Awnings are known to consume less energy in both summer and winter. According to the Professional Awning Manufacturers Association, awnings including shade structure can help in saving around USD 200 each year by minimizing air conditioners load.

Further, retractable awnings help in increasing the aesthetic appearance of houses apart from protecting against direct sunlight, UV rays and heat. Additionally, window awnings can significantly reduce the electricity consumption at it lessens the gain of solar heat up to 77%. Thus, increasing awareness related to these benefits are projected to foster the market growth from 2019 to 2025.

Product Insights

Among different products, the patio segment occupied the major share in the market in 2018. Growing spending on patio décor is attributing to this growth. Further, the increasing number of houses with patios, especially in the U.S are anticipated to supplement the segment growth over the next few years. Moreover, the rising preference for house construction with extended outdoor space is expected to positively influence growth of retractable awnings market.

On the other hand, the freestanding category is likely to grow at the fastest CAGR of 6.1 during the forecast period. Growing installation of such retractable awnings in commercial complexes such as cafes, swimming pools, restaurants and gardens are propelling the segment growth. Moreover, an increasing number of such commercial building in developing countries such as China, Brazil and India are anticipated to offer a lucrative growth opportunity for the segment over the forecast period.

Application Insights

The residential category occupied 57.2% of the market share in 2018. Rapidly rising residential construction owing to growing urbanization and rising per capita income has resulted in the construction of patios and decks, thereby, supplementing the segment growth. Installation of awnings enhances the aesthetic appearance of residential constructions. Further, they minimize the gain of solar heat by more than 70% along with increased privacy. Thus, these factors are anticipated to drive the growth of the segment over the forecast period.

Global retractable awnings market share

On the other hand, the commercial segment is projected to exhibit the highest CAGR of 8.5% during the forecast period. The increasing trend of getting together in public places such as bars and cafes, particularly in developing countries. Also, increasing adoption of awnings across commercial places such as restaurants, hotels and cafes is anticipated to bode well for the segment growth over the next few years.

Regional Insights

Among different regions, North America held the highest market share in the year 2018. Rapidly increasing construction of residential places in the U.S is attributing to the growth of this region. Further, Mexico is likely to witness increased demand owing to the growing application of awnings in commercial sectors. Additionally, the presence of various established market players in North America is projected to supplement market growth over the forecast period.

Asia Pacific is expected to grow with the fastest pace with CAGR of 9.1% over the forecast period. Growing adoption of the product in commercial sectors in countries such as China and India is attributing to this growth. India alone holds around 15% of the market share in 2018 and the country is projected to grow at a CAGR of 10% during the forecast period. The rapidly rising number of bars and cafes is anticipated to positively influence market growth over the forecast period.

On the other hand, Europe occupied a considerable market share in 2018 largely because of growing demand from commercial sectors. Growing construction of garden houses in countries such as U.K, Germany and Switzerland is further expected to bolster the demand for the product over the next few years.

Retractable Awnings Market Share Insights

Owing to the presence of various local and international players, the market is competitive in nature. Key players are emphasizing on product innovations, merger & acquisition and business expansion. For example, Elegant awnings introduced durable fabrics in the advance version which are capable of withstanding dirt, mold and water.

Key players in the market are Carroll Architectural Shade, Sunair Awnings & Solar Screens, Eide Industries, KE Durasol Awnings Inc, Awning Company of America, Marygrove Awning, Lloyd's of Millville and Eide Industries among others.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million & CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

Country scope

U.S., Germany, U.K, France, China, India, Brazil

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global retractable awnings market report on the basis product, application, and region:

• Product Outlook (Revenue, USD Million, 2015 - 2025)
    • Freestanding
    • Patio
    • Others

• Application Outlook (Revenue, USD Million, 2015 - 2025)
    • Residential
    • Commercial

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
        • France
    • Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa (MEA)

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