The global retractable awnings market size is anticipated to reach USD 4.96 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.4% during the forecast period. These awnings are cost effective, easy to install and they also optimize the space. This factor is anticipated to fuel the product demand. Rising disposable income coupled with increasing home improvement and remodeling projects is projected positively influence the market growth.
The launch of innovative products with improved design and fabrics is anticipated to drive the market growth. For instance, in September 2017, Australia-based Hunter Douglas Limited introduced folding arm awnings under the brand name, 4Viento (FA58) semi-cassette model. The awnings is equipped with automatic retraction motor and provide UV resistance and prevents from moisture and dirt.
Rising demand for homes with decks, patios, and outdoor space in U.S. and Canada is anticipated to drive the demand for retractable awnings. According to a survey by the International Casual Furnishings Association from 2017, around 86% U.S. households had a patio, deck balcony, porch, garden, and other such outdoor living space. Increasing spending on deck and patio furniture and accessories is expected to fuel demand for retractable awnings over the forecast period. For instance, according to the same study, around 66% households in U.S. purchased furniture or accessories for their outdoor space. Such significant demand in the region is projected to positively influence the market growth.
Patio segment held the largest market share in 2018. Increasing demand for homes with patios and decks, especially in North America is the major factor driving the demand for retractable awnings. Freestanding segment, on the other hand, is anticipated to expand at a CAGR of 6.1% from 2019 to 2025. Rising number of outdoor cafes and restaurants, especially in developing countries such as India, China, and Brazil is anticipated to drive the segment growth. By the end of 2021, the number restaurants is expected to double in India, which is expected to fuel the demand for retractable awnings during the upcoming years.
Residential segment held the largest market share of 57.2% in 2018, owing to increasing urbanization, disposable income, and number of residential buildings. Awnings enhance aesthetic value of residential buildings. Moreover, installation of window awnings helps reduce energy consumption as it reduces solar heat gain by 65% to 77%. Such factors are expected to propel the demand for retractable awnings in residential segment.
North America held the largest retractable awnings market share in 2018 owing to the increasing demand for outdoor space in U.S. However, Asia Pacific is anticipated to expand at the fastest CAGR of 9.1% from 2019 to 2025 on account of increasing adoption of the product in commercial sector, especially in countries such as India and China.
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Further key findings from the report suggest:
- Patio segment held the largest market share of over 70% in 2018. Growing demand for homes with patio coupled with rising spending on patio accessories is projected to drive the growth
- Residential segment held the largest market share of 57.2% in 2018. Growing number of residential buildings on account of increasing urbanization and double income households coupled with rising consumer preference for homes with outdoor living spaces such as decks and patios is expected to promote the growth
- Commercial segment is anticipated to expand at the fastest CAGR of 8.5% over the forecast period
- North America held the largest market share in 2018. Increasing residential construction in U.S. is the primary demand driver
- The global retractable awnings market is highly competitive in nature with the presence of some of the prominent players such as 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