Retractable Awnings Market
Retractable Awnings Market Analysis Report By Product Type (Patio, Window, Freestanding Retractable Awnings), Retracting Type (Manual, Motorized Retractable Awnings), By Material (Vinyl, Fiberglass, Metal), By Application (Residential, Commercial), By Region - Global Insights 2022-2032
Global Retractable Awnings Market Snapshot
The global retractable awnings market is estimated at USD 6,821 million in 2022 and is forecast to surpass USD 13,142 million by 2032, at a CAGR of 6.8% from 2022 to 2032.
Base Year Value (2021A)
USD 6,441 million
Estimated Year Value (2022E)
USD 6,821 million
Projected Year Value (2032F)
USD 13,142 million
Value CAGR (2022-2032)
Collective Value Share (US, UK, Germany) 2022: Top 3 Countries
Key Companies Profiled
The retractable awnings market accounts for ~4% of global windows and doors market in 2022 and is expected to expand due to its consumer satisfactory advantages. These include adjustable extensions which provides denser shade from glare and direct sunlight compared to that of a window. As an additional benefit, its retraction can be carried out motors or can be done manually as well.
The retractable awnings market is projected to have an absolute $ opportunity of USD 1,291 million during the assessment period of 2022-2032. High demand from residential and non-residential infrastructures can be expected in upcoming 5-years due to their ease of installation on windows and patio. Expansion of construction sector, which is living space for humans all around the globe increased the demand of protection from direct sun rays for residences and beautification of buildings proved to be a major driving factor for the aforementioned product’s market.
Sales of retractable awnings escalated due to technical advancements incurred within the fabric material over past 2-3 years. PVC coated fabric retractable awnings are one of the higher quality products which can easily withstand extreme climatic conditions and makes them invulnerable in heavy rain, snow or storm, thus attracts larger customer base.
The market demand for retractable awnings is boosting multiple times as customers are getting inclined towards multi-functional retractable awnings. The efficient UV filtration system, creation of cooling effect, maintaining indoor temperature, in addition to consuming less power, is fuelling the market growth in a positive direction.
2017-2021 Global Retractable Awnings Market Outlook in Comparison to 2022-2032 Growth Forecast
Enhanced preference of consumer’s towards home renovations, sunray protection and building re-structuring is contributing nearly 1/3rd of the market demand. The residential retractable awnings market is being driven by the increase in demand of sun protection for residential globally.
Additionally, under commercial retractable awnings market, an increase in the number of eateries, restaurants, cafes, etc. that makes use of retractable awnings, is likely to contribute to 1/5th of awnings market demand. The application of retractable awnings, for residential and commercial application, is acting as a boon for the producer’s, as the activities in both the segments are increasing and require the deployment of retractable awnings, thus augmenting the market growth.
Moreover, there has been commendable progress in market, along with the sophistication of product over the past decade. Manufacturers are enhancing their products to cater to consumer needs which are based on high efficiency, therefore, the product has undergone significant changes in development to be placed in the market in an advanced version.
For instance, manufacturers are introducing awnings that reflects high durability and effectiveness in protection from UV rays. Manufacturers have come up with a combination of standard-sized yarn and slightly thick yarn. This enhances water resistance capacity, maintains stability and also promotes fabric depth. This is likely to trigger market growth of 2.2X during the forecast years.
The developed regions of North America and Europe are witnessing an upsurge in market demand for retractable awnings. North America and Europe and is highly competitive, as they contribute nearly 22.6% and 23.3% to the overall market share.
The North America retractable awnings market is likely to grow at a rapid pace because of enhanced consumer spending on remodeling, particularly in the United States. House owners in the US are expected to spend more than the USD 325 billion on remodeling and home up-gradation, according to Joint Center for Housing Studies. All the above-listed factors are predicted to place 1.5X demand on the table to be fulfilled.
Simultaneously, increased per capita GDP has enhanced buying power of consumers, leading to augmented spending on home up-gradation and retractable awnings is not an exception anymore. This is thus, triggering Europe retractable awnings market demand.
Fact.MR projects the market to witness growth at 6.8% during 2022-32 in comparison to historical CAGR of 4.6% from 2017-2021.
