Retractable Awnings Market, Current Trends and Opportunities by 2028

Posted by faisal on October 10th, 2019

Increasing preference for home renovations and remodeling continue to drive the demand for retractable awnings, given the large influence of growing purchasing power parity with steady increase in GDP per capita worldwide. Moreover, in the era of automation, manufacturers are enhancing their products to cater to consumer convenience along with higher efficiency and retractable awnings are no exception.

With sales of retractable awnings to remain concentrated in Asia Pacific excluding Japan (APEJ), significant opportunities lie in developed economies of Europe and North America. A new report by Fact.MR compiles the sales and demand scenario of retractable awnings across key regions in the globe. According to the research report, global sales of retractable awnings is expected to surpass US$ 11 Bn by end of the year of assessment (2028), with significant demand for retractable awnings in residential and the commercial sector worldwide.

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That said, the increasing residential and commercial sectors are prevailing as a boon for players involved in manufacturing of retractable awnings, with new developments abound in the retractable awnings market. This is expected to auger well for the growth of the overall retractable awnings market during the period of forecast.

A recent research report by Fact.MR has revealed key growth prospects of the retractable awnings market along with opportunity analysis and projections with respect to demand and supply scenario of retractable awnings. According to the report, the retractable awning market is projected to expand at a robust CAGR of 6.7% with respect to value throughout the period of forecast, 2018-2028, during which the demand for retractable awnings is expected to reach its peak in terms of sales volume. Sales of retractable awnings are expected to remain concentrated in the emerging economies of Asia Pacific excluding Japan (APEJ) region across countries of China, Australia and India, consequently portraying a higher market attractiveness index of APEJ region during the period of forecast.

Global Retractable Awnings Market: Cut-Throat Competition Between North America and Europe

As global demand for retractable awnings continues to witness a significant upsurge, volume sales of retractable awnings remain competitive in developed regions of North America and Europe. Albeit, Europe being a shade better in terms of sales of retractable awnings, the North America retractable awnings market is expected to spur at a relatively higher pace, given the increasing number of remodeling expenditure witnessed in the region, particularly in the United States. According to the report of Joint Center for Housing Studies, the house owners in the United States are expected to spend an excess of US$ 330 billion on up gradation of homes and remodeling along with routine maintenance programs, that has presented potential opportunities for installation of retractable awnings, in turn pushing growth of retractable awnings market in the region.

On the other hand, home investment in Europe has played a major role in pushing growth of retractable awnings market across European countries. This can be attributed towards increasing GDP per capita that has given a push to the purchasing power parity of people in Europe. For instance, GDP per capita of Germany reflected an increase of US$ 2300 in 2017 over 2016, a 5.44 percent increase. Likewise, GDP per capita of France was US$ 38,205 in 2016 that increased to US$ 38,578 in 2017, which has translated into increased spending on home expenditure and retractable awnings are not an exception.

Global Retractable Awning Market: High Initial Price to Surface as a Key Growth Deterrent

Retractable awnings are relatively expensive than regular awnings, which makes it essential for the user to purchase retractable awnings from reputed companies and known brands in order to gain price satisfaction. However, high price of retractable awnings has been challenging the growth of the retractable awnings market, given the possibility of probable customer reluctance in purchasing the product. Moreover, replacement of electric sensors becomes essential during adverse weather conditions. The development of mildew and molds on awnings can deter their UV filtration quality as well as potentially damage sensors that could result in additional cost of repair. This factor is expected to challenge the adoption of retractable awnings consequently restraining the growth of the retractable awning market