Retractable Awnings Market Size, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Retractable Awnings Market


The global retractable awnings market size was valued at USD 3.01 billion in 2018 and is projected to register a CAGR of 7.4% during the forecast period. Increasing consumer preference for outdoor seating spaces such as decks and patios is expected to drive the growth. For instance, as per the International Casual Furnishings Association (ICFA), around 86% household in U.S. have an outdoor living space. Rising spending on patio décor is expected to further fuel the demand for retractable awnings. For instance, according to the ICFA study, in 2017, around 66% household in U.S. purchased furniture or accessories for outdoor spaces.
Introduction of innovative products equipped with weather sensors. These sensors can instantly respond to changing weather conditions and help retract the awnings reducing the impact of hostile climate conditions. Such advancements are projected to propel the retractable awnings market growth over the forecast period.
 

Rising environmental awareness and demand for green alternative is expected to fuel demand for retractable awnings in residential application over the forecast period. Awnings can save energy consumption in summer, as well as in winter. As per a study conducted by the Professional Awning Manufacturers Association, shade structure including awnings can save homeowners up to USD 200 every year by reducing the load on air conditioners.
Installation of retractable awnings enhances the aesthetic value of the house and protects the interior from direct sunlight, heat, and UV rays. Installation of window awnings can reduce consumption of electricity as it reduces solar heat gain by 65% to 77%. Rising awareness regarding these advantages is projected to fuel the product demand over the forecast period.
                                                                
Product Insights of Retractable Awnings Market

Patio awning held the largest market share in 2018, owing to increasing spending on patio décor. Additionally, gradually rising number of homes with patios in U.S. is expected to propel the demand. Furthermore, increasing preference for homes with outdoor living area is expected to have positive impact on the overall growth.
Freestanding segment is anticipated to expand at the fastest CAGR of 6.1% from 2019 to 2025. Rapid rise in installation of freestanding retractable awnings in free space and commercial establishments such as gardens, restaurants, cafes, and near swimming pools and stadiums. Rising number of outdoor cafes and restaurants, especially in countries such as India, China, and Brazil on account of increasing urbanization, wages, and technological advancements is expected to fuel the segment growth.

Application Insights of Retractable Awnings Market

Residential segment held the largest share of 57.2% of the retractable awnings market in 2018. Growing number of residential buildings on account of rapid urbanization and double income households coupled with rising consumer preference for outdoor living spaces such as decks and patios is expected to promote the demand. Awnings enhance the aesthetic value of residential buildings. Moreover, they reduce solar heat gain by over 70% and facilitate increased privacy. These factors are anticipated to further drive the segment growth in near future.
 

Commercial segment is anticipated to expand at the fastest CAGR of 8.5% over the forecast period. Growing trend of socializing at cafes and bars is anticipated to contribute to their rising number, especially across emerging economies. Rapid rise in adoption of retractable awnings in commercial buildings such as cafes, restaurants, and hotels is expected contribute to the overall growth in near future.

Regional Insights of Retractable Awnings Market

North America held the largest market share in 2018. Increasing residential construction in the U.S. is the primary regional growth driver. Mexico is anticipated to register significant rise in demand for retractable awnings over the forecast period owing to increasing application in commercial sector. Moreover, presence of prominent market players in the region is expected to propel regional demand in the upcoming years.
Asia Pacific is anticipated to expand at the fastest CAGR of 9.1% from 2019 to 2025. The growth is driven by increasing product adoption in commercial sector especially in India and China. India held more than 15% of the regional market share in 2018 and is expected to register the fastest CAGR of 10% over the forecast period. Rising number of cafes and bars is expected to positively impact the product adoption.
Europe held a significant market share in 2018 owing to surging demand from commercial sector including restaurants, hotels, and hospitals. Rising adoption of retractable awnings in countries like Switzerland, Germany, and U.K. on account of growing demand for garden houses is expected to contribute to the regional growth.

Market Share Insights of Retractable Awnings Market

The global market is highly competitive in nature. It is characterized by several strategic activities such as business expansions, mergers and acquisitions, and product and technological innovations, attempted by the key manufacturers. For instance, companies such as Elegant Awnings have introduced highly durable advanced fabrics with resistance to mold, dirt, and water.
Some of the prominent market players are Advanced Design Awnings & Signs; Carroll Architectural Shade; Awning Company of America; Sunair Awnings & Solar Screens; Sunesta; Eide Industries, Inc.; KE Durasol Awnings Inc.; KE Durasol Awnings Inc.; Marygrove Awning; Craft-Bilt Manufacturing Company; and Lloyd's of Millville.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Retractable Awnings Market Research Report
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, this market research report has segmented the global retractable awnings market report on the basis product, application, and region:


Product Outlook (Revenue, USD Million, 2019 - 2030)


Freestanding


Patio


Others


Application Outlook (Revenue, USD Million, 2019 - 2030)


Residential


Commercial