Retractable Awnings Gaining Traction in the Industry
Consumers are always in need of better products from time to time. Material plays a greater role while selecting retractable awnings. Good material provides improved UV filtration efficiency coupled with enhanced durability.
Manufacturers are investing in research and developmental activities to incorporate advanced material based retractable awnings, which are effective and durable to keep themselves up with the market trend.
Additionally, consumers’ increasing preference for texture and depth of the fabric with no-fade qualities, self-cleansing technology is prompting manufacturers to produce desired product, which is expected to propel the retractable awnings market by 1.7x during the assessment period.
Restraining Factors of Retractable Awnings Market
Although multiple factors are driving retractable awnings market growth. But, there exist some restraining factors hindering the market growth. For instance, the high price of retractable awnings as compared to regular awnings is challenging market growth. Purchasing a high priced product from reputed companies, no doubt provide price satisfaction to consumers but also raises the probability of customer reluctance to purchase the product.
Additionally, electric sensors are necessary to be replaced during adverse weather conditions. UV filtration quality may suffer potentially due to the development of molds and mildews on awnings, which can lead to an additional cost burden on consumers.
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What is the Impact of COVID-19 on the Market?
COVID-19 pandemic adversely affected the global retractable awnings market as several industries were hit due to the closure of manufacturing units. Manufacturing, construction and transportation activities were restricted, supply chains were hampered. This led to decline in supply of retractable awnings.
Lack of availability of products in the market further affected the sales of the retractable awnings. The replacement market of retractable awnings suffered too as businesses were closed down to restrict the spread of the virus.
Conversely, as the world economy is reopening, industries are gradually resuming their services, the market for retractable awnings is slowly gaining impetus. Market demand is expected to boost in wake of the positive demand outlook.
Which is the dominant region for the Retractable Awnings market?
The developed regions of Europe and North America remain highly competitive as they contribute nearly 23.3% and 22.6% share to the global retractable awnings market. And in Europe, Germany exhibits more than 1/3rd of the overall market share. This is attributed to the country being technologically advanced, increased per capita expenditure by clienteles in the country.
What is the market scenario in the Asia-Pacific?
East Asia and South Asia accounts for more than 1/4th market share in the global retractable awnings market by contributing 18.7% and 15.3% to the global market. The market is likely to remain concentrated in the Asia Pacific because of significant opportunities present in the region due to escalating construction industry over past half-decade. There also lies lucrative opportunities for manufacturers to expand their production capacities in this region and take advantage of the growing market. All these factors are likely to boost Asia-Pacific retractable awnings market growth during the forecast period.
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Which retracting type of Retractable Awnings is projected to show maximum consumption?
Retractable awnings are available in several retracting types under which motorized retractable awnings is likely to dominate the market consumption, contributing to approximately 1/3rd market demand amongst all other retracting types.
Multiple factors such as perfect shut-off mechanism, ease of use, smooth docking, fabric protection, etc. are the chief reasons for contributing to additional growth from this segment.
Which application segment is driving demand for the Retractable Awnings market?
Customers in the residential segment contribute approximately ~33% of the global market share in the application segment and are projected to grow at a CAGR of 8.3% during the forecast period of 2022-32.
The global retractable awnings market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships. Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers and create a large customer base.
For instance, Xponent Power launched world’s first power generating solar retractable awning in year 2021 for RV industry. It has a highly efficient solar cell technology along with an innovative panel design which generates over 1.2kW of solar power allowing to run appliances onboard. Its innovative design allows wind to pass through, also ensures stability in extreme weather conditions.
Global Retractable Awnings Market by Category
By Product Type, Global Retractable Awnings Market is segmented as:
- Patio Retractable Awnings
- Window Retractable Awnings
- Freestanding Retractable Awnings
- Smart Retractable Awnings
By Retracting Type, Global Retractable Awnings Market is segmented as:
- Manual Retractable Awnings
- Motorized Retractable Awnings
- Others (Remote Control)
By Material, Global Retractable Awnings Market is segmented as:
- Others (Acrylic)
By Application, Global Retractable Awnings Market is segmented as:
By Region, Global Retractable Awnings Market is segmented as:
- North America
- Latin America
- East Asia
- South Asia
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