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 is likely to supplement the 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 in 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.
Increasing awareness about the environment coupled with the 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 is projected to foster market growth from 2019 to 2025.
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 is 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 the growth of the 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 buildings in developing countries such as China, Brazil, and India are anticipated to offer a lucrative growth opportunity for the segment over the forecast period.
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.
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 the 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.
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 at the fastest pace with a 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 the U.K, Germany, and Switzerland is further expected to bolster the demand for the product over the next few years.
Owing to the presence of various local and international players, the market is competitive in nature. Key players are emphasizing product innovations, mergers & acquisitions, and business expansion. For example, Elegant awnings introduced durable fabrics in the advanced 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.
The base year for estimation
Actual estimates/Historical data
2015 - 2017
2019 - 2025
Revenue in USD Million & CAGR from 2019 to 2025
North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
U.S., Germany, U.K, France, China, India, Brazil
Revenue forecast, company share, competitive landscape, and growth factors and trends
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This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the 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 of product, application, and region:
• Product Outlook (Revenue, USD Million, 2015 - 2025)
• Application Outlook (Revenue, USD Million, 2015 - 2025)
• Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• the Asia Pacific
• Central & South America
• Middle East & Africa (MEA)
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