Retractable Awnings Market Estimated to Expand at a Robust 6.7% CAGR over 2028 – Fact.MR

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.

Retractable Awnings Market: Motorized Counterparts to Reign Supreme

In a bid to cater to growing customer requirements and as a measure of sustenance, manufacturers of retractable awnings are focusing on product differentiation by bringing in developments in their existing product lines. Given the fragmented competitiveness of the retractable awnings market, manufacturers have introduced new enhancements including motorized and smart retractable awnings. With the onset of online sales channels, brands are focusing on paving potential growth pathways for their motorized retractable awnings by marketing their features including efficiency and durability. Moreover, sales of motorized retractable awnings are expected to witness a significant rise, given their higher convenience quotient as users can control the retractable awning using remote control or push buttons. Moreover, automatic sensing feature of motorized retractable awnings that allow the awning to automatically adjust according to amount of sunlight and wind flow using wind sensors, has further pushed their market attractiveness across the world. This makes the motorized retractable awning products to largely contribute to the overall growth of the retractable awnings market during the period of forecast. Furthermore, their indoor power saving feature can offset the initial high pricing post the purchase with regards to faster ROI (Return on Investment) for users.

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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.