The retractable awnings market was valued at $6,024.4 million in 2020, and is expected to reach $13,820.0 million by 2030, registering a CAGR of 8.2% from 2021 to 2030. Retractable awning is an adjustable extension that offers the user the comfort and shade of a roof with even more ease and convenience than a window. Retractable awning provides shade from the glare and damaging radiation of direct sunlight. In addition, these awnings can be retracted whenever needed and complete use of sunlight can be done. This awning may be retracted or folded against the wall surface in which it is attached. The retraction can be done manually as well as atomically using motors. Retractable awnings can be installed in residential as well as non-residential infrastructures on patio and windows. Moreover, there are also freestanding retractable awnings available in the market.
The major driving factors of the retractable awnings market are expansion of living space and protection from sun. The major benefits of installing an awning at residences are sun protection and expansion of living space. Different shapes and sizes of awnings are available to reduce the amount of heat entering homes, offices, and restaurant premises. In addition, the need for beautification of the building gives rise to the demand for retractable awnings in the market. Retractable awnings are available in a variety of colors, designs, and patterns. This beatifies the building or the space, which is installed with retractable awnings. Moreover, advancements in fabric material have given a major advantage in growth of sales of awning products. The PVC coated fabric awning is expected to be of a higher quality and pattern that has been introduced in the market to attract customers. PVC coated fabrics are strong and can withstand harsh climatic conditions to an extent.
However, awnings are unreliable in harsh weather conditions and have to be retracted during harsh condition. Mostly, the fabric awnings are vulnerable in storm, rain, and heavy snow. This fails the purpose of installation of awnings and giving protection in harsh conditions. Moreover, retractable awnings are expensive and installation is hard, owing to their mechanism of motorized and remote controlled operations.
These factors act as restraint to the growth of the retractable awnings market. Furthermore, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities along with their supply chains were hampered on a global level. This led to decline in manufacturing of retractable awnings as well as their demand in the market, thereby restraining the growth of the retractable awnings market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of retractable awnings companies at their full-scale capacities, which is expected to help the retractable awnings market to recover by end of 2021.
By Product Type
Patio segment holds the largest share in Retractable Awnings market
Furthermore, technological innovations fuel the growth of the awnings market. The old age mechanism involved a rope string or side-arm to retract awnings during rain, storm, and snow. The growth in technical advancements in every field has also seeped into the awnings market in recent years. Thus, introduction of motorized awnings that can be retracted with the help of switch, remote, and even smartphone has garnered attention across commercial and high-end residential sectors, which is anticipated to open new avenues for the retractable awnings market.
The retractable awnings market is segmented into product type, retracting type, application, and region. By product type, the market is segregated into patio, window, freestanding, and others. The retracting types covered in the study include manual and motorized. On the basis of application, the market is divided into residential and non-residential. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, and the rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
non-residential segment holds dominant position in 2020
On the basis of product type, in 2020, the patio segment dominated the retractable awnings market, in terms of revenue, whereas the others segment is expected to witness growth at the highest CAGR during the forecast period. By retracting type, the manual segment led the market in 2020, in terms of revenue; however, the motorized segment is anticipated to register highest CAGR during the forecast period. Depending on application, the non-residential segment led the market in 2020, in terms of revenue, and the residential segment is anticipated to exhibit the highest CAGR in the coming years. Region-wise, North America garnered the highest revenue in 2020; however, LAMEA is anticipated to register highest CAGR during the forecast period.
The major players profiled in the retractable awnings market include Advanced Design Awnings & Signs, Commercial Awnings Ltd, Eide Industries, Inc., Marygrove Awnings, MARKILUX GmbH + CO. KG, Mitjavila, NuImagePro & NuImage Awnings, Shades Awnings, Sunesta, and Warema Renkhoff SE. Major companies in the market have adopted product launch as their key developmental strategy to offer better products and services to customers in the retractable awnings market.
North America holds a dominant position in 2020 and LAMEA is expected to grow at a highest rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current trends, future estimations, and dynamics of the retractable awnings market.
- In-depth retractable awnings market analysis is conducted by estimations for the key segments between 2021 and 2030.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- The market forecast analysis from 2021 to 2030 is included in the report.
- The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the market industry.
Retractable Awnings Market Report Highlights
By Product Type
By RETRACTING TYPE
Key Market Players
Shades Awnings, NuImagePro & NuImage Awnings, Marygrove Awnings, Commercial Awnings Ltd, Mitjavila, Warema Renkhoff SE, Advanced Design Awnings & Signs, Sunesta, Eide Industries, Inc., MARKILUX GmbH + CO. KG
The retractable awnings market was valued at $6,024.4 million in 2020, and is expected to reach $13,820.0 million by 2030, registering a CAGR of 8.2% from 2021 to 2030. The growth of the retractable awnings market is majorly driven by expansion of living space and protection from sun, need for beautification of the building, and advancements in fabric material.
However, unreliability in harsh weather conditions and expensive pricing and installation of retractable awnings act as major restraints of the retractable awnings market. On the contrary, technological innovation in its mechanism is expected to create opportunities for growth of the retractable awnings market during the forecast period.
Major companies in the market have adopted strategies, such as product launch, to offer better services to customers in the retractable awnings market.