The global retractable awnings market size is projected to touch USD 4.96 billion by the end of 2025, according to a new report by Million Insights. The market is projected to grow at a CAGR of 7.4% from 2019 to 2025. Various factors such as their ability to utilize the space, cost-effectiveness and easy installation features are attributing to the growth of the market. Further, the growing number of remodeling projects coupled with a rise in disposable income is anticipated to bolster the demand of the product over the forecast period, 2019 to 2025.
The introduction of innovative products having enhanced fabrics and design is expected to bolster the market growth over the forecast duration. For example, Hunter Douglas Limited, an Australian company launched arm awnings with foldable feature with its brand name 4Viento (FA58). This product is fitted with a retraction motor which is automatic and it helps in preventing dirt and moisture.
Patio category occupied the largest share in 2018 owing to increasing demand from the North American region. Besides, the freestanding segment is likely to grow at a CAGR of 6.1% over the forecast duration. Increase in the number of commercial constructions such as restaurants, cafes and bars in developing countries are supplementing the growth of retractable awnings market. In India, the number of restaurants will double in its size by 2021, offering a lucrative opportunity for market growth.
Residential category occupied the highest share of 57.2% in the year 2018, owing to rapidly rising urbanization which led to the rise in the construction of residential complexes. Apart from increasing the aesthetic appearance, awnings also help in reducing energy consumption, thereby, propelling the segment growth.
North America was the largest shareholder in the market in 2018, largely due to increasing demand from the U.S. However, APAC is likely to grow at the fastest CAGR of 9.1% over the forecast period owing to the growing demand for the product from commercial sectors.
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Further key findings from the report suggest:
• Patio held more than 70% of the retractable awnings market share in 2018 owing to rising demand for home construction with patio the U.S.
• Residential segment accounted for 57.2% of the market share in 2018, due to growing urbanization in emerging countries.
• Commercial segment, on the other hand, is likely to grow at a CAGR of 8.5% from 2019 to 2025.
• North America was the leading region in terms of market share while Asia Pacific is anticipated to grow at the fastest pace over the forecast duration.
Million Insights has segmented the global retractable awnings market by product, application, and region:
Retractable Awnings Product Outlook (Revenue, USD Million, 2015 - 2025)
Retractable Awnings Application Outlook (Revenue, USD Million, 2015 - 2025)
Retractable Awnings Region Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa