Freestanding Retractable Awnings Market by Technology (Manual, Motorized, Sensor, and Remote Control), Sales Channel (Offline, and Online), Application (Commercial and Residential), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027

Global Freestanding Retractable Awnings Market:

Freestanding retractable awnings refer to customized fabric sheets that are used to block sun and rain on a deck or patio without the need to permanently altering building structure. These fabric sheets are usually made up of cotton, canvas, polyester, and acrylic materials and are further supported by a framework that is developed using aluminum, wood, iron, or plastics. They are usually placed over windows, doors, outdoor sitting deck or patio, or other places to prevent direct sunlight and rain. Freestanding retractable awnings provide shade and also protect outside furniture and other items from getting damaged by water or sunlight. They can be used for household purposes as well as commercial purposes. These awnings being retractable in nature occupy minimal spaces and do not require any special construction of poles or pillars. Freestanding retractable awnings can be customized as per customer requirements and also act as a signboard or billboard with messages, company name, or logo on them. They come in two variants that are manually operated and technology-driven. The manually operated freestanding retractable awnings require a person to physically push or pull a lever in order to extend or retract the awning. While the technology-driven retractable awning has inbuilt sensors, motors, and remote control or switch which on their own can retract.

Growing spending on home décor and rising adoption by the commercial sector are the major factors driving the market growth

Consumer purchasing and spending power have increased majorly across the globe due to increased economic activities. Growing trends to renovate and increased focus on home décor is the major factor driving the market growth. Moreover, consumers are highly motivated to renovate their existing spaces and incorporate more useful items in their households. One such item that has gained traction in the home décor market is freestanding retractable awnings which are known to uplift the look of an external sitting place. In the current scenario, urban households prefer to have outdoor sitting areas, gardens, patios, or decks to enjoy natural surroundings. Retractable awnings offer benefits such as better usage of space, flexibility, a trendy way of providing shade, quick installation, and cost-efficiency. Owing to these benefits, offered, and increased spending on home décor, the market for freestanding retractable awnings is growing. Further, the growing utilization of freestanding retractable awning by the commercial sector is propelling the market growth. Freestanding retractable awnings are majorly being adopted by restaurants, hotels, cafes, and offices to create trendy outdoor sitting spaces which are safe from rain or direct sunlight. The growing concept of outdoor sitting by restaurants and cafes is attracting major customer base and also increasing demand for retractable awnings as they are more efficient options. Also, aggressively growing numbers of new openings of outdoor cafes and restaurants are helping the market to grow.

Regular cleaning and adverse weather conditions to hamper the market growth

Due to the regular requirement of cleaning, the retractable awnings have high maintenance costs; this factor may lead to a decrease in the growth of the global industry, in the forecast timeframe. Furthermore, the freestanding retractable awnings are prone to get damaged in adverse weather conditions such as windstorms, excess rain, or heavy sunlight due to them being unsupported by any physical structure; which may restrain the global market growth.

Growing real estate sector, rising distribution channels, and increasingly adverse weather conditions to create lucrative market opportunities

The real estate sector has created a major growth opportunity for freestanding retractable awnings market. Growing apartment constructions and other infrastructural projects have increased demand for retractable awnings. These infrastructural projects have multiple balconies, windows, open sitting areas, rooftop sittings, and others for which retractable awnings are widely being adopted. Most of the modern apartment setups are based on trendy home decors settings which have promoted the use of retractable awnings to enhance the overall look of a house. This has led to a major growth opportunity as when these retractable awnings are ordered, the order is usually received in bulk, which leads to a massive rise in demand. Further, growing distribution channels both offline and online have enabled the manufacturers to make retractable awnings more visible in the home décor market, which has led to increased adoption by customers. Also, with worsening environmental conditions the sunlight has become unbearable, and also the rain season has become more unstable and prolonged. This has led to the growing demand for retractable awnings to protect the open and outdoor setups.

Global Freestanding Retractable Awnings Market, by Technology:

A Motorized segment to be the most lucrative till 2027

The Motorized segment will have a dominating share in the global market and they are expected to register a significant revenue during the forecast timeframe. The major factor facilitating the growth of the segment is automation along with low maintenance costs. Since, they are motorized the extending and retracting procedure is automatic using a switch. They are most widely adopted as they are cost-efficient, easy to use, quick to install, and low maintenance expenses.

Global Freestanding Retractable Awnings Market, by Sales Channel:

An Offline segment to register maximum growth

The offline segment is anticipated to register maximum growth in the global freestanding retractable awnings market during the forecast period. Customers highly prefer to visit showrooms or outlets to physically check the products regarding their material, design, shape, color, and other features. A large portion of customers finds it highly convenient to purchase from offline modes also due to the option of getting personalized customization. Further, they find it more cost-efficient due to heavy discounts and sales provided by the outlets. These factors are attracting customers more to purchase on offline modes and helping the segment to grow.

Global Freestanding Retractable Awnings Market, by Application:

A Residential segment to grow at a fast pace

The residential segment is expected to grow at a fast pace in the global freestanding retractable awnings market during the forecast timeframe. Growing development of outdoor sittings, decks, gardens, and patios in households and residential setups have increased demand for freestanding retractable awnings. Furthermore, the growing real estate sector is also boosting the market growth, over the forecast period. In addition, growing investments in home décor are facilitating the segment’s growth in the global freestanding retractable awnings market.

Global Freestanding Retractable Awnings Market, by Regional Analysis:

North America segment to hold the largest market share

North America region is anticipated to hold the largest share in the global freestanding retractable awnings market during the forecast period. Growing adoption of freestanding retractable awnings due to cost-efficiency and increased consumer spending on home décor is facilitating the market growth. Further, the presence of major manufacturers has made customization and personalization easier in the region, which has allowed customers to choose from a wide variety of options with easy delivery and installation. These factors may lead to boost the global market growth, in the forecast period.

Asia-Pacific region to grow exponentially

Asia-Pacific region is expected to grow exponentially in the global freestanding retractable awnings market during the forecast period. This can be contributed to growing awareness, increased renovation activities, and the development of multiple sales channels. Further, massively growing outdoor cafes and restaurants concept particularly in India, Japan, and China are fueling the market growth. Also, the region has some of the most adverse sunlight and rain problems which are also facilitating the adoption of freestanding retractable awnings, in the projected period.

Key participants in the Global Freestanding Retractable Awnings Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Source: Research Dive Analysis

Some of the significant global freestanding retractable awnings market players include Boulevard Awning Company, Thompson Awning, Awning Company of America, French Awning & Screen Company, Awnings & Canopies, Carroll Architectural Shade, ADVANCED DESIGN AWNINGS & SIGNS, Eide Industries, Inc., Roché Systems Ltd, and Advanced Awning Company.

Global freestanding retractable awnings market players are emphasizing more on advanced product development and merger & acquisition. These are the frequent strategies followed by established organizations. To emphasize more on the competitor analysis of market players, Porter’s five forces model is explained in the report.